Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Backpack against Variational Omni+0.197%49s7-day average +0.017% · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.078%−$8 on $10k

Price spread, last 7 days−0.569%−$57 · spread now +0.197%, 7d avg +0.017%

Together, before fees−0.647%+ Points / potential airdropVariational Omni: Active · farm board−$65 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: Backpack is 0.179% dearer against Variational Omni than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of +0.017%. The two prices were read 49 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	85,082	0.0100	pay 0.0100% / 8h	2h 21m	$154.2M	$566.7M	—
Short	Backpack BTC_USDC_PERP	85,249.3	0.0100	get 0.0013% / 1h	21m 18s	$36.3M	$176.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.197%Rate

Funding earned: $0
Price spread: +0.197% → +0.017%: $17.94
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $7.94
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Backpack: live order book, 3 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, 3 min ago	0.50 bp	doesn't fit	0.5 bp −$5	0.5 bp −$52	doesn't fit
Sell Backpack live order book, 3 min ago	0.01 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$582	18.0 bp −$9,022

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
Perpl BTC	−0.0112%	43m	85,249.9	+0.197%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,134	+0.061%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,272	+0.223%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,258.3	+0.207%	$923.1M	$764.0M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,137.3	+0.065%	$419.2M	$679.4M	150x	as long as short
01 Exchange BTCUSD	−0.0016%	1h	85,292.3	+0.247%	$354K	$2.4M	50x	as long as short
Aster BTCUSDT	−0.0016%	8h	85,230.6	+0.175%	$512.1M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,252	+0.200%	$16.7M	$21.4M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,249.2	+0.197%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.168%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0035%	1h	85,254.5	+0.203%	$24.8M	$222.4M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,235	+0.180%	$187.1M	$953.3M	100x	as long as short
BingX BTC-USDC	+0.0067%	8h	85,225	+0.168%	—	$17.4M	—	as long as short
Deribit BTC-PERPETUAL	+0.0075%	1h	85,257.1	+0.206%	$867.0M	$1.61B	50x	as long as short
Phemex BTCUSDT	+0.0078%	8h	85,225.3	+0.168%	$147.3M	$505.4M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,219.2	+0.161%	$2.4M	$6.7M	20x	as long as short
MEXC BTC_USDT	+0.0084%	8h	85,266.5	+0.217%	$5.05B	$5.73B	500x	as long as short
Bitget BTCUSDT	+0.0085%	8h	85,221.7	+0.164%	$2.95B	$5.15B	150x	as long as short
Binance BTCUSDT	+0.0086%	8h	85,253.4	+0.201%	$9.42B	$24.82B	150x	as long as short
Lighter BTC	+0.0096%	1h	85,260.4	+0.210%	$171.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,267.8	+0.218%	$23.7M	$148.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,283	+0.236%	$8.3M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,260.8	+0.210%	$116.9M	$5.39B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,248	+0.195%	$238K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,312.2	+0.271%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,351	+0.316%	$3.75B	$5.06B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,283	+0.236%	$40.2M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,229.2	+0.173%	$5.14B	$9.94B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,226.1	+0.169%	$2.58B	$12.18B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,273	+0.224%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,281.3	+0.234%	$4.6M	$99.1M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,163.7	+0.096%	$678.5M	$565.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,253.5	+0.202%	$5.50B	$11.00B	200x	as long as short
Backpack BTC_USDC_PERPshort	+0.0100%	1h	85,249.3	+0.197%	$36.3M	$176.1M	75x
Variational Omni BTClong	+0.0100%	8h	85,082	long leg	$154.2M	$566.7M	—
edgeX BTCUSDC	+0.0100%	4h	85,112.3	+0.036%	$279.0M	$947.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,107.4	+0.030%	$213.8M	$166.1M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,093.4	+0.013%	$139.1M	$315.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,186.1	+0.122%	$30.1M	$207.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,327.9	+0.289%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,268	+0.219%	$11.0M	$14.4M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,259	+0.208%	$205K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,230.1	+0.174%	$2.6M	$9.6M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,269.2	+0.220%	$228K	$760K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,204.5	+0.144%	$29.9M	$48.5M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,101.4	+0.023%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,223	+0.166%	$59.7M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,219	+0.161%	$2.26B	$942.4M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,193.6	+0.131%	$45.2M	$239.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,281.5	+0.234%	—	$106.9M	500x	as long as short
Reya BTCRUSDPERP	+0.0116%	1h	85,260	+0.209%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,248	+0.195%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0181%	8h	85,207	+0.147%	$11.6M	$743.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0222%	1h	85,197.4	+0.136%	$78K	$227K	20x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,232.1	+0.176%	$688K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,294.4	+0.250%	$8.7M	$43.2M	25x	as long as short