Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.1415%/8hnext payment +$7.08 per $10,000 · paid last 24h +0.222%

Price spread now: Orderly against Variational Omni+0.677%7-day average +0.145% · you sell dearer than you buy

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

Long on Variational Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.315%+$32 on $10k

Price spread, last 3 days (all we have)−0.760%−$76 · spread now +0.677%, 7d avg +0.145%

Together, before fees−0.445%+ Points / potential airdropVariational Omni: Active · farm board−$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$42 a day on $10k at the current rate, and Orderly is 0.532% dearer against Variational Omni than usual: you sell high and buy low: +$53 more if the spread goes back to its 7-day average of +0.145%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.315% in total (about 36.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$7.08 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.03917	−0.1440	get 0.0720% / 4h	6m 53s	$608K	$116K	—
Short	Orderly PERP_S_USDC	0.03944	−0.0025	pay 0.0012% / 4h	6m 53s	$107K	$326K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now +0.677%Rate

Funding earned: $297.19
Price spread: +0.677% → +0.145%: $53.2
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $344.39
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 26 min ago; Orderly: 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, 26 min ago	5.13 bp	doesn't fit	100.0 bp −$1,000	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Kraken Futures PF_SUSD	−0.2112%	1h	0.03937	+0.490%	$33K	$38K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1488%	1h	0.03826	−2.335%	$47K	$9K	25x	as long as short
Variational Omni Slong	−0.1440%	4h	0.03917	long leg	$608K	$116K	—
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03944	+0.687%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03934	+0.427%	$4	—	15x	as long as short
Aster SUSDT	−0.0096%	4h	0.03942	+0.625%	$43K	$241K	10x	as long as short
OKX S-USDT-SWAP	−0.0062%	4h	0.03939	+0.549%	$988K	$11.2M	20x	as long as short
Orderly PERP_S_USDCshort	−0.0025%	4h	0.03944	+0.677%	$107K	$326K	10x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03944	+0.687%	$608	—	150x	as long as short
01 Exchange SUSD	+0.0016%	1h	0.03930	+0.320%	$24K	$3K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.659%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03945	+0.702%	$166K	$278K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03941	+0.608%	$1.0M	$1.2M	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03943	+0.654%	$5.4M	$34.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03937	+0.498%	$5.6M	$8.3M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03937	+0.498%	$322K	$347K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03943	+0.651%	$3.8M	$3.4M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03941	+0.600%	$1.8M	$3.5M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03940	+0.575%	$1.2M	$4.2M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03941	+0.600%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	+0.320%	$26K	$482K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03942	+0.618%	$221K	$904K	10x	as long as short
Backpack S_USDC_PERP	+0.0309%	1h	0.03950	+0.830%	$115K	$264K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03935	+0.447%	$273K	$257K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0510%	1h	0.03948	+0.779%	$66K	$10K	10x	as long as short