Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.004%

Price spread now: Variational Omni against Bulk+0.133%48s7-day average −0.006% · you sell dearer than you buy

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

Long on Bulk Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%−$1 on $10k

Price spread, last 7 days−0.149%−$15 · spread now +0.133%, 7d avg −0.006%

Together, before fees−0.154%+ Points / potential airdropVariational Omni: Active · farm board−$15 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: Variational Omni is 0.139% dearer against Bulk than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of −0.006%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk ETH-USD	2,733.7	0.0100	pay 0.0013% / 1h	59m 49s	$169.4M	$313.3M	25x
Short	Variational Omni ETH	2,737.3	0.0100	get 0.0100% / 8h	3h 59m	$134.0M	$324.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Bulk. 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 BulkbpFee Variational OmnibpOrdersPrice spread, now +0.133%Rate

Funding earned: $0
Price spread: +0.133% → −0.006%: $13.91
Slippage, 4 orders: no order book: not counted
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $6.91
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Bulk: live order book, 4 min ago; Variational Omni: RFQ quote, 4 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 Bulk live order book, 4 min ago	0.02 bp	3.5 bp −$4	3.5 bp −$35	3.6 bp −$357	4.9 bp −$2,452
Sell Variational Omni RFQ quote, 4 min ago	0.49 bp	doesn't fit	0.5 bp −$5	3.4 bp −$342	doesn't fit

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,738	+0.157%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	+0.019%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,737.2	+0.129%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739.4	+0.211%	$11.9M	—	200x	as long as short
Phoenix ETH	0.0000%	1h	2,737.3	+0.133%	$827K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0001%	1h	2,738.2	+0.164%	$10.7M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,739.6	+0.217%	$28.1M	—	200x	as long as short
01 Exchange ETHUSD	+0.0008%	1h	2,739.4	+0.210%	$187K	$822K	50x	as long as short
Bullet ETH-USD	+0.0016%	1h	2,739.1	+0.199%	$180K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0024%	8h	2,739	+0.194%	$1.06B	$1.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0043%	8h	2,738.8	+0.189%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0054%	8h	2,738.7	+0.185%	$2.38B	$4.36B	150x	as long as short
ApeX Omni ETHUSDT	+0.0064%	1h	2,736.1	+0.089%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,738.9	+0.193%	$380.2M	$573.7M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,739	+0.195%	$1.67B	$10.74B	100x	as long as short
Phemex ETHUSDT	+0.0077%	8h	2,739.2	+0.201%	$266.0M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0089%	8h	2,739.2	+0.201%	$251.2M	$842.1M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,739.6	+0.217%	$113.1M	$442.3M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,740.6	+0.252%	$23.5M	$106.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,738.1	+0.163%	—	$31.0M	500x	as long as short
MEXC ETH_USDT	+0.0096%	8h	2,739	+0.193%	$1.55B	$2.58B	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,736.8	+0.116%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,740	+0.232%	$6.37B	$15.89B	150x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,739.6	+0.217%	$5.7M	$11.7M	25x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,742.7	+0.331%	$15.6M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.4	+0.173%	$500K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.7	+0.185%	$13.6M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740.6	+0.254%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.7	+0.219%	$32.0M	$335.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,737.8	+0.151%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.4	+0.211%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USDlong	+0.0100%	1h	2,733.7	long leg	$169.4M	$313.3M	25x
Gate ETH_USDT	+0.0100%	8h	2,739.4	+0.208%	$3.34B	$8.94B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.5	+0.177%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.3	+0.171%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,737.3	+0.133%	$134.0M	$324.5M	—
edgeX ETHUSDC	+0.0100%	4h	2,735.2	+0.056%	$184.0M	$671.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,736.6	+0.107%	$159.2M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,736.2	+0.093%	$21.1M	$68.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.6	+0.254%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,739	+0.195%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,741.2	+0.274%	$41.4M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.9	+0.156%	$961K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,739.2	+0.202%	$54.6M	$187.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.6	+0.218%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738	+0.158%	$30.4M	$72.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,740.4	+0.246%	$51.4M	$4.28B	50x	as long as short
Aftermath Perps ETHUSD	+0.0115%	1h	2,736.1	+0.088%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0129%	8h	2,738.9	+0.191%	$6.8M	$679.4M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0188%	1h	2,740.7	+0.255%	$260.1M	$197.1M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,741.7	+0.293%	$32.3M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,738.5	+0.178%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,739.8	+0.223%	$83.3M	$314.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,739.2	+0.202%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0387%	8h	2,737.2	+0.130%	$283.5M	$175.9M	150x	as long as short