Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0787%/8h= +86.2% APRpaid last 24h +0.275%

Price spread now: Reya against Variational Omni−0.263%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Reya

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 · Reya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.263% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.263% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 27 hours of funding at the current rate (+$24 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.03922	−0.0889	get 0.0444% / 4h	2h 08m	$610K	$34K	—
Short	Reya SRUSDPERP	0.03912	−0.0101	pay 0.0013% / 1h	8m 09s	$4	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.263%Rate

Funding earned: $165.33
Price spread: −0.263% → 0.000%: −$26.33
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: $132.99
Costs to cover: 0.060%
Break-even: 1.4 days

Slippage unknown: Variational Omni: RFQ quote, 16 min ago; Reya: 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, 16 min ago	8.94 bp	doesn't fit	106.0 bp −$1,060	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Kraken Futures PF_SUSD	−0.1458%	1h	0.03913	−0.220%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.446%	$47K	$5K	25x	as long as short
Variational Omni Slong	−0.0889%	4h	0.03922	long leg	$610K	$34K	—
GMX S/USD [WBTC.b-USDC]	L −0.0191% / S +0.0185%	1h	0.03916	−0.159%	$1K	—	100x	as long as short
Reya SRUSDPERPshort	−0.0101%	1h	0.03912	−0.263%	$4	—	15x
Orderly PERP_S_USDC	−0.0004%	4h	0.03914	−0.202%	$100K	$345K	10x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03917	−0.126%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03917	−0.124%	$604	—	150x	as long as short
Aster SUSDT	+0.0029%	4h	0.03916	−0.149%	$43K	$212K	10x	as long as short
01 Exchange SUSD	+0.0032%	1h	0.03910	−0.304%	$24K	$3K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.540%	$2K	$37K	12x	as long as short
Lighter S	+0.0096%	1h	0.03918	−0.100%	$164K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03913	−0.225%	$989K	$870K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03910	−0.304%	$5.3M	$23.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03906	−0.406%	$5.6M	$6.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03909	−0.330%	$975K	$7.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03915	−0.177%	$320K	$293K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03909	−0.330%	$3.4M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03911	−0.279%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03915	−0.177%	$1.2M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03912	−0.253%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	+0.205%	$25K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03911	−0.290%	$221K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03927	+0.129%	$269K	$158K	75x	as long as short
Backpack S_USDC_PERP	+0.0521%	1h	0.03930	+0.205%	$114K	$296K	5x	as long as short