Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.054%

Price spread now: Hotstuff against Variational Omni+0.003%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Hotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,385.5	0.0100	pay 0.0100% / 8h	2h 55m	$154.2M	$565.3M	—
Short	Hotstuff BTC-PERP	85,388	−0.0080	pay 0.0010% / 1h	55m 12s	$8K	$3K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$37.8
Price spread: +0.003% → 0.000%: $0.29
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$42.51
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Hotstuff: no order-book sample. 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, 4 min ago	0.55 bp	doesn't fit	0.5 bp −$5	0.5 bp −$55	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	85,413	+0.032%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERPshort	−0.0080%	1h	85,388	+0.003%	$8K	$3K	50x
KuCoin XBTUSDTM	−0.0053%	8h	85,345	−0.047%	$920.3M	$760.2M	125x	as long as short
BloFin BTC-USDT	−0.0030%	8h	85,394	+0.010%	$422.0M	$676.4M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,369.8	−0.018%	$381K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0011%	8h	85,385.7	0.000%	$514.0M	$1.10B	200x	as long as short
dYdX BTC-USD	0.0000%	1h	85,409.1	+0.028%	$16.8M	$21.2M	50x	as long as short
Perpl BTC	0.0000%	43m	85,386.5	+0.001%	$537K	$18.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,376.9	−0.010%	$36.5M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,449	+0.074%	$339K	$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	+0.0034%	1h	85,355.9	−0.035%	$24.3M	$223.3M	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0056%	1h	85,413.4	+0.033%	$187.5M	$956.6M	100x	as long as short
BingX BTC-USDT	+0.0063%	8h	85,363.8	−0.025%	—	$1.55B	—	as long as short
Bullet BTC-USD	+0.0066%	1h	85,355	−0.036%	$204K	$3.3M	20x	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,396.9	+0.013%	$149.2M	$499.2M	150x	as long as short
Bitget BTCUSDT	+0.0080%	8h	85,379.3	−0.007%	$2.95B	$5.14B	150x	as long as short
SoDEX BTC-USD	+0.0081%	1h	85,384	−0.002%	$59.9M	$335.9M	40x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,371.6	−0.016%	$2.6M	$6.2M	20x	as long as short
Binance BTCUSDT	+0.0090%	8h	85,396.6	+0.013%	$9.44B	$24.66B	150x	as long as short
MEXC BTC_USDT	+0.0090%	8h	85,354.8	−0.036%	$5.07B	$5.66B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,387.4	+0.002%	$171.8M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,403.3	+0.021%	$23.9M	$147.2M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,357	−0.033%	$8.4M	$55.3M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,431.4	+0.054%	$117.3M	$5.28B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,341	−0.052%	$240K	$8.5M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,413.7	+0.033%	$5.6M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,436	+0.059%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,405.6	+0.024%	$40.1M	$593.1M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,373.6	−0.014%	$5.17B	$9.88B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,382.9	−0.003%	$2.59B	$12.13B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,365	−0.024%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,372.7	−0.015%	$4.7M	$99.3M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,375.6	−0.012%	$5.54B	$10.77B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,371.3	−0.017%	$36.5M	$176.0M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,385.5	long leg	$154.2M	$565.3M	—
edgeX BTCUSDC	+0.0100%	4h	85,384	−0.002%	$279.2M	$936.4M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,462	+0.090%	$214.7M	$168.9M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,445.3	+0.070%	$139.7M	$315.9M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,389	+0.004%	$30.1M	$206.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,430.8	+0.053%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,356	−0.035%	$11.1M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,373.9	−0.014%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,421	+0.042%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,354.5	−0.036%	$30.0M	$50.3M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,350.3	−0.041%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,381.4	−0.005%	$2.26B	$950.8M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	+0.022%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,355.8	−0.035%	$45.8M	$236.0M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,394.2	+0.010%	—	$106.8M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0105%	1h	85,427.9	+0.050%	$872.1M	$1.60B	50x	as long as short
Reya BTCRUSDPERP	+0.0108%	1h	85,346.3	−0.046%	$6.6M	$147.3M	40x	as long as short
Kalshi KXBTCPERP	+0.0167%	8h	85,413	+0.032%	$11.4M	$750.8M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,370.3	−0.018%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0232%	1h	85,416.7	+0.037%	$695K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0247%	1h	85,430.2	+0.052%	$79K	$225K	20x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,399.7	+0.017%	$8.7M	$43.0M	25x	as long as short