Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:31 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.042%

Price spread now: Perpl against Variational Omni−0.055%7-day average +0.023% · you buy dearer than you sell

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

Long on Variational Omni Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.072%+$7 on $10k

Price spread, last 7 days+0.177%+$18 · spread now −0.055%, 7d avg +0.023%

Together, before fees+0.249%+ Points / potential airdropVariational Omni: Active · Perpl: Active · farm board+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl is 0.078% cheaper against Variational Omni than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.023%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.072%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,465	0.0100	pay 0.0100% / 8h	3h 01m	$154.3M	$564.7M	—
Short	Perpl BTC	85,417.9	0	get 0.0000% / 43m	41m 20s	$539K	$18.7M	6.7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl against Variational Omni. 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 Variational OmnibpFee PerplbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$21
Price spread: −0.055% → +0.023%: −$7.83
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$42.63
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Perpl: 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, 3 min ago	0.50 bp	doesn't fit	0.5 bp −$5	1.3 bp −$126	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	85,470	+0.006%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,425	−0.047%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0051%	8h	85,398.5	−0.078%	$919.3M	$758.2M	125x	as long as short
BloFin BTC-USDT	−0.0031%	8h	85,404.2	−0.071%	$419.8M	$675.8M	150x	as long as short
Aster BTCUSDT	−0.0012%	8h	85,408.3	−0.066%	$514.2M	$1.10B	200x	as long as short
01 Exchange BTCUSD	−0.0008%	1h	85,421.3	−0.051%	$382K	$2.3M	50x	as long as short
Perpl BTCshort	0.0000%	43m	85,417.9	−0.055%	$539K	$18.7M	6.7x
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,427.2	−0.044%	$36.5M	—	200x	as long as short
Nado BTC-PERP	+0.0005%	1h	85,405.4	−0.070%	$24.3M	$222.8M	50x	as long as short
dYdX BTC-USD	+0.0024%	1h	85,448.7	−0.019%	$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	85,552	+0.102%	$340K	$26.9M	52x	as long as short
SoDEX BTC-USD	+0.0048%	1h	85,408	−0.067%	$59.8M	$335.9M	40x	as long as short
BingX BTC-USDC	+0.0063%	8h	85,398.7	−0.078%	—	$17.1M	—	as long as short
Phemex BTCUSDT	+0.0065%	8h	85,409.3	−0.065%	$149.0M	$498.6M	150x	as long as short
Bitget BTCUSDT	+0.0079%	8h	85,423.3	−0.049%	$2.95B	$5.13B	150x	as long as short
MEXC BTC_USDT	+0.0088%	8h	85,412.4	−0.062%	$5.06B	$5.69B	500x	as long as short
Aevo BTC-PERP	+0.0088%	1h	85,408	−0.067%	$2.7M	$5.6M	20x	as long as short
Binance BTCUSDT	+0.0089%	8h	85,413.5	−0.060%	$9.45B	$24.51B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0091%	1h	85,451.6	−0.016%	$872.3M	$1.60B	50x	as long as short
Lighter BTC	+0.0096%	1h	85,424.3	−0.048%	$172.0M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,422	−0.050%	$23.9M	$149.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,415	−0.058%	$8.4M	$55.2M	100x	as long as short
Bullet BTC-USD	+0.0098%	1h	85,412	−0.062%	$204K	$3.3M	20x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,392	−0.085%	$241K	$8.4M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,465.6	+0.001%	$5.7M	$9.4M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,496	+0.036%	$3.78B	$5.03B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,443.1	−0.026%	$40.4M	$590.4M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,412.6	−0.061%	$5.17B	$9.87B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,427.3	−0.044%	$2.59B	$12.12B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,410	−0.064%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,414.5	−0.059%	$4.7M	$99.2M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,412.3	−0.062%	$5.52B	$10.88B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,400.7	−0.075%	$36.5M	$177.0M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,465	long leg	$154.3M	$564.7M	—
edgeX BTCUSDC	+0.0100%	4h	85,433.7	−0.037%	$279.1M	$933.0M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,483.8	+0.022%	$214.6M	$169.0M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,403	−0.073%	$139.6M	$316.3M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,402.1	−0.074%	$30.2M	$206.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,473.3	+0.010%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,416	−0.057%	$11.1M	$14.3M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,405.3	−0.070%	$2.5M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,453.1	−0.014%	$206K	$737K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,395.4	−0.081%	$30.0M	$50.2M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,390.4	−0.087%	$2.9M	$6.1M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,404.4	−0.071%	$2.26B	$949.1M	200x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,404.3	−0.071%	$678.7M	$662.5M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,385.4	−0.093%	$45.7M	$234.4M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,422.3	−0.050%	—	$106.8M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,437.2	−0.033%	$117.8M	$5.27B	50x	as long as short
Reya BTCRUSDPERP	+0.0106%	1h	85,409.2	−0.065%	$6.6M	$147.2M	40x	as long as short
Kraken Futures PF_XBTUSD	+0.0135%	1h	85,427.7	−0.044%	$187.7M	$956.3M	100x	as long as short
Kalshi KXBTCPERP	+0.0164%	8h	85,444	−0.025%	$11.4M	$751.6M	6.4x	as long as short
RISEx BTC/USDC	+0.0174%	1h	85,446.2	−0.022%	$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	−0.047%	$13.0M	—	200x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,452.4	−0.015%	$700K	$7.9M	30x	as long as short
Aftermath Perps BTCUSD	+0.0244%	1h	85,465.3	0.000%	$79K	$223K	20x	as long as short