Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h −0.008%

Price spread now: Kraken Futures against Variational Omni+0.066%7-day average +0.029% · 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)−0.045%−$4 on $10k

Price spread, last 3 days (all we have)−0.018%−$2 · spread now +0.066%, 7d avg +0.029%

Together, before fees−0.063%+ Points / potential airdropVariational Omni: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kraken Futures is 0.037% dearer against Variational Omni than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	86,226.1	0.0100	pay 0.0100% / 8h	7h 13m	$156.7M	$559.2M	—
Short	Kraken Futures PF_XBTUSD	86,283.2	0.0121	get 0.0015% / 1h	13m 21s	$191.8M	$947.3M	100x

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 +0.066%Rate

Funding earned: $4.46
Price spread: +0.066% → +0.029%: $3.72
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: −$1.83
Costs to cover: 0.100%
Break-even: 9.9 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Kraken Futures: live order book, 6 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, 1 min ago	0.50 bp	doesn't fit	0.5 bp −$5	1.1 bp −$114	doesn't fit
Sell Kraken Futures live order book, 6 min ago	0.64 bp	6.2 bp −$6	7.2 bp −$72	9.0 bp −$896	11.8 bp −$5,882

BTC on 56 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
Phoenix BTC	−0.0129%	1h	86,372	+0.169%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,277	+0.059%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	86,265.3	+0.045%	$364K	$2.3M	50x	as long as short
Bluefin BTC-PERP	−0.0017%	1h	86,306.6	+0.093%	$144K	$667K	40x	as long as short
Perpl BTC	0.0000%	43m	86,304.7	+0.091%	$570K	$21.2M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	86,294.3	+0.079%	$36.9M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,365	+0.161%	$343K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0027%	1h	86,318.1	+0.107%	$16.9M	$20.5M	50x	as long as short
Aster BTCUSDT	+0.0033%	8h	86,298.7	+0.084%	$500.2M	$1.13B	200x	as long as short
KuCoin XBTUSDTM	+0.0043%	8h	86,265.3	+0.045%	$830.4M	$716.6M	125x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya BTCRUSDPERP	+0.0048%	1h	86,257.1	+0.036%	$6.7M	$145.8M	40x	as long as short
BingX BTC-USDC	+0.0051%	8h	86,275.2	+0.057%	—	$15.3M	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,274.4	+0.056%	$8.3M	$42.4M	25x	as long as short
Bitget BTCUSDT	+0.0065%	8h	86,278.1	+0.060%	$2.97B	$5.04B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,265.3	+0.045%	$2.5M	$1.8M	20x	as long as short
SoDEX BTC-USD	+0.0080%	1h	86,268	+0.049%	$60.4M	$338.2M	40x	as long as short
MEXC BTC_USDT	+0.0084%	8h	86,260.6	+0.040%	$5.10B	$5.75B	500x	as long as short
Binance BTCUSDT	+0.0084%	8h	86,271.5	+0.053%	$9.40B	$24.22B	150x	as long as short
Phemex BTCUSDT	+0.0094%	8h	86,353	+0.147%	$155.4M	$473.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	86,299.7	+0.085%	$170.4M	$992.2M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,306.9	+0.094%	$23.6M	$151.9M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,258	+0.037%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,238	+0.014%	$191K	$7.3M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,298.1	+0.084%	$4.2M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,290.1	+0.074%	$22.0M	$226.2M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,328	+0.118%	$3.78B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,317.9	+0.106%	$40.6M	$558.6M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,282.4	+0.065%	$5.25B	$9.64B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,285.9	+0.069%	$2.56B	$12.45B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,277	+0.059%	$3.9M	$17.8M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,293.7	+0.078%	$7.2M	$94.9M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,145.7	−0.093%	$580.3M	$59.0M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,280.2	+0.063%	$5.77B	$10.62B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,360	+0.155%	$35.6M	$160.9M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	86,226.1	long leg	$156.7M	$559.2M	—
edgeX BTCUSDC	+0.0100%	4h	86,254.8	+0.033%	$278.6M	$953.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,292.2	+0.077%	$216.6M	$165.6M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,290.3	+0.074%	$141.4M	$320.5M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,313.4	+0.101%	$30.6M	$208.3M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,323.9	+0.113%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,263	+0.043%	$11.1M	$14.0M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	86,274	+0.056%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	86,272	+0.053%	$2.4M	$9.1M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	86,293.7	+0.078%	$30.3M	$56.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	86,243.3	+0.020%	$3.3M	$5.4M	100x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,325	+0.115%	$2.29B	$958.7M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,259.4	+0.039%	$46.0M	$222.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,362.5	+0.158%	—	$99.1M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,292	+0.076%	$132.3M	$5.30B	50x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0121%	1h	86,283.2	+0.066%	$191.8M	$947.3M	100x
Hibachi BTC/USDT-P	+0.0160%	1h	86,317.2	+0.106%	$713K	$7.9M	30x	as long as short
Deribit BTC-PERPETUAL	+0.0167%	1h	86,322.7	+0.112%	$902.3M	$1.51B	50x	as long as short
Aftermath Perps BTCUSD	+0.0168%	1h	86,309.4	+0.097%	$77K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0204%	8h	86,297	+0.082%	$416.1M	$641.9M	150x	as long as short
Kalshi KXBTCPERP	+0.0205%	8h	86,354	+0.148%	$10.6M	$765.7M	6.4x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0207% / S −0.0222%	1h	86,287.8	+0.072%	$14.5M	—	200x	as long as short