Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0210%/8h= −23.0% APRpaid last 24h −0.019%

Price spread now: ApeX Omni against Variational Omni+0.022%7-day average 0.000% · you sell dearer than you buy

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

Long on Variational Omni Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.102%−$10 on $10k

Price spread, last 7 days−0.014%−$1 · spread now +0.022%, 7d avg 0.000%

Together, before fees−0.115%+ Points / potential airdropVariational Omni: Active · farm board−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.022% dearer against Variational Omni than usual: you sell high and buy low (spread +0.022% now, against its 7-day average of 0.000%): +$2 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 9 hours. At the pace of the last 3 days (−0.102% in total) that is about 18 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,782.7	0.0100	pay 0.0100% / 8h	49m 27s	$147.8M	$336.6M	—
Short	ApeX Omni ETHUSDT	2,783.3	−0.0110	pay 0.0014% / 1h	49m 27s	$8.8M	$32.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Variational Omni. 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 Variational OmnibpFee ApeX OmnibpOrdersPrice spread, now +0.022%Rate

Funding earned: −$44.18
Price spread: +0.022% → 0.000%: $2.24
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$51.94
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; ApeX Omni: live order book, 5 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 Variational Omni RFQ quote, 5 min ago	0.54 bp	doesn't fit	0.5 bp −$5	3.1 bp −$313	doesn't fit
Sell ApeX Omni live order book, 5 min ago	1.11 bp	6.8 bp −$7	7.1 bp −$71	25.5 bp −$2,546	83.7 bp −$41.9K

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	2,782.8	+0.004%	$288K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,781.7	−0.034%	$5.7M	$11.9M	25x	as long as short
ApeX Omni ETHUSDTshort	−0.0110%	1h	2,783.3	+0.022%	$8.8M	$32.8M	100x
Injective ETH/USDC PERP	−0.0088%	1h	2,782.5	−0.006%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,782.2	−0.017%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0016%	1h	2,782.4	−0.010%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0009%	1h	2,782.9	+0.007%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,783.1	+0.014%	$12.8M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,783.6	+0.033%	$887K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,782.7	+0.001%	$22.5M	—	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	+0.0016%	8h	2,782.1	−0.020%	—	$1.21B	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,780	−0.095%	$1.70B	$11.91B	100x	as long as short
Phemex ETHUSDT	+0.0026%	8h	2,782.4	−0.009%	$271.2M	$68.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,782.7	0.000%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,782.1	−0.021%	$256.7M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,782.8	+0.003%	$5.1M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0066%	8h	2,781.9	−0.026%	$1.60B	$2.63B	500x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,782	−0.025%	$2.10B	$3.11B	150x	as long as short
Binance ETHUSDT	+0.0066%	8h	2,781.9	−0.026%	$6.45B	$17.26B	150x	as long as short
Bullet ETH-USD	+0.0071%	1h	2,781.9	−0.026%	$184K	$1.7M	20x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,782	−0.024%	$3.31B	$9.59B	200x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,783.6	+0.031%	$60.3M	$4.62B	50x	as long as short
KuCoin ETHUSDTM	+0.0089%	8h	2,781.8	−0.031%	$423.0M	$739.2M	100x	as long as short
Bybit ETHUSDT	+0.0090%	8h	2,780.2	−0.088%	$2.52B	$4.63B	150x	as long as short
HTX ETH-USDT	+0.0090%	8h	2,782	−0.024%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,783	+0.011%	$116.3M	$495.5M	50x	as long as short
Lighter RH ETH	+0.0096%	1h	2,784.8	+0.074%	$25.4M	$120.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,782.8	+0.004%	—	$41.9M	500x	as long as short
Vest ETH-PERP	+0.0097%	1h	2,782.8	+0.004%	—	$1.1M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,781.9	−0.027%	$16.0M	$10.3M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,782.1	−0.021%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,782.8	+0.005%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,784.6	+0.067%	$3.20B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,783.3	+0.022%	$31.3M	$309.3M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,781.3	−0.049%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,783	+0.013%	$2.7M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,784.2	+0.055%	$168.3M	$253.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,782	−0.023%	$15.1M	$44.0M	50x	as long as short
Variational Omni ETHlong	+0.0100%	8h	2,782.7	long leg	$147.8M	$336.6M	—
edgeX ETHUSDC	+0.0100%	4h	2,783.9	+0.044%	$182.2M	$781.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,783.7	+0.038%	$161.9M	$89.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,784	+0.048%	$21.5M	$58.3M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,783	+0.012%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,783.4	+0.027%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,784.6	+0.069%	$42.8M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,782.8	+0.006%	$976K	$13.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,782.2	−0.017%	$55.4M	$229.0M	40x	as long as short
Deribit ETH-PERPETUAL	+0.0102%	1h	2,783.9	+0.044%	$258.9M	$222.8M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,781.5	−0.041%	$32.7M	$77.7M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0122%	1h	2,783.1	+0.016%	$86.7M	$332.6M	100x	as long as short
Kalshi KXETHPERP	+0.0124%	8h	2,784.4	+0.062%	$8.4M	$682.3M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0137%	8h	2,782.6	−0.005%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0186%	8h	2,783.3	+0.022%	$285.1M	$195.1M	150x	as long as short
Reya ETHRUSDPERP	+0.0198%	1h	2,781.8	−0.031%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,785	+0.083%	$271K	$1.5M	20x	as long as short