Funding arb · Price arb /

KSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0344%/8h= +37.7% APRpaid last 24h −0.046%

Price spread now: Variational Omni against Kraken Futures−0.272%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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

Funding pays, the price is against you. Variational Omni is 0.272% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.272% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$27 on $10k: about 2.6 days of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_KSMUSD	4.6032	−0.0704	get 0.0088% / 1h	34m 18s	$37K	$1K	20x
Short	Variational Omni KSM	4.5907	−0.0360	pay 0.0360% / 8h	1h 34m	$453K	$38K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.272%Rate

Funding earned: $72.27
Price spread: −0.272% → 0.000%: −$27.21
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $35.07
Costs to cover: 0.100%
Break-even: 3.6 days

Slippage unknown: Kraken Futures: no order-book sample; Variational Omni: RFQ quote, 10 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 10 min ago	5.97 bp	doesn't fit	163.3 bp −$1,633	doesn't fit	doesn't fit

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.

KSM on 12 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_KSMUSDlong	−0.0704%	1h	4.6032	long leg	$37K	$1K	20x
Variational Omni KSMshort	−0.0360%	8h	4.5907	−0.272%	$453K	$38K	—
OKX KSM-USDT-SWAP	−0.0189%	4h	4.5950	−0.179%	$761K	$648K	20x	as long as short
Binance KSMUSDT	+0.0100%	8h	4.5962	−0.154%	$2.0M	$2.8M	50x	as long as short
Bybit KSMUSDT	+0.0100%	8h	4.5920	−0.244%	$2.2M	$723K	50x	as long as short
Gate KSM_USDT	+0.0100%	8h	4.6040	+0.017%	$85K	$36K	33x	as long as short
MEXC KSM_USDT	+0.0100%	8h	4.5960	−0.157%	$727K	$240K	20x	as long as short
KuCoin KSMUSDTM	+0.0100%	8h	4.5980	−0.113%	$508K	$32K	30x	as long as short
Bitget KSMUSDT	+0.0100%	8h	4.6010	−0.048%	$480K	$198K	50x	as long as short
BingX KSM-USDT	+0.0100%	8h	4.5930	−0.222%	—	$2.4M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended KSM-USD	+0.0104%	1h	4.5955	−0.167%	$77K	$399K	5x	as long as short
BloFin KSM-USDT	+0.0120%	8h	4.6000	−0.070%	$110K	$18K	50x	as long as short