Funding arb · Price arb /

IO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Variational Omni+0.045%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 Bybit

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

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.045% dearer against Variational Omni than usual: you sell high and buy low, +$4 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni IO	0.1514	0.0100	pay 0.0050% / 4h	1h 34m	$30K	$5K	—
Short	Bybit IOUSDT	0.1515	0.0100	get 0.0050% / 4h	1h 34m	$1.1M	$878K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.045%Rate

Funding earned: $0
Price spread: +0.045% → 0.000%: $4.45
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$6.55
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Variational Omni: no order-book sample; Bybit: live order book, 1 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 no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	6.60 bp	86.1 bp −$86	408.6 bp −$4,086	doesn't fit	doesn't fit

Variational Omni: 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.

IO on 14 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
Kraken Futures PF_IOUSD	−0.0638%	1h	0.1519	+0.309%	$39K	$21K	10x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1516	+0.137%	$1.0M	$386K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1518	+0.240%	$6K	$32K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1518	+0.244%	$3.0M	$6.5M	50x	as long as short
Bybit IOUSDTshort	+0.0100%	4h	0.1515	+0.045%	$1.1M	$878K	25x
Gate IO_USDT	+0.0100%	4h	0.1519	+0.282%	$235K	$529K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1514	−0.022%	$1.2M	$228K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1517	+0.177%	$407K	$656K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1518	+0.243%	$1.3M	$1.2M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1517	+0.177%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IOlong	+0.0100%	4h	0.1514	long leg	$30K	$5K	—
Extended IO-USD	+0.0104%	1h	0.1518	+0.261%	$5K	$171K	5x	as long as short
BloFin IO-USDT	+0.0140%	4h	0.1519	+0.309%	$193K	$30K	50x	as long as short
Injective IO/USDC PERP	+0.0163%	1h	0.1518	+0.243%	$2K	$103	5.5x	as long as short