Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Variational Omni against SunX+0.002%45s7-day average −0.005% · you sell dearer than you buy

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

Long on SunX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.035%+$4 · spread now +0.002%, 7d avg −0.005%

Together, before fees+0.032%+ Points / potential airdropVariational Omni: Active · farm board+$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BTC-USDT	85,395.5	0.0100	pay 0.0100% / 8h	3h 00m	$2.9M	$6.1M	100x
Short	Variational Omni BTC	85,397.6	0.0100	get 0.0100% / 8h	3h 00m	$154.3M	$564.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SunX. 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 SunXbpFee Variational OmnibpOrdersPrice spread, now +0.002%Rate

Funding earned: $0
Price spread: +0.002% → −0.005%: $0.74
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$7.26
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 8 min ago; Variational Omni: RFQ quote, 4 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 SunX live order book, 8 min ago	0.39 bp	5.7 bp −$6	6.8 bp −$68	9.0 bp −$900	11.9 bp −$5,945
Sell Variational Omni RFQ quote, 4 min ago	0.50 bp	doesn't fit	0.5 bp −$5	2.2 bp −$217	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	−0.0140%	1h	85,470	+0.087%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,419	+0.028%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,380.2	−0.018%	$919.7M	$758.3M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,416	+0.024%	$420.1M	$676.0M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,387.2	−0.010%	$514.0M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,403.2	+0.009%	$382K	$2.3M	50x	as long as short
Perpl BTC	0.0000%	43m	85,422.4	+0.032%	$540K	$18.7M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,427.2	+0.037%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0006%	1h	85,397.1	+0.002%	$24.3M	$222.7M	50x	as long as short
dYdX BTC-USD	+0.0024%	1h	85,448.7	+0.062%	$16.8M	$21.2M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BTC/USDC PERP	+0.0044%	1h	85,400	+0.005%	$339K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0049%	1h	85,416	+0.024%	$59.8M	$335.9M	40x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,396.3	+0.001%	—	$1.54B	—	as long as short
Phemex BTCUSDT	+0.0065%	8h	85,416.4	+0.024%	$149.1M	$498.5M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,397	+0.002%	$2.95B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,400	+0.005%	$5.06B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,408	+0.015%	$2.7M	$5.6M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,400	+0.005%	$9.45B	$24.53B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,406	+0.012%	$171.9M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,406.4	+0.013%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,407	+0.013%	$8.4M	$55.2M	100x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,400.1	+0.005%	$203K	$3.3M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,376	−0.023%	$241K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,447	+0.060%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,474	+0.092%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,428.9	+0.039%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,388	−0.009%	$5.17B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,399.9	+0.005%	$2.59B	$12.11B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,421	+0.030%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,397.1	+0.002%	$4.7M	$99.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,395.1	−0.001%	$5.53B	$10.88B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,409.1	+0.016%	$36.6M	$176.7M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,397.6	+0.002%	$154.3M	$564.6M	—
edgeX BTCUSDC	+0.0100%	4h	85,433.7	+0.045%	$279.1M	$933.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,483.8	+0.103%	$214.6M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,403	+0.009%	$139.6M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,403	+0.009%	$30.2M	$206.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,461.1	+0.077%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,396	+0.001%	$11.1M	$14.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,405.3	+0.011%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,453.1	+0.067%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,395.4	0.000%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDTlong	+0.0100%	8h	85,395.5	long leg	$2.9M	$6.1M	100x
HTX BTC-USDT	+0.0100%	8h	85,402.5	+0.008%	$2.26B	$948.9M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	+0.010%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,374	−0.025%	$45.7M	$234.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,422.3	+0.031%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,448.1	+0.062%	$117.7M	$5.28B	50x	as long as short
Reya BTCRUSDPERP	+0.0107%	1h	85,393.2	−0.003%	$6.6M	$147.2M	40x	as long as short
Deribit BTC-PERPETUAL	+0.0127%	1h	85,461.9	+0.078%	$872.2M	$1.60B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,436.9	+0.048%	$187.7M	$956.1M	100x	as long as short
Kalshi KXBTCPERP	+0.0165%	8h	85,444	+0.057%	$11.5M	$751.5M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,430.9	+0.041%	$8.7M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,424.7	+0.034%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,452.8	+0.067%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0244%	1h	85,465.3	+0.082%	$79K	$223K	20x	as long as short