Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0039%/8h= +4.3% APRpaid last 24h +0.279%

Price spread now: Reya against Variational Omni+0.076%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 Reya

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 · Reya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Reya is 0.076% dearer against Variational Omni than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.03978	−0.0140	get 0.0070% / 4h	2h 27m	$617K	$28K	—
Short	Reya SRUSDPERP	0.03981	−0.0101	pay 0.0013% / 1h	27m 11s	$4	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.076%Rate

Funding earned: $8.17
Price spread: +0.076% → 0.000%: $7.57
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $9.73
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 22 min ago; Reya: 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, 22 min ago	6.33 bp	doesn't fit	87.4 bp −$874	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	−0.9072%	1h	0.03840	−3.478%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1827%	1h	0.03980	+0.044%	$34K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03961	−0.437%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03984	+0.134%	$1K	—	100x	as long as short
Variational Omni Slong	−0.0140%	4h	0.03978	long leg	$617K	$28K	—
Reya SRUSDPERPshort	−0.0101%	1h	0.03981	+0.076%	$4	—	15x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03985	+0.164%	$614	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.057%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0083%	4h	0.03984	+0.141%	$99K	$542K	10x	as long as short
Lighter S	+0.0096%	1h	0.03988	+0.242%	$169K	$139K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03984	+0.151%	$1.0M	$594K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03986	+0.183%	$46K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03985	+0.172%	$5.7M	$13.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03981	+0.066%	$5.7M	$4.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03985	+0.166%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03979	+0.015%	$324K	$185K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03986	+0.191%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03981	+0.066%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03986	+0.191%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03983	+0.116%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03980	+0.041%	$24K	$484K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03981	+0.063%	$224K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03987	+0.217%	$271K	$108K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0754%	1h	0.03988	+0.242%	$67K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.2174%	1h	0.03990	+0.292%	$116K	$426K	5x	as long as short