Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1351%/8h= +147.9% APRpaid last 24h +0.036%

Price spread now: Kraken Futures against Variational Omni+0.273%7-day average +0.196% · 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)+0.408%+$41 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now +0.273%, 7d avg +0.196%

Together, before fees+0.422%+ Points / potential airdropVariational Omni: Active · farm board+$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$41 a day on $10k at the current rate, and Kraken Futures is 0.077% dearer against Variational Omni than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.196%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.408% in total (about 44.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000BONK	0.000003368	0.0100	pay 0.0050% / 4h	1m 05s	$302K	$119K	—
Short	Kraken Futures PF_BONKUSD	0.000003377	0.1451	get 0.0181% / 1h	1m 05s	$207K	$154K	50x

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 +0.273%Rate

Funding earned: $283.71
Price spread: +0.273% → +0.196%: $7.7
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: $281.42
Costs to cover: 0.100%
Break-even: 0.1 days

Slippage unknown: Variational Omni: RFQ quote, 13 min ago; Kraken Futures: live order book, 11 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 Variational Omni RFQ quote, 13 min ago	5.98 bp	doesn't fit	56.8 bp −$568	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 11 min ago	17.88 bp	26.7 bp −$27	73.4 bp −$734	doesn't fit	doesn't fit

BONK on 31 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
Coinbase International 1000BONK-PERP-INTX	−0.0456%	1h	0.000003361	−0.209%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003375	+0.206%	$1.0M	$13.9M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0061%	4h	0.000003376	+0.236%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003371	+0.100%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003364	−0.105%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003373	+0.147%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.792%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003370	+0.044%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003377	+0.266%	$226K	$339K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003369	+0.043%	$19K	$106K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003375	+0.200%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003367	−0.031%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003374	+0.164%	$15.3M	$53.0M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003377	+0.254%	$10.3M	$16.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003373	+0.147%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003371	+0.088%	$723K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003374	+0.177%	$9.9M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003375	+0.201%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003370	+0.058%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003376	+0.236%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003375	+0.206%	$30K	$7K	10x	as long as short
Variational Omni 1000BONKlong	+0.0100%	4h	0.000003368	long leg	$302K	$119K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003368	−0.001%	$57K	$702K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003377	+0.266%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003373	+0.147%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003380	+0.355%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003372	+0.113%	$22K	$3K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003375	+0.206%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.928%	$564	—	100x	as long as short
Hyperliquid kBONK	+0.1139%	1h	0.000003379	+0.325%	$9.9M	$7.5M	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.1451%	1h	0.000003377	+0.273%	$207K	$154K	50x