VOOI — What It Is & Why I Use It

VOOI is a perp DEX aggregator that brings multiple decentralized perpetual exchanges into one place. Instead of opening several platforms separately, you can use VOOI to access different markets and compare opportunities from a single interface.

I’ve personally been using VOOI for more than two years, including while farming Lighter, Orderly, Overlay and other perp ecosystems.

For this strategy, the most useful part of VOOI is Arbitrage Desk.

Arbitrage Desk — How It Works

Arbitrage Desk is basically a scanner for potential delta-neutral setups across different perp DEXs.

Instead of manually opening multiple exchanges and comparing the same market, the desk puts the important numbers in one place:

• Long / Short venues — where each leg can be opened
• Funding rates — what each side currently pays or receives
• Spread — the difference between prices across venues
• Estimated APR — the current estimated return of the setup

For example, you might find a setup where the desk suggests going Long ETH on one DEX and Short ETH on another.

The important part: don’t automatically choose the highest APR.

APR and funding rates can change quickly. I also look at the venues involved, liquidity, spread and — for points farming — whether either side has an active points program.

Delta-Neutral Points Farming Strategy

This is where we turn a normal arbitrage setup into a points-farming strategy.

The basic structure is:

Both positions use the same asset and approximately the same notional size.

If BTC goes up, the long gains while the short loses. If BTC goes down, the short gains while the long loses.

The two legs therefore offset most of the directional exposure.

But there is another layer.

Instead of choosing two random DEXs, I prefer setups where at least one — and ideally both — legs are connected to points or incentive programs.

For example:

Now the hedge itself is productive.

One leg farms one program, the second leg farms another, while the positions largely hedge each other’s directional exposure.

How to Open & Manage the Position

Here is the actual process I use.

Step 1 — Open VOOI Arbitrage Desk

Look through the available setups and choose an asset that is available on two venues you want to use.

For points farming, I prioritize combinations where one or both venues have incentives I want to farm.

Step 2 — Check the Setup

Before entering, check:

• which venue is Long and which is Short
• funding on both sides
• spread
• estimated APR
• liquidity
• active points/incentives

The highest APR is not necessarily the best opportunity.

Step 3 — Decide Your Position Size

Both legs should have approximately the same notional value.

For example:

Be careful with leverage here.

If you deposit $1,000 and use 5x leverage, your position is approximately $5,000 — so you need to compare the actual position notional, not just the collateral deposited.

Step 4 — Open Both Legs

Open the Long and Short as close together as possible.

Once both positions are live, check that the notional sizes are approximately equal. If one side is significantly larger, you still have directional exposure.

Step 5 — Let the Strategy Work

Once the hedge is established, both positions can generate trading activity while the funding component of the setup continues to work.

If both venues have points programs, both legs can farm simultaneously.

Step 6 — Monitor the Setup

You don’t need to predict every market move, but you still need to monitor the position.

Watch the funding rates, APR, spread, margin and size of both legs.

If funding changes significantly, the APR disappears, the spread becomes unattractive or one leg becomes unbalanced, it may be time to rebalance or close the setup.

When exiting, remember to close both legs. Otherwise, you are left with a directional position.

Risks & Important Notes

Delta-neutral does not mean risk-free.

The strategy reduces directional exposure, but there are still several things you need to keep in mind:

• Funding can change — a profitable setup can become less attractive or even turn negative.
• Liquidation is still possible — each leg has its own margin and liquidation price. Don’t forget to set TP/SL and monitor both positions.
• Spreads can change — prices can diverge between DEXs and affect the final result.
• Points are speculative — their future value and potential rewards are not guaranteed.
• APR is not fixed — it is calculated based on current conditions and can change quickly.

The goal of the strategy isn’t to remove every possible risk.

The goal is to reduce dependence on market direction while using both sides of the hedge as efficiently as possible.