Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0812%/8h= −88.9% APRpaid last 24h −0.112%

Price spread now: Backpack against Variational Omni+0.368%7-day average −0.099% · 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)−0.066%−$7 on $10k

Price spread, last 3 days (all we have)−0.719%−$72 · spread now +0.368%, 7d avg −0.099%

Together, before fees−0.785%+ Points / potential airdropVariational Omni: Active · farm board−$79 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.467% dearer against Variational Omni than usual: you sell high and buy low (spread +0.368% now, against its 7-day average of −0.099%): +$47 on $10k if it goes back. Holding the pair costs −$24 a day in funding at the current rate, which eats that in about 46 hours. At the pace of the last 3 days (−0.066% in total) that is about 23 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.066% in total (about -7.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni EDGE	0.5814	0.0100	pay 0.0050% / 4h	2h 45m	$190K	$130K	—
Short	Backpack EDGE_USDC_PERP	0.5835	−0.0712	pay 0.0089% / 1h	45m 57s	$59K	$100K	3.3x

Funding history

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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

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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 +0.368%Rate

Funding earned: −$170.59
Price spread: +0.368% → −0.099%: $46.71
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$133.88
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 43 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, 43 min ago	4.24 bp	doesn't fit	429.8 bp −$4,298	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.

EDGE on 17 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
Backpack EDGE_USDC_PERPshort	−0.0712%	1h	0.5835	+0.368%	$59K	$100K	3.3x
Lighter EDGE	+0.0096%	1h	0.5822	+0.153%	$54K	$9K	3x	as long as short
Bybit EDGEUSDT	+0.0100%	4h	0.5829	+0.266%	$6.9M	$3.2M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5833	+0.335%	$2.1M	$2.3M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5841	+0.473%	$4.6M	$985K	20x	as long as short
Variational Omni EDGElong	+0.0100%	4h	0.5814	long leg	$190K	$130K	—
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5828	+0.244%	$6K	$1.7M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5827	+0.232%	$6K	$295K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.6101	+4.945%	$4K	$599K	10x	as long as short
OKX EDGE-USDT-SWAP	+0.0156%	4h	0.5858	+0.765%	$3.6M	$5.7M	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX EDGEUSDC	+0.0157%	4h	0.5826	+0.211%	$13.9M	$3.4M	30x	as long as short
BloFin EDGE-USDT	+0.0169%	4h	0.5829	+0.266%	$633K	$125K	50x	as long as short
Aster EDGEUSDT	+0.0174%	4h	0.5840	+0.448%	$67K	$134K	5x	as long as short
MEXC EDGE_USDT	+0.0190%	4h	0.5842	+0.490%	$1.2M	$920K	50x	as long as short
Extended EDGE-USD	+0.0200%	1h	0.5846	+0.559%	$26K	$230K	5x	as long as short
Binance EDGEUSDT	+0.0204%	4h	0.5849	+0.610%	$9.9M	$10.0M	50x	as long as short
Orderly PERP_EDGE_USDC	+0.0366%	4h	0.5837	+0.404%	$3K	—	10x	as long as short