Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h −0.001%

Price spread now: Variational Omni against Deribit−0.176%7-day average −0.045% · you buy dearer than you sell

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.009%+$1 on $10k

Price spread, last 3 days (all we have)+0.143%+$14 · spread now −0.176%, 7d avg −0.045%

Together, before fees+0.152%+ Points / potential airdropVariational Omni: Active · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.130% cheaper against Deribit than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETH-PERPETUAL	2,752.3	0.0139	pay 0.0017% / 1h	26m 34s	$258.5M	$200.2M	50x
Short	Variational Omni ETH	2,747.4	0.0100	get 0.0100% / 8h	6h 26m	$133.1M	$346.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. 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 DeribitbpFee Variational OmnibpOrdersPrice spread, now −0.176%Rate

Funding earned: −$8.19
Price spread: −0.176% → −0.045%: −$13.04
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$28.23
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 3 min ago; Variational Omni: RFQ quote, 3 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 Deribit live order book, 3 min ago	0.09 bp	5.1 bp −$5	6.1 bp −$61	11.7 bp −$1,170	26.4 bp −$13.2K
Sell Variational Omni RFQ quote, 3 min ago	0.53 bp	doesn't fit	1.5 bp −$15	4.8 bp −$475	doesn't fit

ETH on 54 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	2,753.1	+0.031%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,751.4	−0.032%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,753.8	+0.055%	$5.6M	$11.3M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,751.9	−0.013%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,749.4	−0.104%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,752	−0.011%	$10.8M	$41.9M	50x	as long as short
ApeX Omni ETHUSDT	+0.0003%	1h	2,750.4	−0.066%	$8.7M	$31.5M	100x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,751.8	−0.018%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,754.1	+0.066%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,752.6	+0.013%	—	$17.3M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0046%	8h	2,754	+0.062%	$1.69B	$10.99B	100x	as long as short
HTX ETH-USDT	+0.0052%	8h	2,750.7	−0.056%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0068%	8h	2,752.5	+0.007%	$253.1M	$856.8M	200x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,752.7	+0.017%	$380.6M	$607.1M	100x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,750.1	−0.080%	$4.9M	$168K	20x	as long as short
MEXC ETH_USDT	+0.0077%	8h	2,752.5	+0.007%	$1.57B	$2.56B	500x	as long as short
Binance ETHUSDT	+0.0079%	8h	2,753.4	+0.040%	$6.37B	$16.19B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,752.1	−0.006%	$59.1M	$4.36B	50x	as long as short
Phemex ETHUSDT	+0.0091%	8h	2,750.9	−0.050%	$267.4M	$65.9M	150x	as long as short
Bitget ETHUSDT	+0.0092%	8h	2,753.1	+0.029%	$2.08B	$2.84B	150x	as long as short
Gate ETH_USDT	+0.0094%	8h	2,753	+0.026%	$3.40B	$8.87B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,752.3	+0.001%	$113.1M	$442.6M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753.3	+0.037%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,753.6	+0.048%	—	$35.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,758.2	+0.215%	$16.3M	$8.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,752.6	+0.012%	$470K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,753.2	+0.034%	$14.0M	$112.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,754	+0.063%	$3.13B	$2.13B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,753	+0.028%	$31.6M	$333.9M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,753.7	+0.051%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,751.8	−0.017%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,753.9	+0.058%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.5	−0.065%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,747.4	−0.176%	$133.1M	$346.1M	—
edgeX ETHUSDC	+0.0100%	4h	2,750.1	−0.077%	$181.8M	$700.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.1	−0.150%	$159.8M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,752.4	+0.005%	$21.3M	$67.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,753.9	+0.058%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,754.3	+0.074%	$10.8M	$8.7M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,751.7	−0.021%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,752.2	−0.003%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,753.3	+0.038%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,751.6	−0.026%	$964K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.9	−0.050%	$54.8M	$187.6M	40x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	−0.017%	$165.7M	$300.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,749.3	−0.109%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,752.3	0.000%	$30.5M	$73.6M	50x	as long as short
Deribit ETH-PERPETUALlong	+0.0139%	1h	2,752.3	long leg	$258.5M	$200.2M	50x
Kalshi KXETHPERP	+0.0141%	8h	2,752.6	+0.012%	$7.6M	$674.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0170%	8h	2,753.7	+0.053%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0200%	1h	2,751.7	−0.021%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.4	−0.141%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0220%	1h	2,751.7	−0.020%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.7	−0.020%	$90.0M	$316.4M	100x	as long as short