Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0196%/8h= −21.5% APRpaid last 24h −0.277%

Price spread now: Variational Omni against ApeX Omni+0.617%7-day average −0.191% · you sell dearer than you buy

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

Long on ApeX Omni Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.672%−$67 on $10k

Price spread, last 4 days (all we have)−0.661%−$66 · spread now +0.617%, 7d avg −0.191%

Together, before fees−1.333%+ Points / potential airdropVariational Omni: Active · farm board−$133 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.808% dearer against ApeX Omni than usual: you sell high and buy low (spread +0.617% now, against its 7-day average of −0.191%): +$81 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 14 days. At the pace of the last 4 days (−0.672% in total) that is about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni SUSDT	0.04260	0.0100	pay 0.0013% / 1h	44m 49s	$25K	$507K	50x
Short	Variational Omni S	0.04286	−0.0096	pay 0.0048% / 4h	3h 44m	$664K	$7K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against ApeX Omni. 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 ApeX OmnibpFee Variational OmnibpOrdersPrice spread, now +0.617%Rate

Funding earned: −$41.23
Price spread: +0.617% → −0.191%: $80.83
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $29.6
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: ApeX Omni: live order book, 53 min ago; Variational Omni: RFQ quote, 54 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 ApeX Omni live order book, 53 min ago	24.27 bp	54.2 bp −$54	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 54 min ago	7.32 bp	doesn't fit	80.5 bp −$805	doesn't fit	doesn't fit

S on 25 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_SUSD	−0.2653%	1h	0.04277	+0.401%	$35K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04238	−0.516%	$52K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04284	+0.570%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04279	+0.436%	$4	—	15x	as long as short
Variational Omni Sshort	−0.0096%	4h	0.04286	+0.617%	$664K	$7K	—
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04287	+0.634%	$72K	$11K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04285	+0.582%	$661	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−3.756%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0078%	4h	0.04284	+0.563%	$106K	$621K	10x	as long as short
Lighter S	+0.0096%	1h	0.04292	+0.751%	$184K	$100K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04286	+0.615%	$1.1M	$715K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04287	+0.635%	$46K	$175K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04285	+0.583%	$6.2M	$16.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04277	+0.399%	$6.1M	$4.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04280	+0.469%	$1.2M	$4.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04281	+0.493%	$358K	$217K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04284	+0.563%	$4.4M	$2.2M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04284	+0.563%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04291	+0.728%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04284	+0.563%	—	$6.9M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.04290	+0.704%	$101K	$472K	5x	as long as short
ApeX Omni SUSDTlong	+0.0100%	1h	0.04260	long leg	$25K	$507K	50x
Extended S-USD	+0.0104%	1h	0.04283	+0.537%	$238K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04292	+0.751%	$309K	$122K	75x	as long as short
01 Exchange SUSD	+0.5544%	1h	0.04360	+2.347%	$27K	$2K	5x	as long as short