Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0082%/8h= +8.9% APRpaid last 24h +0.058%

Price spread now: Phoenix against Variational Omni−0.066%7-day average +0.011% · you buy dearer than you sell

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

Long on Variational Omni Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.076%+$8 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now −0.066%, 7d avg +0.011%

Together, before fees+0.154%+ Points / potential airdropVariational Omni: Active · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.078% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of +0.011%). If the spread goes back, that is −$8 on $10k: about 3.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni COIN	196.56	0	get 0.0000% / 8h	2h 46m	$703K	$955K	—
Short	Phoenix COIN	196.43	0.0082	get 0.0010% / 1h	46m 45s	$4K	$283K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.066%Rate

Funding earned: $17.13
Price spread: −0.066% → +0.011%: −$7.76
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $2.37
Costs to cover: 0.070%
Break-even: 6.0 days

Slippage unknown: Variational Omni: RFQ quote, 57 min ago; Phoenix: live order book, 61 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 Variational Omni RFQ quote, 57 min ago	3.40 bp	doesn't fit	33.5 bp −$335	doesn't fit	doesn't fit
Sell Phoenix live order book, 61 min ago	3.05 bp	10.8 bp −$11	22.3 bp −$223	doesn't fit	doesn't fit

COIN on 26 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
Bitget COINUSDT	−0.0718%	8h	196.46	−0.051%	$6.3M	$10.5M	20x	as long as short
Injective COIN/USDC PERP	−0.0440%	1h	196.43	−0.066%	$43K	$48K	30x	as long as short
Gate COIN_USDT	−0.0218%	8h	196.35	−0.107%	$1.2M	$7.3M	50x	as long as short
Vest COIN-USD-PERP	−0.0114%	1h	195.84	−0.367%	—	$281K	25x	as long as short
Aster COINUSDT	0.0000%	8h	196.21	−0.177%	$342K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	196.28	−0.144%	$114K	$857K	10x	as long as short
Binance COINUSDT	0.0000%	8h	196.33	−0.117%	$14.7M	$80.7M	20x	as long as short
Bybit COINUSDT	0.0000%	8h	196.36	−0.102%	$4.7M	$6.1M	50x	as long as short
OKX COIN-USDT-SWAP	0.0000%	8h	196.28	−0.143%	$3.0M	$4.7M	20x	as long as short
Variational Omni COINlong	0.0000%	8h	196.56	long leg	$703K	$955K	—

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COIN_USDT_Perp	0.0000%	8h	196.57	+0.005%	$23K	$2.5M	10x	as long as short
Lighter COIN	+0.0032%	1h	196.33	−0.118%	$386K	$2.1M	10x	as long as short
Lighter RH COIN	+0.0032%	1h	196.26	−0.153%	$453K	$1.5M	10x	as long as short
QFEX COIN-USD	+0.0038%	1h	196.51	−0.026%	$1.3M	$3.1M	10x	as long as short
Arcus COIN-USD	+0.0040%	1h	196.57	+0.005%	$15K	$55K	5x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	196.20	−0.183%	$15.3M	$13.6M	10x	as long as short
Polymarket Perps COIN-USD	+0.0050%	1h	196.40	−0.082%	$132K	$1.3M	10x	as long as short
SoDEX COIN-USD	+0.0050%	1h	196.43	−0.066%	$73	$3K	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.11	−0.229%	$351K	$2.8M	10x	as long as short
Phoenix COINshort	+0.0082%	1h	196.43	−0.066%	$4K	$283K	10x
KuCoin COINUSDTM	+0.0100%	8h	196.23	−0.168%	$989K	$143K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	196.44	−0.061%	$88K	$287K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	196.41	−0.077%	$568	$4K	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	196.42	−0.073%	$116	—	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	196.46	−0.051%	$188K	$393K	20x	as long as short
edgeX COINUSDC	+0.0708%	4h	196.51	−0.024%	$51K	$296K	10x	as long as short