Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0697%/8h= +76.4% APRpaid last 24h +0.079%

Price spread now: Kraken Futures against Variational Omni+0.267%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 Kraken Futures

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

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and Kraken Futures is 0.267% dearer against Variational Omni than usual: you sell high and buy low: +$27 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 2Z	0.05225	0.0100	pay 0.0050% / 4h	26m 51s	$33K	$29K	—
Short	Kraken Futures PF_2ZUSD	0.05239	0.0797	get 0.0100% / 1h	26m 51s	$5K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.267%Rate

Funding earned: $146.46
Price spread: +0.267% → 0.000%: $26.66
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $163.11
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Kraken Futures: 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 no order-book sample	—	—	—	—	—
Sell Kraken Futures no order-book sample	—	—	—	—	—

Variational Omni and Kraken Futures: 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.

2Z on 17 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
Backpack 2Z_USDC_PERP	−0.0674%	1h	0.05228	+0.056%	$46K	$29K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.691%	$867	$213	5.5x	as long as short
Lighter 2Z	+0.0096%	1h	0.05242	+0.324%	$17K	$8K	3x	as long as short
Hyperliquid 2Z	+0.0100%	1h	0.05238	+0.243%	$676K	$367K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05236	+0.206%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05232	+0.130%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05234	+0.171%	$2.1M	$2.2M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05235	+0.190%	$691K	$978K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05235	+0.190%	$450K	$723K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05229	+0.075%	$91K	$65K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05236	+0.209%	$293K	$126K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05230	+0.102%	$193K	$53K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05230	+0.094%	$156K	$634K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05236	+0.209%	—	$6.5M	—	as long as short
Variational Omni 2Zlong	+0.0100%	4h	0.05225	long leg	$33K	$29K	—
SunX 2Z-USDT	+0.0100%	4h	0.05231	+0.113%	$1K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSDshort	+0.0797%	1h	0.05239	+0.267%	$5K	$3K	10x