Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0446%/8h= −48.8% APRpaid last 24h −0.142%

Price spread now: Deribit against Variational Omni+0.259%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. Deribit is 0.259% dearer against Variational Omni than usual: you sell high and buy low (spread +0.259% now, against zero (this spread has no 7-day history yet)): +$26 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETHFI	0.7211	0.0005	pay 0.0002% / 4h	3h 09m	$1.1M	$717K	—
Short	Deribit ETHFI_USDC-PERPETUAL	0.7230	−0.0441	pay 0.0055% / 1h	9m 02s	$41K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.259%Rate

Funding earned: −$93.61
Price spread: +0.259% → 0.000%: $25.92
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$74.69
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Deribit: no order-book sample. 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	4.16 bp	doesn't fit	49.9 bp −$499	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

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
HTX ETHFI-USDT	−0.0718%	4h	0.7207	−0.060%	$83K	$159K	20x	as long as short
Deribit ETHFI_USDC-PERPETUALshort	−0.0441%	1h	0.7230	+0.259%	$41K	$13K	10x
Orderly PERP_ETHFI_USDC	−0.0208%	4h	0.7228	+0.231%	$17K	$1K	10x	as long as short
Variational Omni ETHFIlong	+0.0005%	4h	0.7211	long leg	$1.1M	$717K	—
Paradex ETHFI-USD-PERP	+0.0014%	8h	0.7230	+0.263%	$6K	—	5x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.398%	$321	$51K	5.5x	as long as short
MEXC ETHFI_USDT	+0.0086%	4h	0.7227	+0.218%	$15.4M	$3.9M	125x	as long as short
Binance ETHFIUSDT	+0.0088%	4h	0.7222	+0.150%	$25.2M	$36.4M	75x	as long as short
Extended ETHFI-USD	+0.0088%	1h	0.7226	+0.205%	$101K	$388K	10x	as long as short
Lighter ETHFI	+0.0096%	1h	0.7235	+0.324%	$1.1M	$894K	5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ETHFI	+0.0100%	1h	0.7235	+0.324%	$18.1M	$8.6M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7235	+0.329%	$185K	$256K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7224	+0.176%	$18.3M	$12.6M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7229	+0.245%	$5.0M	$12.4M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7231	+0.273%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7233	+0.301%	$1.2M	$263K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7221	+0.134%	$6.2M	$5.5M	75x	as long as short
BingX ETHFI-USDC	+0.0100%	4h	0.7227	+0.218%	—	$1.2M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7238	+0.370%	$72K	$116K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7232	+0.287%	$2K	$1.1M	20x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7227	+0.216%	$9K	—	3x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0168%	1h	0.7245	+0.467%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0218%	1h	0.7235	+0.322%	$275K	$165K	20x	as long as short
BloFin ETHFI-USDT	+0.0328%	4h	0.7227	+0.218%	$1.3M	$270K	75x	as long as short