Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0418%/8h= +45.7% APRpaid last 24h +0.139%

Price spread now: Variational Omni against Deribit−0.125%7-day average — · 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 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.125% cheaper against Deribit than usual: you would sell low and buy high (spread −0.125% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$13 on $10k: about 24 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit ETHFI_USDC-PERPETUAL	0.6969	−0.0467	get 0.0058% / 1h	1m 06s	$40K	$10K	10x
Short	Variational Omni ETHFI	0.6960	−0.0049	pay 0.0025% / 4h	3h 01m	$971K	$702K	—

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 −0.125%Rate

Funding earned: $87.74
Price spread: −0.125% → 0.000%: −$12.51
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: $68.23
Costs to cover: 0.070%
Break-even: 1.6 days

Slippage unknown: Deribit: no order-book sample; Variational Omni: RFQ quote, 23 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 no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 23 min ago	4.27 bp	doesn't fit	39.8 bp −$398	doesn't fit	doesn't fit

Deribit: 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.

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUALlong	−0.0467%	1h	0.6969	long leg	$40K	$10K	10x
HTX ETHFI-USDT	−0.0330%	4h	0.6950	−0.273%	$81K	$182K	20x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0308%	1h	0.6971	+0.023%	$257K	$215K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0252%	4h	0.6965	−0.057%	$16K	$1K	10x	as long as short
Bybit ETHFIUSDT	−0.0169%	4h	0.6966	−0.043%	$17.4M	$12.7M	25x	as long as short
Variational Omni ETHFIshort	−0.0049%	4h	0.6960	−0.125%	$971K	$702K	—
Extended ETHFI-USD	+0.0016%	1h	0.6964	−0.070%	$96K	$498K	10x	as long as short
MEXC ETHFI_USDT	+0.0018%	4h	0.6964	−0.072%	$15.7M	$4.1M	125x	as long as short
Binance ETHFIUSDT	+0.0019%	4h	0.6962	−0.095%	$24.2M	$35.1M	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+3.889%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex ETHFI-USD-PERP	+0.0044%	8h	0.6959	−0.143%	$6K	—	5x	as long as short
BloFin ETHFI-USDT	+0.0078%	4h	0.6961	−0.115%	$1.2M	$239K	75x	as long as short
Aster ETHFIUSDT	+0.0082%	4h	0.6964	−0.072%	$178K	$250K	10x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.6965	−0.057%	$8K	—	3x	as long as short
Lighter ETHFI	+0.0096%	1h	0.6972	+0.043%	$1.1M	$841K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.6967	−0.024%	$17.1M	$8.3M	5x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6970	+0.014%	$5.0M	$12.2M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6968	−0.014%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6962	−0.100%	$1.2M	$229K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6932	−0.531%	$6.0M	$5.2M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.6965	−0.057%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6962	−0.098%	$64K	$125K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6971	+0.029%	$1K	$1.1M	20x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0544%	1h	0.7054	+1.220%	$31K	$6K	50x	as long as short