Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.146%

Price spread now: Variational Omni against Deribit−0.300%7-day average — · you buy dearer than you sell

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

Long on Deribit 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

Funding pays, the price is against you. Variational Omni is 0.300% cheaper against Deribit than usual: you would sell low and buy high (spread −0.300% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$30 on $10k: about 9.6 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit W_USDC-PERPETUAL	0.01181	−0.0004	get 0.0000% / 1h	46m 40s	$14K	$4K	10x
Short	Variational Omni W	0.01177	0.0100	get 0.0050% / 4h	3h 46m	$71K	$41K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.300%Rate

Funding earned: $21.83
Price spread: −0.300% → 0.000%: −$30.01
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.18
Costs to cover: 0.070%
Break-even: 11.9 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: 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 Deribit no order-book sample	—	—	—	—	—
Sell Variational Omni no order-book sample	—	—	—	—	—

Deribit and Variational Omni: 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.

W on 17 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
Deribit W_USDC-PERPETUALlong	−0.0004%	1h	0.01181	long leg	$14K	$4K	10x
Injective W/USDC PERP	+0.0033%	1h	0.01209	+2.371%	$1K	$1K	12x	as long as short
Hyperliquid W	+0.0100%	1h	0.01182	+0.085%	$2.0M	$271K	5x	as long as short
Binance WUSDT	+0.0100%	4h	0.01180	−0.042%	$3.0M	$5.0M	50x	as long as short
Bybit WUSDT	+0.0100%	4h	0.01179	−0.195%	$4.1M	$1.5M	50x	as long as short
OKX W-USDT-SWAP	+0.0100%	4h	0.01180	−0.051%	$1.3M	$1.5M	20x	as long as short
Gate W_USDT	+0.0100%	4h	0.01176	−0.381%	$429K	$217K	75x	as long as short
MEXC W_USDT	+0.0100%	4h	0.01181	−0.025%	$12.4M	$1.3M	50x	as long as short
KuCoin WUSDTM	+0.0100%	4h	0.01179	−0.169%	$388K	$190K	50x	as long as short
Bitget WUSDT	+0.0100%	4h	0.01181	0.000%	$1.3M	$539K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX W-USDT	+0.0100%	4h	0.01180	−0.051%	—	$6.7M	—	as long as short
Variational Omni Wshort	+0.0100%	4h	0.01177	−0.300%	$71K	$41K	—
GRVT W_USDT_Perp	+0.0100%	4h	0.01178	−0.254%	$126K	$374K	10x	as long as short
Extended W-USD	+0.0104%	1h	0.01181	+0.007%	$59K	$388K	5x	as long as short
Coinbase International W-PERP-INTX	+0.0384%	1h	0.01183	+0.127%	$13K	$13K	50x	as long as short
Backpack W_USDC_PERP	+0.0700%	1h	0.01183	+0.144%	$47K	$52K	15x	as long as short
Kraken Futures PF_WUSD	+0.0894%	1h	0.01183	+0.182%	$147K	$49K	20x	as long as short