Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.007%

Price spread now: Aevo against Variational Omni+0.029%48s7-day average −0.002% · you sell dearer than you buy

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

Long on Variational Omni Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.017%−$2 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.029%, 7d avg −0.002%

Together, before fees−0.098%+ Points / potential airdropVariational Omni: Active · farm board−$10 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: Aevo is 0.031% dearer against Variational Omni than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.002%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,637.7	0.0100	pay 0.0100% / 8h	3h 54m	$153.8M	$564.1M	—
Short	Aevo BTC-PERP	85,662.8	0.0096	get 0.0012% / 1h	54m 25s	$2.5M	$1.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Variational Omni. 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 Variational OmnibpFee AevobpOrdersPrice spread, now +0.029%Rate

Funding earned: −$0.84
Price spread: +0.029% → −0.002%: $3.12
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$13.72
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Aevo: live order book, 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 Variational Omni RFQ quote, 5 min ago	0.51 bp	doesn't fit	0.5 bp −$5	1.8 bp −$180	doesn't fit
Sell Aevo live order book, 5 min ago	0.86 bp	9.2 bp −$9	11.4 bp −$114	14.5 bp −$1,453	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	−0.0179%	1h	85,646	+0.010%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,688	+0.059%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0037%	8h	85,618.9	−0.022%	$923.2M	$755.9M	125x	as long as short
BloFin BTC-USDT	−0.0020%	8h	85,677.2	+0.046%	$417.5M	$676.0M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,654.6	+0.020%	$367K	$2.3M	50x	as long as short
dYdX BTC-USD	0.0000%	1h	85,678.6	+0.048%	$16.8M	$21.2M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,688.6	+0.059%	$36.6M	—	200x	as long as short
Nado BTC-PERP	+0.0009%	1h	85,676.5	+0.045%	$24.8M	$222.7M	50x	as long as short
Aster BTCUSDT	+0.0013%	8h	85,648.5	+0.013%	$516.0M	$1.10B	200x	as long as short
Injective BTC/USDC PERP	+0.0044%	1h	85,690	+0.061%	$340K	$26.9M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDC	+0.0063%	8h	85,658.4	+0.024%	—	$17.2M	—	as long as short
Phemex BTCUSDT	+0.0067%	8h	85,674.7	+0.043%	$148.7M	$489.4M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,621.3	−0.019%	$2.96B	$5.11B	150x	as long as short
Reya BTCRUSDPERP	+0.0090%	1h	85,621.1	−0.019%	$6.6M	$146.9M	40x	as long as short
Lighter BTC	+0.0096%	1h	85,687.9	+0.059%	$172.3M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,690.5	+0.062%	$23.9M	$147.8M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,655	+0.020%	$8.7M	$54.0M	100x	as long as short
Aevo BTC-PERPshort	+0.0096%	1h	85,662.8	+0.029%	$2.5M	$1.7M	20x
Katana Perps BTC-USD	+0.0100%	8h	85,638	0.000%	$201K	$8.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,745.9	+0.126%	$5.3M	$9.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,710	+0.084%	$3.79B	$5.00B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,709.5	+0.084%	$40.5M	$582.0M	50x	as long as short
Binance BTCUSDT	+0.0100%	8h	85,661.9	+0.028%	$9.42B	$24.29B	150x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,625.8	−0.014%	$5.19B	$9.83B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,635	−0.003%	$2.59B	$12.17B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,672	+0.040%	$3.8M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,656.9	+0.022%	$4.4M	$98.4M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,676.9	+0.046%	$5.53B	$10.72B	200x	as long as short
MEXC BTC_USDT	+0.0100%	8h	85,620.6	−0.020%	$5.07B	$5.63B	500x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,676.5	+0.045%	$35.7M	$176.9M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,637.7	long leg	$153.8M	$564.1M	—
edgeX BTCUSDC	+0.0100%	4h	85,615.1	−0.026%	$279.7M	$922.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,633.8	−0.005%	$214.9M	$167.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,629.8	−0.009%	$140.0M	$315.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,638.2	+0.001%	$30.3M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,693.3	+0.065%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,636	−0.002%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,623.8	−0.016%	$195K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,672.3	+0.040%	$2.4M	$8.7M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,717.5	+0.093%	$207K	$739K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,668.1	+0.036%	$30.0M	$50.1M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,623.2	−0.017%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,682	+0.052%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,670.2	+0.038%	$2.27B	$946.3M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,665.1	+0.032%	$677.0M	$718.2M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,645.6	+0.009%	$44.8M	$231.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,671.8	+0.040%	—	$107.7M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,717.9	+0.094%	$117.4M	$5.22B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0111%	1h	85,716.4	+0.092%	$885.7M	$1.58B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,706.7	+0.081%	$187.8M	$956.2M	100x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,698.5	+0.071%	$8.9M	$42.9M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0178%	1h	85,682.1	+0.052%	$13.2M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0209%	8h	85,670	+0.038%	$12.0M	$757.1M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,643.2	+0.006%	$78K	$220K	20x	as long as short
Hibachi BTC/USDT-P	+0.0256%	1h	85,684.6	+0.055%	$704K	$7.9M	30x	as long as short
Perpl BTC	+0.0335%	43m	85,638.4	+0.001%	$496K	$18.8M	6.7x	as long as short