Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.040%

Price spread now: Variational Omni against Hibachi−0.020%7-day average −0.047% · you buy dearer than you sell

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

Long on Hibachi Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.119%−$12 on $10k

Price spread, last 7 days−0.043%−$4 · spread now −0.020%, 7d avg −0.047%

Together, before fees−0.161%+ Points / potential airdropHibachi: Active · Variational Omni: Active · farm board−$16 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.027% dearer against Hibachi than usual: you sell high and buy low (spread −0.020% now, against its 7-day average of −0.047%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.0 days. At the pace of the last 3 days (−0.119% in total) that is about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi BTC/USDT-P	86,366.7	0.0144	pay 0.0018% / 1h	4m 19s	$718K	$8.1M	30x
Short	Variational Omni BTC	86,349.5	0.0100	get 0.0100% / 8h	1h 04m	$155.5M	$568.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hibachi. 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 HibachibpFee Variational OmnibpOrdersPrice spread, now −0.020%Rate

Funding earned: −$9.24
Price spread: −0.020% → −0.047%: $2.69
Slippage, 4 orders: no order book: not counted
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.55
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hibachi: live order book, 5 min ago; Variational Omni: RFQ quote, 5 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 Hibachi live order book, 5 min ago	0.01 bp	4.6 bp −$5	4.7 bp −$47	41.4 bp −$4,140	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	0.50 bp	doesn't fit	0.9 bp −$9	2.1 bp −$213	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
Bluefin BTC-PERP	−0.0477%	1h	86,396.1	+0.034%	$140K	$663K	40x	as long as short
Phoenix BTC	−0.0159%	1h	86,349	−0.021%	$2.2M	$11.8M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,355	−0.014%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	86,377.8	+0.013%	$357K	$2.5M	50x	as long as short
Aster BTCUSDT	−0.0010%	8h	86,364.4	−0.003%	$503.1M	$1.15B	200x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,380	+0.015%	$36.8M	—	200x	as long as short
KuCoin XBTUSDTM	+0.0005%	8h	86,358.6	−0.009%	$849.1M	$713.4M	125x	as long as short
RISEx BTC/USDC	+0.0006%	1h	86,369.9	+0.004%	$8.4M	$42.8M	25x	as long as short
dYdX BTC-USD	+0.0008%	1h	86,352	−0.017%	$16.9M	$21.1M	50x	as long as short
Deribit BTC-PERPETUAL	+0.0022%	1h	86,378	+0.013%	$917.5M	$1.49B	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0023%	1h	86,355.8	−0.013%	$6.7M	$145.1M	40x	as long as short
Injective BTC/USDC PERP	+0.0024%	1h	86,360	−0.008%	$332K	$26.8M	52x	as long as short
BingX BTC-USDT	+0.0037%	8h	86,368.4	+0.002%	—	$1.59B	—	as long as short
Phemex BTCUSDT	+0.0044%	8h	86,345.5	−0.025%	$149.7M	$477.4M	150x	as long as short
Bitget BTCUSDT	+0.0048%	8h	86,369.7	+0.003%	$2.95B	$5.11B	150x	as long as short
MEXC BTC_USDT	+0.0064%	8h	86,367.3	+0.001%	$5.12B	$5.72B	500x	as long as short
Aevo BTC-PERP	+0.0064%	1h	86,359.1	−0.009%	$2.4M	$1.3M	20x	as long as short
Binance BTCUSDT	+0.0065%	8h	86,367.5	+0.001%	$9.41B	$24.48B	150x	as long as short
Aftermath Perps BTCUSD	+0.0067%	1h	86,385	+0.021%	$80K	$219K	20x	as long as short
Gate BTC_USDT	+0.0081%	8h	86,362.9	−0.004%	$5.84B	$10.78B	200x	as long as short
Lighter BTC	+0.0096%	1h	86,369	+0.003%	$170.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,381.3	+0.017%	$24.0M	$153.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,366	−0.001%	$8.4M	$52.4M	100x	as long as short
Bybit BTCUSDT	+0.0096%	8h	86,370	+0.004%	$5.26B	$9.80B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,338	−0.033%	$205K	$6.9M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,398.8	+0.037%	$4.8M	$8.5M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,359	−0.009%	$21.8M	$234.5M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,431	+0.074%	$3.79B	$5.10B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,390.4	+0.027%	$40.7M	$517.9M	50x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,373.2	+0.007%	$2.54B	$12.69B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,361	−0.007%	$3.9M	$18.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,415.6	+0.057%	$7.7M	$94.6M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,320.9	−0.053%	$570.7M	$18.4M	40x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,336.8	−0.035%	$37.8M	$154.7M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	86,349.5	−0.020%	$155.5M	$568.5M	—
edgeX BTCUSDC	+0.0100%	4h	86,273.7	−0.108%	$278.9M	$945.3M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,335.7	−0.036%	$216.9M	$174.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,285.8	−0.094%	$141.1M	$323.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,341	−0.030%	$30.6M	$204.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,403.5	+0.043%	—	$11.7M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,359	−0.009%	$11.1M	$13.8M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,365.2	−0.002%	$191K	$3.4M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,373.1	+0.007%	$2.4M	$8.7M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,397.1	+0.035%	$30.6M	$62.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,326.3	−0.047%	$3.4M	$5.4M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,347	−0.023%	$60.4M	$337.3M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,335.7	−0.036%	$2.29B	$968.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,346	−0.024%	$45.6M	$226.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,377.8	+0.013%	—	$98.9M	500x	as long as short
Perpl BTC	+0.0112%	43m	86,355.8	−0.013%	$418K	$23.5M	6.7x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	86,384.9	+0.021%	$131.9M	$5.68B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,366	−0.001%	$191.8M	$946.6M	100x	as long as short
Hibachi BTC/USDT-Plong	+0.0144%	1h	86,366.7	long leg	$718K	$8.1M	30x
BloFin BTC-USDT	+0.0185%	8h	86,347.3	−0.023%	$414.6M	$653.8M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0188% / S −0.0211%	1h	86,377.3	+0.012%	$15.1M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0199%	8h	86,360	−0.008%	$9.6M	$736.2M	6.4x	as long as short