Funding arb · Price arb /

CHIP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0190%/8h= −20.8% APRpaid last 24h +0.055%

Price spread now: Deribit against Variational Omni+0.599%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 Deribit

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 · farm boardneeds both histories

The price spread pays, funding is against you. Deribit is 0.599% dearer against Variational Omni than usual: you sell high and buy low (spread +0.599% now, against zero (this spread has no 7-day history yet)): +$60 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CHIP	0.04675	0.0100	pay 0.0050% / 4h	2h 17m	$823K	$481K	—
Short	Deribit CHIP_USDC-PERPETUAL	0.04703	−0.0090	pay 0.0011% / 1h	17m 59s	$9K	$24K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.599%Rate

Funding earned: −$39.92
Price spread: +0.599% → 0.000%: $59.93
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $13.01
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 31 min ago; Deribit: 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, 31 min ago	5.37 bp	doesn't fit	104.2 bp −$1,042	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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.

CHIP on 23 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
ApeX Omni CHIPUSDT	−0.0706%	1h	0.04644	−0.667%	$16K	$246K	50x	as long as short
Bybit CHIPUSDT	−0.0398%	4h	0.04699	+0.509%	$10.6M	$9.1M	20x	as long as short
OKX CHIP-USDT-SWAP	−0.0279%	4h	0.04692	+0.360%	$2.0M	$9.6M	20x	as long as short
Phoenix CHIP	−0.0171%	1h	0.04681	+0.124%	$3K	$129K	5x	as long as short
Nado CHIP-PERP	−0.0106%	1h	0.04695	+0.435%	$238K	$18K	5x	as long as short
Deribit CHIP_USDC-PERPETUALshort	−0.0090%	1h	0.04703	+0.599%	$9K	$24K	10x
KuCoin CHIPUSDTM	−0.0036%	4h	0.04700	+0.531%	$987K	$1.2M	50x	as long as short
Aftermath Perps CHIPUSD	+0.0012%	1h	0.04669	−0.134%	$61	$37K	5x	as long as short
BloFin CHIP-USDT	+0.0055%	4h	0.04694	+0.403%	$561K	$65K	50x	as long as short
Lighter CHIP	+0.0096%	1h	0.04702	+0.574%	$97K	$113K	3x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid CHIP	+0.0100%	1h	0.04702	+0.584%	$14.6M	$6.1M	3x	as long as short
Aster CHIPUSDT	+0.0100%	4h	0.04699	+0.509%	$55K	$279K	5x	as long as short
Pacifica CHIP	+0.0100%	1h	0.04697	+0.462%	$16K	$3K	3x	as long as short
Binance CHIPUSDT	+0.0100%	4h	0.04694	+0.409%	$14.1M	$27.1M	50x	as long as short
Gate CHIP_USDT	+0.0100%	4h	0.04699	+0.509%	$666K	$981K	50x	as long as short
MEXC CHIP_USDT	+0.0100%	4h	0.04702	+0.574%	$1.8M	$1.2M	50x	as long as short
Bitget CHIPUSDT	+0.0100%	4h	0.04699	+0.509%	$2.0M	$3.4M	50x	as long as short
BingX CHIP-USDT	+0.0100%	4h	0.04695	+0.424%	—	$1.9M	—	as long as short
Backpack CHIP_USDC_PERP	+0.0100%	1h	0.04704	+0.616%	$34K	$234K	5x	as long as short
Variational Omni CHIPlong	+0.0100%	4h	0.04675	long leg	$823K	$481K	—
SunX CHIP-USDT	+0.0100%	4h	0.04686	+0.231%	$664	$1.0M	10x	as long as short
Extended CHIP-USD	+0.0104%	1h	0.04697	+0.473%	$213K	$1.0M	5x	as long as short
Coinbase International CHIP-PERP-INTX	+0.0848%	1h	0.04717	+0.899%	$45K	$37K	50x	as long as short