Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Pacifica−0.082%52s7-day average −0.003% · you buy dearer than you sell

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

Long on Pacifica Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 7 days+0.069%+$7 · spread now −0.082%, 7d avg −0.003%

Together, before fees+0.062%+ Points / potential airdropPacifica: Active · Variational Omni: Active · farm board+$6 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 0.080% cheaper against Pacifica than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.003%. The two prices were read 52 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	Pacifica ETH	2,749.7	0.0100	pay 0.0013% / 1h	29m 48s	$31.5M	$333.7M	50x
Short	Variational Omni ETH	2,747.4	0.0100	get 0.0100% / 8h	6h 29m	$133.1M	$346.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Pacifica. 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 PacificabpFee Variational OmnibpOrdersPrice spread, now −0.082%Rate

Funding earned: $0
Price spread: −0.082% → −0.003%: −$7.96
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15.96
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Pacifica: 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 Pacifica live order book, 4 min ago	0.18 bp	4.4 bp −$4	4.9 bp −$49	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	0.55 bp	doesn't fit	2.1 bp −$21	4.3 bp −$433	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	2,749.7	−0.002%	$310K	$6.0M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.3	−0.015%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,750.2	+0.017%	$5.5M	$11.2M	25x	as long as short
ApeX Omni ETHUSDT	−0.0042%	1h	2,744.9	−0.173%	$8.7M	$31.8M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,750	+0.010%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,746.4	−0.120%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748	−0.061%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,750.2	+0.017%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0016%	1h	2,750.4	+0.025%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0032%	8h	2,750.5	+0.031%	—	$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	+0.0044%	8h	2,751.5	+0.064%	$1.69B	$11.03B	100x	as long as short
HTX ETH-USDT	+0.0046%	8h	2,749.9	+0.007%	$1.07B	$1.21B	200x	as long as short
Aster ETHUSDT	+0.0063%	8h	2,751.2	+0.054%	$253.1M	$859.0M	200x	as long as short
MEXC ETH_USDT	+0.0072%	8h	2,751.8	+0.075%	$1.57B	$2.56B	500x	as long as short
Aevo ETH-PERP	+0.0072%	1h	2,748.3	−0.050%	$4.9M	$168K	20x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,751	+0.047%	$381.5M	$605.9M	100x	as long as short
Binance ETHUSDT	+0.0074%	8h	2,751.6	+0.069%	$6.36B	$16.23B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,751.9	+0.080%	$59.1M	$4.38B	50x	as long as short
Bitget ETHUSDT	+0.0091%	8h	2,751.4	+0.062%	$2.08B	$2.85B	150x	as long as short
Gate ETH_USDT	+0.0095%	8h	2,751.6	+0.068%	$3.40B	$8.86B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,751.4	+0.063%	$113.0M	$442.4M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,753	+0.120%	$24.9M	$107.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.7	−0.035%	—	$35.4M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,753.3	+0.132%	$15.9M	$8.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,749.2	−0.018%	$468K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.5	−0.044%	$14.0M	$113.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,753.6	+0.142%	$3.13B	$2.12B	25x	as long as short
Pacifica ETHlong	+0.0100%	1h	2,749.7	long leg	$31.5M	$333.7M	50x
Bybit ETHUSDT	+0.0100%	8h	2,751.4	+0.061%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,748	−0.062%	$2.8M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,750.5	+0.029%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,750.6	+0.033%	$15.1M	$41.7M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,747.4	−0.082%	$133.1M	$346.1M	—
edgeX ETHUSDC	+0.0100%	4h	2,744.4	−0.194%	$181.5M	$729.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,745.8	−0.142%	$159.7M	$84.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,749	−0.025%	$21.3M	$67.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,749.6	−0.004%	$10.3M	$8.0M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,749.7	0.000%	$183K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,750.6	+0.034%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,751.9	+0.079%	$41.8M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,749	−0.026%	$963K	$12.4M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,750.5	+0.029%	$54.8M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,750.4	+0.026%	$267.3M	$66.6M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.9	−0.210%	$165.5M	$306.7M	25x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.4	+0.027%	—	$869K	50x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,747.3	−0.087%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,750.7	+0.038%	$30.5M	$74.2M	50x	as long as short
Kalshi KXETHPERP	+0.0138%	8h	2,749.9	+0.007%	$7.9M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0168%	8h	2,752.9	+0.117%	$32.4M	$11.1M	100x	as long as short
Hibachi ETH/USDT-P	+0.0192%	1h	2,750.7	+0.036%	$250K	$1.5M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0201%	1h	2,752	+0.084%	$258.5M	$200.4M	50x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.3	−0.051%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0219%	1h	2,749.4	−0.010%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,751.7	+0.072%	$90.0M	$316.5M	100x	as long as short