Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0215%/8h= −23.5% APRpaid last 24h −0.168%

Price spread now: Variational Omni against GMX+0.086%80s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.086% dearer against GMX than usual: you sell high and buy low (spread +0.086% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 32 hours. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX S/USD [WBTC.b-USDC]	0.04505	L −0.0206% / S +0.0198%	get 0.0026% / 1h	17m 53s	$2K	—	100x
Short	Variational Omni S	0.04509	−0.0421	pay 0.0210% / 4h	2h 17m	$699K	$7K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GMXbpFee Variational OmnibpOrdersPrice spread, now +0.086%Rate

Funding earned: −$45.13
Price spread: +0.086% → 0.000%: $8.6
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$48.53
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 34 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 34 min ago	7.90 bp	doesn't fit	73.4 bp −$734	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

S on 25 exchanges

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange SUSD	−1.0536%	1h	0.04340	−3.656%	$26K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.2112%	1h	0.04491	−0.315%	$39K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1328%	1h	0.04128	−8.362%	$50K	$18K	25x	as long as short
Variational Omni Sshort	−0.0421%	4h	0.04509	+0.086%	$699K	$7K	—
GMX S/USD [WBTC.b-USDC]long	L −0.0206% / S +0.0198%	1h	0.04505	long leg	$2K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04492	−0.275%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04501	−0.082%	$76K	$512	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04503	−0.033%	$694	—	150x	as long as short
Orderly PERP_S_USDC	+0.0023%	4h	0.04496	−0.193%	$112K	$649K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−8.984%	$2K	$37K	12x	as long as short

Show all 25 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.04492	−0.282%	$156K	$144K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04496	−0.198%	$1.2M	$837K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04496	−0.193%	$47K	$153K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04493	−0.260%	$6.7M	$19.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04489	−0.349%	$6.4M	$5.2M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04491	−0.304%	$1.3M	$5.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04492	−0.282%	$378K	$225K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04494	−0.238%	$4.4M	$2.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04489	−0.349%	$2.2M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04500	−0.104%	$1.4M	$2.8M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04494	−0.238%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04520	+0.340%	$26K	$524K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04491	−0.306%	$248K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04508	+0.073%	$329K	$217K	75x	as long as short
Backpack S_USDC_PERP	+0.1240%	1h	0.04510	+0.118%	$107K	$471K	5x	as long as short