Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0363%/8h= −39.7% APRpaid last 24h −0.090%

Price spread now: Variational Omni against GMX−0.339%7-day average +0.017% · you buy dearer than you sell

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.215%−$22 on $10k

Price spread, last 3 days (all we have)+0.568%+$57 · spread now −0.339%, 7d avg +0.017%

Together, before fees+0.353%+ Points / potential airdropVariational Omni: Active · farm board+$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Variational Omni is 0.355% cheaper against GMX than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of +0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX NEAR/USD [ETH-USDC]	4.3134	L +0.0377% / S −0.0313%	pay 0.0047% / 1h	50m 08s	$276K	—	100x
Short	Variational Omni NEAR	4.2988	0.0014	get 0.0014% / 8h	7h 50m	$7.9M	$18.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GMXbpFee Variational OmnibpOrdersPrice spread, now −0.339%Rate

Funding earned: −$76.14
Price spread: −0.339% → +0.017%: −$35.54
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$123.68
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 4 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 GMX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	3.88 bp	doesn't fit	10.8 bp −$108	31.9 bp −$3,193	doesn't fit

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.

NEAR on 45 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
Phemex NEARUSDT	−0.0899%	8h	4.3090	−0.103%	$3.9M	$8.5M	50x	as long as short
Reya NEARRUSDPERP	−0.0171%	1h	4.3115	−0.045%	$2K	—	20x	as long as short
Kraken Futures PF_NEARUSD	−0.0130%	1h	4.3105	−0.068%	$7.6M	$37.1M	50x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0096%	1h	4.3084	−0.117%	$2.3M	$13.1M	50x	as long as short
Bybit NEARUSDT	−0.0068%	8h	4.3024	−0.256%	$219.4M	$419.0M	75x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3138	+0.007%	$112K	$64K	10x	as long as short
01 Exchange NEARUSD	0.0000%	1h	4.3173	+0.089%	$13K	$7K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3093	−0.096%	$378K	$18.4M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3137	+0.006%	$204K	—	150x	as long as short
Variational Omni NEARshort	+0.0014%	8h	4.2988	−0.339%	$7.9M	$18.6M	—

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−3.998%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3160	+0.059%	$112K	$478K	50x	as long as short
Orderly PERP_NEAR_USDC	+0.0099%	8h	4.3100	−0.080%	$57K	$193K	20x	as long as short
Paradex NEAR-USD-PERP	+0.0100%	8h	4.3131	−0.009%	$31K	$647	10x	as long as short
Aster NEARUSDT	+0.0100%	8h	4.3180	+0.106%	$3.0M	$5.7M	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3137	+0.005%	$404K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3087	−0.110%	$255.8M	$1.07B	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3050	−0.196%	$61.3M	$282.0M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3170	+0.083%	$198K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.2646	−1.132%	$243K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3050	−0.196%	$31.0M	$58.6M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3060	−0.173%	$79.9M	$138.6M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3080	−0.126%	$56.4M	$43.2M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3046	−0.205%	$71.4M	$125.1M	75x	as long as short
BingX NEAR-USDT	+0.0100%	8h	4.3050	−0.196%	—	$141.2M	—	as long as short
edgeX NEARUSDC	+0.0100%	4h	4.3062	−0.169%	$267K	$1.2M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3082	−0.122%	$1.4M	$1.3M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3080	−0.126%	$180K	$792K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3165	+0.071%	$194K	$3.5M	10x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3220	+0.198%	$2K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3086	−0.112%	$5K	$53K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3200	+0.152%	$459K	$3.6M	75x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3059	−0.175%	$3.9M	$16.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3109	−0.060%	$201K	$28K	3x	as long as short
BloFin NEAR-USDT	+0.0220%	8h	4.3040	−0.219%	$13.0M	$29.2M	75x	as long as short
Hyperliquid NEAR	+0.0319%	1h	4.3111	−0.054%	$367.7M	$300.0M	10x	as long as short
GMX NEAR/USD [ETH-USDC]long	L +0.0377% / S −0.0313%	1h	4.3134	long leg	$276K	—	100x
Nado NEAR-PERP	+0.0387%	1h	4.3126	−0.020%	$1.9M	$3.3M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0423%	1h	4.3122	−0.029%	$1.9M	$2.9M	25x	as long as short
Lighter RH NEAR	+0.0424%	1h	4.3141	+0.015%	$1.6M	$6.8M	10x	as long as short
RISEx NEAR/USDC	+0.0428%	1h	4.3179	+0.104%	$410K	$1.2M	10x	as long as short
Phoenix NEAR	+0.0499%	1h	4.3136	+0.004%	$1.8M	$2.7M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0501%	1h	4.3109	−0.059%	$1.4M	$5.6M	20x	as long as short
Aftermath Perps NEARUSD	+0.1221%	1h	4.3031	−0.241%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.2248%	1h	4.3226	+0.213%	$17.3M	$23.9M	15x	as long as short