Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0205%/8h= −22.4% APRpaid last 24h +0.243%

Price spread now: GMX against Variational Omni+0.369%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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. GMX is 0.369% dearer against Variational Omni than usual: you sell high and buy low (spread +0.369% now, against zero (this spread has no 7-day history yet)): +$37 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 6.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.04166	0.0006	pay 0.0003% / 4h	22m 26s	$647K	$5K	—
Short	GMX S/USD [WBTC.b-USDC]	0.04181	L −0.0206% / S +0.0198%	pay 0.0025% / 1h	22m 26s	$1K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now +0.369%Rate

Funding earned: −$42.95
Price spread: +0.369% → 0.000%: $36.9
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$18.05
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 17 min ago; GMX: no order-book sample. 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 Variational Omni RFQ quote, 17 min ago	7.32 bp	doesn't fit	78.1 bp −$781	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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 venues

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	−1.1600%	1h	0.04000	−3.978%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1893%	1h	0.04175	+0.219%	$34K	$18K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1064%	1h	0.04073	−2.226%	$49K	$17K	25x	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0206% / S +0.0198%	1h	0.04181	+0.369%	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04175	+0.224%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04181	+0.367%	$70K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04181	+0.376%	$644	—	150x	as long as short
Variational Omni Slong	+0.0006%	4h	0.04166	long leg	$647K	$5K	—
Injective S/USDC PERP	+0.0033%	1h	0.04100	−1.578%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0093%	4h	0.04180	+0.343%	$104K	$598K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter S	+0.0096%	1h	0.04183	+0.415%	$180K	$142K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04177	+0.280%	$1.1M	$609K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04175	+0.222%	$45K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04175	+0.223%	$5.9M	$14.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04169	+0.079%	$6.0M	$4.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04175	+0.223%	$1.1M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04179	+0.319%	$342K	$191K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04175	+0.223%	$4.3M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04175	+0.223%	$1.9M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04178	+0.295%	$1.3M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04177	+0.271%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04170	+0.103%	$24K	$500K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04174	+0.208%	$236K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04183	+0.415%	$285K	$119K	75x	as long as short
Backpack S_USDC_PERP	+0.1287%	1h	0.04200	+0.823%	$108K	$458K	5x	as long as short