Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0038%/8h= −4.2% APRpaid last 24h −0.033%

Price spread now: Variational Omni against Backpack−0.114%49s7-day average −0.040% · you buy dearer than you sell

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

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.236%−$24 on $10k

Price spread, last 4 days (all we have)+0.666%+$67 · spread now −0.114%, 7d avg −0.040%

Together, before fees+0.429%+ Points / potential airdropVariational Omni: Active · farm board+$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.074% cheaper against Backpack than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.040%). Swap the legs. The two prices were read 49 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	Backpack OP_USDC_PERP	0.1247	0.0100	pay 0.0013% / 1h	1m 20s	$116K	$222K	10x
Short	Variational Omni OP	0.1246	0.0062	get 0.0062% / 8h	1m 20s	$220K	$47K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Backpack. 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 BackpackbpFee Variational OmnibpOrdersPrice spread, now −0.114%Rate

Funding earned: −$8.08
Price spread: −0.114% → −0.040%: −$7.38
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$25.47
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 37 min ago; Variational Omni: RFQ quote, 38 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 Backpack live order book, 37 min ago	2.01 bp	11.4 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 38 min ago	8.01 bp	doesn't fit	24.0 bp −$240	doesn't fit	doesn't fit

OP on 30 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
Injective OP/USDC PERP	−0.1660%	1h	0.1235	−0.970%	$34K	$63K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1164% / S +0.0246%	1h	0.1249	+0.170%	$13K	—	100x	as long as short
Orderly PERP_OP_USDC	−0.0054%	8h	0.1248	+0.072%	$12K	$235K	10x	as long as short
dYdX OP-USD	0.0000%	1h	0.1248	+0.058%	$39K	$522	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1249	+0.152%	$31K	$165K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1249	+0.184%	—	—	150x	as long as short
KuCoin OPUSDTM	+0.0059%	8h	0.1247	−0.008%	$2.8M	$6.0M	75x	as long as short
Variational Omni OPshort	+0.0062%	8h	0.1246	−0.114%	$220K	$47K	—
Coinbase International OP-PERP-INTX	+0.0080%	1h	0.1247	−0.008%	$24K	$66K	50x	as long as short
Lighter OP	+0.0096%	1h	0.1250	+0.192%	$289K	$1.1M	15x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1250	+0.208%	$3.5M	$3.6M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1249	+0.148%	$205K	$210K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1249	+0.160%	$19.6M	$67.6M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1249	+0.120%	$18.2M	$26.3M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1248	+0.104%	$6.0M	$29.6M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1250	+0.217%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1249	+0.160%	$22.4M	$7.9M	300x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1248	+0.072%	$5.6M	$6.8M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1249	+0.128%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERPlong	+0.0100%	1h	0.1247	long leg	$116K	$222K	10x
edgeX OPUSDC	+0.0100%	4h	0.1246	−0.072%	$4K	$1.1M	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1248	+0.098%	$305K	$5.3M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1246	−0.088%	$43K	$695K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1248	+0.096%	$207	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1249	+0.120%	$166K	$260K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1248	+0.090%	$100K	$610K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1249	+0.112%	$3K	$1K	3x	as long as short
Kraken Futures PF_OPUSD	+0.0165%	1h	0.1250	+0.221%	$744K	$678K	20x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1250	+0.217%	$995K	$325K	75x	as long as short
Reya OPRUSDPERP	+0.0445%	1h	0.1249	+0.118%	$694	—	20x	as long as short