Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Popdex against Variational Omni+0.059%7-day average +0.012% · you sell dearer than you buy

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

Long on Variational Omni Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 7 days−0.047%−$5 · spread now +0.059%, 7d avg +0.012%

Together, before fees−0.047%+ Points / potential airdropVariational Omni: Active · farm board−$5 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: Popdex is 0.047% dearer against Variational Omni than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,455.5	0.0100	pay 0.0100% / 8h	4h 24m	$153.7M	$564.5M	—
Short	Popdex BTCUSDT	85,506	0.0096	get 0.0012% / 1h	24m 27s	$8.4M	$52.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$0.84
Price spread: +0.059% → +0.012%: $4.72
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$2.52
Costs to cover: 0.064%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Popdex: 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	0.50 bp	doesn't fit	0.5 bp −$5	1.4 bp −$137	doesn't fit
Sell Popdex live order book, 5 min ago	0.29 bp	3.5 bp −$4	3.7 bp −$37	3.8 bp −$384	5.3 bp −$2,673

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	85,485	+0.034%	$2.1M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,534	+0.092%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0056%	1h	85,498.6	+0.050%	$365K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0024%	8h	85,505.5	+0.058%	$417.1M	$667.7M	150x	as long as short
KuCoin XBTUSDTM	−0.0019%	8h	85,490	+0.040%	$921.7M	$751.0M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	85,526.7	+0.083%	$36.5M	—	200x	as long as short
Aster BTCUSDT	+0.0012%	8h	85,498.8	+0.051%	$515.4M	$1.10B	200x	as long as short
dYdX BTC-USD	+0.0015%	1h	85,497.7	+0.049%	$16.7M	$21.3M	50x	as long as short
Arcus BTC-USD	+0.0021%	1h	85,475.5	+0.023%	$4.9M	$97.9M	40x	as long as short
Nado BTC-PERP	+0.0023%	1h	85,517.1	+0.072%	$25.5M	$222.3M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0062%	8h	85,517.6	+0.073%	—	$1.55B	—	as long as short
Phemex BTCUSDT	+0.0073%	8h	85,505.4	+0.058%	$147.6M	$487.3M	150x	as long as short
Bitget BTCUSDT	+0.0078%	8h	85,516.7	+0.072%	$2.95B	$5.07B	150x	as long as short
Reya BTCRUSDPERP	+0.0082%	1h	85,507.2	+0.060%	$6.7M	$146.8M	40x	as long as short
MEXC BTC_USDT	+0.0095%	8h	85,520.4	+0.076%	$5.06B	$5.64B	500x	as long as short
Lighter BTC	+0.0096%	1h	85,527.1	+0.084%	$173.0M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,534.1	+0.092%	$23.9M	$149.1M	50x	as long as short
Popdex BTCUSDTshort	+0.0096%	1h	85,506	+0.059%	$8.4M	$52.9M	100x
Aevo BTC-PERP	+0.0096%	1h	85,514.3	+0.069%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0097%	8h	85,515.7	+0.070%	$9.36B	$24.13B	150x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,469	+0.016%	$210K	$8.1M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,590.5	+0.158%	$4.8M	$8.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,583	+0.149%	$3.75B	$4.98B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,539	+0.098%	$40.7M	$580.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,510.4	+0.064%	$5.21B	$9.79B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,520.5	+0.076%	$2.58B	$12.14B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,502	+0.054%	$3.8M	$18.2M	25x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,516	+0.071%	$659.1M	$647.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,515.7	+0.070%	$5.51B	$10.72B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,486.1	+0.036%	$35.6M	$176.6M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,455.5	long leg	$153.7M	$564.5M	—
edgeX BTCUSDC	+0.0100%	4h	85,449	−0.008%	$279.2M	$919.9M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,448.2	−0.009%	$214.5M	$169.2M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,461	+0.006%	$139.8M	$314.6M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,507.1	+0.060%	$30.2M	$208.1M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,567.5	+0.131%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,510	+0.064%	$11.1M	$14.3M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,513.5	+0.068%	$189K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,516.9	+0.072%	$2.4M	$8.8M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,558.8	+0.121%	$207K	$738K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,513.1	+0.067%	$29.9M	$50.4M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,498	+0.050%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,522	+0.078%	$59.9M	$336.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,505.8	+0.059%	$2.26B	$942.2M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,466.2	+0.012%	$44.7M	$230.6M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,526.1	+0.083%	—	$107.4M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0104%	1h	85,559.6	+0.122%	$117.1M	$5.18B	50x	as long as short
Deribit BTC-PERPETUAL	+0.0138%	1h	85,560.6	+0.123%	$884.2M	$1.56B	50x	as long as short
Injective BTC/USDC PERP	+0.0150%	1h	85,475	+0.023%	$339K	$26.9M	52x	as long as short
Kraken Futures PF_XBTUSD	+0.0170%	1h	85,535.9	+0.094%	$187.6M	$955.0M	100x	as long as short
RISEx BTC/USDC	+0.0194%	1h	85,529.4	+0.086%	$8.2M	$42.5M	25x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,522.9	+0.079%	$13.4M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0202%	1h	85,521.4	+0.077%	$78K	$219K	20x	as long as short
Hibachi BTC/USDT-P	+0.0208%	1h	85,537.3	+0.096%	$703K	$7.9M	30x	as long as short
Kalshi KXBTCPERP	+0.0218%	8h	85,525	+0.081%	$10.4M	$756.6M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,524.2	+0.080%	$501K	$18.8M	6.7x	as long as short