Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0266%/8h= −29.1% APRpaid last 24h −0.054%

Price spread now: GMX against Variational Omni+0.012%7-day average +0.049% · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.226%−$23 on $10k

Price spread, last 4 days (all we have)+0.119%+$12 · spread now +0.012%, 7d avg +0.049%

Together, before fees−0.107%+ Points / potential airdropVariational Omni: Active · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and GMX is 0.036% cheaper against Variational Omni than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.049%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni LINK	12.920	0.0100	pay 0.0100% / 8h	2h 14m	$3.3M	$1.7M	—
Short	GMX LINK/USD [LINK-USDC]	12.922	L −0.0089% / S +0.0166%	pay 0.0021% / 1h	14m 36s	$1.8M	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$55.85
Price spread: +0.012% → +0.049%: −$3.61
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$71.46
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; GMX: 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	3.13 bp	doesn't fit	9.9 bp −$99	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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.

LINK on 40 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
GMX LINK/USD [LINK-USDC]short	L −0.0089% / S +0.0166%	1h	12.922	+0.012%	$1.8M	—	200x
Kalshi KXLINKPERP	0.0000%	8h	12.929	+0.067%	$526K	$2.3M	3.7x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.923	+0.018%	$157K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−4.028%	$4K	$48K	12x	as long as short
Orderly PERP_LINK_USDC	+0.0035%	8h	12.916	−0.034%	$95K	$1.2M	20x	as long as short
Phoenix LINK	+0.0074%	1h	12.924	+0.030%	$3K	$82K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.928	+0.060%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.931	+0.081%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.925	+0.032%	$346K	$343K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.929	+0.067%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.930	+0.072%	$275K	$184K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.929	+0.067%	$118.9M	$302.5M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.930	+0.075%	$83.5M	$73.5M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.932	+0.090%	$27.4M	$80.3M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.941	+0.160%	$181K	$97K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.920	−0.003%	$124.3M	$15.3M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.931	+0.082%	$33.0M	$57.7M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.928	+0.059%	$22.8M	$13.1M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.934	+0.106%	$54.1M	$30.5M	75x	as long as short
BingX LINK-USDT	+0.0100%	8h	12.932	+0.090%	—	$23.3M	—	as long as short
Variational Omni LINKlong	+0.0100%	8h	12.920	long leg	$3.3M	$1.7M	—
edgeX LINKUSDC	+0.0100%	4h	12.924	+0.029%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.927	+0.051%	$582K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.931	+0.082%	$132K	$675K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.930	+0.075%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.922	+0.013%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.939	+0.145%	$33K	$1.5M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.925	+0.036%	$10K	$62K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.899	−0.162%	$631K	$782K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.922	+0.013%	$628K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.924	+0.032%	$542K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0107%	1h	12.936	+0.121%	$337K	$390K	15x	as long as short
Coinbase International LINK-PERP-INTX	+0.0128%	1h	12.931	+0.082%	$920K	$2.8M	50x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0214%	1h	12.931	+0.081%	$801K	$246K	50x	as long as short
BloFin LINK-USDT	+0.0220%	8h	12.928	+0.059%	$5.2M	$15.9M	75x	as long as short
Hyperliquid LINK	+0.0236%	1h	12.940	+0.152%	$80.6M	$27.7M	10x	as long as short
Kraken Futures PF_LINKUSD	+0.0277%	1h	12.928	+0.058%	$6.6M	$8.3M	50x	as long as short
Reya LINKRUSDPERP	+0.0396%	1h	12.921	+0.001%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0565%	8h	12.938	+0.136%	$20.0M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0675%	1h	12.923	+0.023%	$344K	$33K	10x	as long as short