Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h +0.246%

Price spread now: GMX against Variational Omni+0.014%7-day average — · 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)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.04028	−0.0050	get 0.0025% / 4h	2h 14m	$625K	$25K	—
Short	GMX S/USD [WBTC.b-USDC]	0.04029	L −0.0206% / S +0.0198%	pay 0.0025% / 1h	14m 01s	$1K	—	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 +0.014%Rate

Funding earned: −$31.02
Price spread: +0.014% → 0.000%: $1.4
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$41.62
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 35 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, 35 min ago	6.33 bp	doesn't fit	87.4 bp −$874	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.

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
01 Exchange SUSD	−1.0320%	1h	0.03840	−4.675%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1804%	1h	0.04030	+0.045%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03961	−1.672%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]short	L −0.0206% / S +0.0198%	1h	0.04029	+0.014%	$1K	—	100x
Reya SRUSDPERP	−0.0101%	1h	0.04029	+0.007%	$4	—	15x	as long as short
Variational Omni Slong	−0.0050%	4h	0.04028	long leg	$625K	$25K	—
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04029	+0.029%	$621	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.779%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0084%	4h	0.04030	+0.041%	$100K	$557K	10x	as long as short
Lighter S	+0.0096%	1h	0.04037	+0.215%	$172K	$140K	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	0.04033	+0.116%	$1.0M	$596K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04033	+0.116%	$48K	$111K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04033	+0.116%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04027	−0.033%	$5.7M	$4.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04032	+0.091%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04026	−0.058%	$328K	$185K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04032	+0.091%	$3.8M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04029	+0.016%	$1.8M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04033	+0.116%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04032	+0.091%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−0.207%	$24K	$484K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04031	+0.071%	$226K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04031	+0.066%	$277K	$115K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0990%	1h	0.04038	+0.240%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.2414%	1h	0.04040	+0.290%	$117K	$426K	5x	as long as short