Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Extended−0.048%7-day average +0.028% · you buy dearer than you sell

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

Long on Extended Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days+0.044%+$4 · spread now −0.048%, 7d avg +0.028%

Together, before fees+0.044%+ Points / potential airdropExtended: Active · Variational Omni: Active · farm board+$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.076% cheaper against Extended than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended BTC-USD	85,663.5	0.0104	pay 0.0013% / 1h	32m 44s	$44.1M	$227.3M	50x
Short	Variational Omni BTC	85,622.5	0.0100	get 0.0100% / 8h	5h 32m	$155.0M	$548.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Extended. 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 ExtendedbpFee Variational OmnibpOrdersPrice spread, now −0.048%Rate

Funding earned: −$0.84
Price spread: −0.048% → +0.028%: −$7.62
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$13.46
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 1 min ago; Variational Omni: RFQ quote, 1 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 Extended live order book, 1 min ago	0.06 bp	2.6 bp −$3	2.6 bp −$26	3.6 bp −$358	11.0 bp −$5,490
Sell Variational Omni RFQ quote, 1 min ago	0.59 bp	doesn't fit	1.2 bp −$12	2.3 bp −$227	doesn't fit

BTC on 56 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
Phoenix BTC	−0.0160%	1h	85,662	−0.002%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,709	+0.053%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0048%	1h	85,682.9	+0.023%	$370K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0034%	8h	85,695.3	+0.037%	$416.8M	$664.2M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,685.8	+0.026%	$16.8M	$21.0M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,701.5	+0.044%	$36.6M	—	200x	as long as short
Bluefin BTC-PERP	+0.0010%	1h	85,726.5	+0.074%	$196K	$722K	40x	as long as short
Nado BTC-PERP	+0.0011%	1h	85,695.9	+0.038%	$22.9M	$221.3M	50x	as long as short
KuCoin XBTUSDTM	+0.0011%	8h	85,681.2	+0.021%	$918.2M	$753.0M	125x	as long as short
Aster BTCUSDT	+0.0019%	8h	85,688.5	+0.029%	$516.3M	$1.11B	200x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0054%	8h	85,696.2	+0.038%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0068%	8h	85,697.2	+0.039%	$2.95B	$5.02B	150x	as long as short
Reya BTCRUSDPERP	+0.0068%	1h	85,692.9	+0.034%	$6.7M	$146.4M	40x	as long as short
HTX BTC-USDT	+0.0070%	8h	85,690.8	+0.032%	$2.27B	$935.3M	200x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,578	−0.100%	$340K	$26.9M	52x	as long as short
Phemex BTCUSDT	+0.0080%	8h	85,691.9	+0.033%	$147.9M	$479.0M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,686.5	+0.027%	$2.5M	$1.7M	20x	as long as short
SunX BTC-USDT	+0.0083%	8h	85,675.7	+0.014%	$2.9M	$6.1M	100x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,692.8	+0.034%	$5.05B	$5.62B	500x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,693.7	+0.035%	$9.35B	$23.91B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,733.2	+0.081%	$892.7M	$1.52B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,702.9	+0.046%	$170.2M	$989.4M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,704.3	+0.048%	$23.9M	$148.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,696	+0.038%	$8.4M	$52.0M	100x	as long as short
Paradex BTC-USD-PERP	+0.0099%	8h	85,715.4	+0.061%	$3.8M	$8.2M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,662	−0.002%	$196K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,772	+0.127%	$3.78B	$4.94B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,707.5	+0.051%	$40.5M	$573.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,707.7	+0.052%	$5.34B	$9.58B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,708.8	+0.053%	$2.57B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,668	+0.005%	$3.9M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,646.7	−0.020%	$7.2M	$96.9M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,698.5	+0.041%	$5.56B	$10.50B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,692.2	+0.033%	$35.5M	$172.5M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,622.5	−0.048%	$155.0M	$548.4M	—
edgeX BTCUSDC	+0.0100%	4h	85,599.5	−0.075%	$279.3M	$929.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,645.6	−0.021%	$214.9M	$166.3M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,618.1	−0.053%	$140.2M	$316.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,651	−0.015%	$30.3M	$210.5M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,735.6	+0.084%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,691	+0.032%	$11.0M	$14.1M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,700	+0.043%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,693.2	+0.035%	$2.3M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,685.6	+0.026%	$30.0M	$52.6M	15x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,696	+0.038%	$60.0M	$336.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,614.4	−0.057%	$621.3M	$398.6M	40x	as long as short
Extended BTC-USDlong	+0.0104%	1h	85,663.5	long leg	$44.1M	$227.3M	50x
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,683.7	+0.024%	—	$105.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,736.2	+0.085%	$130.7M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,716.9	+0.062%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSD	+0.0138%	1h	85,721.5	+0.068%	$188.9M	$949.4M	100x	as long as short
Aftermath Perps BTCUSD	+0.0193%	1h	85,629.2	−0.040%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0200%	1h	85,683.2	+0.023%	$701K	$7.9M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0203% / S −0.0180%	1h	85,700	+0.043%	$13.6M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0215%	8h	85,712	+0.057%	$10.5M	$760.2M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,682	+0.022%	$519K	$19.4M	6.7x	as long as short