Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.059%

Price spread now: GMX against Variational Omni−0.066%50s7-day average −0.011% · you buy dearer than you sell

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)+0.269%+$27 on $10k

Price spread, last 4 days (all we have)−0.161%−$16 · spread now −0.066%, 7d avg −0.011%

Together, before fees+0.109%+ Points / potential airdropVariational Omni: Active · farm board+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.055% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of −0.011%). If the spread goes back, that is −$6 on $10k: about 44 hours of funding at the current rate (+$3 a day). At the pace of the last 3 days (+0.269% in total) that is about 17 hours. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni NEAR	4.3567	0.0100	pay 0.0100% / 8h	1h 10m	$8.7M	$18.7M	—
Short	GMX NEAR/USD [ETH-USDC]	4.3538	L +0.0313% / S −0.0200%	get 0.0025% / 1h	10m 24s	$232K	—	100x

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 −0.066%Rate

Funding earned: $20.91
Price spread: −0.066% → −0.011%: −$5.5
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $3.4
Costs to cover: 0.120%
Break-even: 5.9 days

Slippage unknown: Variational Omni: RFQ quote, 4 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, 4 min ago	3.85 bp	doesn't fit	10.5 bp −$105	28.5 bp −$2,845	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.

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
Reya NEARRUSDPERP	−0.0171%	1h	4.3550	−0.038%	$2K	—	20x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3524	−0.098%	$107K	$68K	10x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0006%	1h	4.3817	+0.574%	$164K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−4.951%	$578	$301K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3490	−0.177%	$110K	$485K	50x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3489	−0.179%	$220.1M	$431.0M	75x	as long as short
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3480	−0.200%	$61.2M	$291.6M	50x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3565	−0.004%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3473	−0.216%	$35.2M	$62.3M	75x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3500	−0.154%	$52.7M	$45.9M	75x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NEARUSDT	+0.0100%	8h	4.3483	−0.193%	$72.1M	$128.4M	75x	as long as short
Variational Omni NEARlong	+0.0100%	8h	4.3567	long leg	$8.7M	$18.7M	—
edgeX NEARUSDC	+0.0100%	4h	4.3862	+0.677%	$256K	$903K	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3800	+0.535%	$1.4M	$1.5M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3850	+0.650%	$165K	$804K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3511	−0.128%	$288K	$4.1M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3574	+0.016%	$58K	$235K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3630	+0.145%	$2K	$1.3M	20x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3640	+0.168%	$456K	$3.8M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3600	+0.076%	$3.6M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0103%	8h	4.3476	−0.210%	$31K	$585	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3465	−0.234%	$3.6M	$18.1M	25x	as long as short
SoDEX NEAR-USD	+0.0109%	1h	4.3555	−0.027%	$5K	$53K	10x	as long as short
Aevo NEAR-PERP	+0.0136%	1h	4.3576	+0.021%	$203K	$38K	3x	as long as short
BingX NEAR-USDT	+0.0203%	8h	4.3480	−0.200%	—	$144.3M	—	as long as short
Binance NEARUSDT	+0.0212%	8h	4.3512	−0.126%	$264.3M	$1.08B	75x	as long as short
MEXC NEAR_USDT	+0.0213%	8h	4.3520	−0.108%	$77.5M	$150.3M	200x	as long as short
Kalshi KXNEARPERP	+0.0232%	8h	4.3584	+0.039%	$968K	$25.0M	2.2x	as long as short
Aster NEARUSDT	+0.0276%	8h	4.3490	−0.177%	$2.8M	$4.8M	50x	as long as short
GMX NEAR/USD [ETH-USDC]short	L +0.0313% / S −0.0200%	1h	4.3538	−0.066%	$232K	—	100x
BloFin NEAR-USDT	+0.0333%	8h	4.3630	+0.145%	$13.5M	$32.2M	75x	as long as short
Backpack NEAR_USDC_PERP	+0.0401%	1h	4.3563	−0.009%	$1.3M	$7.0M	20x	as long as short
Coinbase International NEAR-PERP-INTX	+0.0424%	1h	4.3613	+0.106%	$2.3M	$16.6M	50x	as long as short
01 Exchange NEARUSD	+0.0464%	1h	4.3524	−0.099%	$13K	$7K	10x	as long as short
Hyperliquid NEAR	+0.0487%	1h	4.3511	−0.128%	$354.9M	$314.5M	10x	as long as short
Nado NEAR-PERP	+0.0543%	1h	4.3498	−0.159%	$1.7M	$3.2M	10x	as long as short
Kraken Futures PF_NEARUSD	+0.0670%	1h	4.3540	−0.062%	$7.2M	$38.3M	50x	as long as short
Lighter NEAR	+0.0768%	1h	4.3599	+0.073%	$17.1M	$25.4M	15x	as long as short
Lighter RH NEAR	+0.0864%	1h	4.3595	+0.064%	$1.5M	$6.8M	10x	as long as short
Arcus NEAR-USD	+0.0880%	1h	4.3520	−0.108%	$224K	$1.6M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0898%	1h	4.3587	+0.046%	$1.9M	$13.1M	25x	as long as short
Phoenix NEAR	+0.1003%	1h	4.4110	+1.246%	$1.8M	$2.5M	10x	as long as short
Pacifica NEAR	+0.1187%	1h	4.3543	−0.054%	$416K	$1.4M	10x	as long as short
RISEx NEAR/USDC	+0.1259%	1h	4.3518	−0.112%	$657K	$1.4M	10x	as long as short
Aftermath Perps NEARUSD	+0.1326%	1h	4.3836	+0.618%	$5K	$12K	10x	as long as short