Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0135%/8h= +14.8% APRpaid last 24h 0.000%

Price spread now: Backpack against Variational Omni+0.016%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 Backpack

What this pair did over the last

the charts below follow

Funding, last 3 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 · 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: +$4 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 CC	0.1179	0.0100	pay 0.0050% / 4h	30m 21s	$586K	$43K	—
Short	Backpack CC_USDC_PERP	0.1179	0.0235	get 0.0029% / 1h	30m 21s	$15K	$22K	10x

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 +0.016%Rate

Funding earned: $28.3
Price spread: +0.016% → 0.000%: $1.57
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $19.87
Costs to cover: 0.100%
Break-even: 2.1 days

Slippage unknown: Variational Omni: RFQ quote, 49 min ago; Backpack: 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, 49 min ago	8.61 bp	doesn't fit	413.4 bp −$4,134	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: 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.

CC on 19 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
Injective CC/USDC PERP	−0.3320%	1h	0.1164	−1.290%	$6K	$99	5.5x	as long as short
Paradex CC-USD-PERP	+0.0098%	8h	0.1180	+0.031%	$1K	—	5x	as long as short
Aster CCUSDT	+0.0100%	4h	0.1180	+0.054%	$35K	$38K	20x	as long as short
Binance CCUSDT	+0.0100%	4h	0.1179	−0.018%	$11.1M	$11.1M	75x	as long as short
Bybit CCUSDT	+0.0100%	4h	0.1179	−0.018%	$10.7M	$3.8M	25x	as long as short
OKX CC-USDT-SWAP	+0.0100%	4h	0.1179	+0.016%	$2.5M	$3.5M	20x	as long as short
Gate CC_USDT	+0.0100%	4h	0.1178	−0.061%	$364K	$214K	50x	as long as short
MEXC CC_USDT	+0.0100%	4h	0.1179	−0.001%	$1.6M	$314K	100x	as long as short
KuCoin CCUSDTM	+0.0100%	4h	0.1181	+0.126%	$500K	$116K	50x	as long as short
Bitget CCUSDT	+0.0100%	4h	0.1180	+0.092%	$942K	$787K	20x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CC-USDT	+0.0100%	4h	0.1179	−0.001%	—	$6.6M	—	as long as short
Variational Omni CClong	+0.0100%	4h	0.1179	long leg	$586K	$43K	—
GRVT CC_USDT_Perp	+0.0100%	4h	0.1179	−0.060%	$82K	$2.3M	10x	as long as short
Derive CC-PERP	+0.0100%	1h	0.1179	−0.006%	$6K	$36K	6.7x	as long as short
Backpack CC_USDC_PERPshort	+0.0235%	1h	0.1179	+0.016%	$15K	$22K	10x
BloFin CC-USDT	+0.0340%	4h	0.1178	−0.111%	$591K	$107K	75x	as long as short
GMX CC/USD [WBTC.b-USDC]	L +0.0447% / S −0.0241%	1h	0.1180	+0.052%	$44K	—	50x	as long as short
Hyperliquid CC	+0.0660%	1h	0.1182	+0.219%	$5.5M	$1.4M	3x	as long as short
Lighter CC	+0.1216%	1h	0.1183	+0.363%	$236K	$154K	5x	as long as short