Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.009%

Price spread now: Variational Omni against Derive+0.070%7-day average −0.057% · you sell dearer than you buy

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

Long on Derive Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.046%−$5 on $10k

Price spread, last 3 days (all we have)−0.083%−$8 · spread now +0.070%, 7d avg −0.057%

Together, before fees−0.128%+ Points / potential airdropVariational Omni: Active · farm board−$13 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 0.127% dearer against Derive than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive ETH-PERP	2,779.8	0.0100	pay 0.0013% / 1h	38m 51s	$42.8M	$29.4M	15x
Short	Variational Omni ETH	2,781.7	0.0100	get 0.0100% / 8h	1h 38m	$135.5M	$322.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Derive. 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 DerivebpFee Variational OmnibpOrdersPrice spread, now +0.070%Rate

Funding earned: $0
Price spread: +0.070% → −0.057%: $12.75
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $6.75
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Derive: no order-book sample; Variational Omni: RFQ quote, just now. 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 Derive no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, just now	0.50 bp	doesn't fit	0.5 bp −$5	4.3 bp −$432	doesn't fit

Derive: 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.

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	2,777.5	−0.081%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,777.2	−0.093%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778	−0.063%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.2	−0.020%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,778	−0.063%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0025%	1h	2,778.4	−0.050%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,780	+0.008%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,781.4	+0.059%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,778.2	−0.054%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0008%	8h	2,777.9	−0.066%	$270.2M	$68.5M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0015%	8h	2,777.4	−0.084%	—	$17.4M	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,777.6	−0.078%	$1.71B	$11.84B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,778	−0.062%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,779.4	−0.013%	$256.9M	$989.8M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,777.4	−0.086%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0052%	1h	2,777.5	−0.082%	$14.3M	$117.8M	50x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,778.5	−0.046%	$1.62B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0062%	8h	2,778	−0.065%	$6.45B	$17.10B	150x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,774.9	−0.174%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,778.3	−0.053%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,778.2	−0.055%	$3.29B	$9.58B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0092%	1h	2,779.2	−0.020%	$258.4M	$221.7M	50x	as long as short
Lighter ETH	+0.0096%	1h	2,779.2	−0.019%	$115.2M	$497.8M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,779.9	+0.005%	$25.4M	$120.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,779.9	+0.006%	—	$41.5M	500x	as long as short
Bybit ETHUSDT	+0.0096%	8h	2,777.8	−0.069%	$2.52B	$4.59B	150x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,777.6	−0.079%	$1.08B	$1.32B	200x	as long as short
SoDEX ETH-USD	+0.0099%	1h	2,777.7	−0.074%	$55.3M	$228.8M	40x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,778.7	−0.037%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,778.1	−0.060%	$482K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,780.7	+0.034%	$3.19B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778.9	−0.030%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,777.2	−0.092%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.4	−0.012%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.056%	$166.9M	$248.1M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,778.4	−0.049%	$426.4M	$737.7M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,778.8	−0.036%	$15.2M	$44.0M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,781.7	+0.070%	$135.5M	$322.3M	—
edgeX ETHUSDC	+0.0100%	4h	2,780.9	+0.042%	$180.2M	$779.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,779.5	−0.011%	$161.7M	$92.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,781	+0.043%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,780.7	+0.034%	$21.5M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,778.8	−0.034%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,779.2	−0.020%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,778.3	−0.051%	$21K	$25K	25x	as long as short
Derive ETH-PERPlong	+0.0100%	1h	2,779.8	long leg	$42.8M	$29.4M	15x
SunX ETH-USDT	+0.0100%	8h	2,776.8	−0.106%	$973K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,778	−0.065%	$31.6M	$74.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,779.1	−0.023%	$60.3M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0114%	8h	2,779.7	−0.002%	$8.6M	$673.1M	4.9x	as long as short
Hibachi ETH/USDT-P	+0.0120%	1h	2,782.2	+0.088%	$279K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,780.1	+0.011%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,779.1	−0.023%	$86.3M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0182%	8h	2,778.4	−0.048%	$285.3M	$194.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0189%	1h	2,777.6	−0.079%	$7.4M	$1.1M	25x	as long as short