Funding arb · Price arb /

LINK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.043%

Price spread now: Kraken Futures against Variational Omni+0.254%7-day average +0.039% · 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 4 days (all we have)+0.063%+$6 on $10k

Price spread, last 4 days (all we have)−0.151%−$15 · spread now +0.254%, 7d avg +0.039%

Together, before fees−0.088%+ Points / potential airdropVariational Omni: Active · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kraken Futures is 0.215% dearer against Variational Omni than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni LINK	12.854	0.0100	pay 0.0100% / 8h	1h 42m	$3.3M	$1.7M	—
Short	Kraken Futures PF_LINKUSD	12.887	0.0193	get 0.0024% / 1h	42m 33s	$6.6M	$8.3M	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 +0.254%Rate

Funding earned: $19.58
Price spread: +0.254% → +0.039%: $21.46
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: $31.05
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 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, 2 min ago	3.14 bp	doesn't fit	12.2 bp −$122	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 6 min ago	2.71 bp	10.6 bp −$11	14.2 bp −$142	38.8 bp −$3,877	doesn't fit

LINK on 40 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
GMX LINK/USD [LINK-USDC]	L −0.0089% / S +0.0166%	1h	12.893	+0.302%	$1.8M	—	200x	as long as short
Kalshi KXLINKPERP	0.0000%	8h	12.892	+0.294%	$512K	$2.3M	3.7x	as long as short
Orderly PERP_LINK_USDC	+0.0002%	8h	12.882	+0.216%	$94K	$1.1M	20x	as long as short
gTrade (Gains Network) LINK/USD	L +0.0004% / S −0.0005%	1h	12.893	+0.305%	$156K	—	150x	as long as short
Injective LINK/USDC PERP	+0.0033%	1h	12.400	−3.534%	$4K	$48K	12x	as long as short
Phoenix LINK	+0.0093%	1h	12.874	+0.154%	$3K	$85K	10x	as long as short
Lighter LINK	+0.0096%	1h	12.881	+0.210%	$1.9M	$2.8M	10x	as long as short
Paradex LINK-USD-PERP	+0.0100%	8h	12.880	+0.196%	$31K	$2K	20x	as long as short
Nado LINK-PERP	+0.0100%	1h	12.888	+0.265%	$350K	$340K	10x	as long as short
Aster LINKUSDT	+0.0100%	8h	12.888	+0.266%	$1.2M	$2.4M	50x	as long as short

Show all 40 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica LINK	+0.0100%	1h	12.883	+0.224%	$274K	$182K	10x	as long as short
Binance LINKUSDT	+0.0100%	8h	12.887	+0.255%	$119.0M	$301.8M	75x	as long as short
Bybit LINKUSDT	+0.0100%	8h	12.881	+0.208%	$83.2M	$74.0M	75x	as long as short
OKX LINK-USDT-SWAP	+0.0100%	8h	12.885	+0.239%	$27.0M	$81.0M	50x	as long as short
Arcus LINK-USD	+0.0100%	1h	12.900	+0.356%	$180K	$94K	10x	as long as short
Gate LINK_USDT	+0.0100%	8h	12.875	+0.161%	$124.0M	$15.2M	75x	as long as short
MEXC LINK_USDT	+0.0100%	8h	12.882	+0.216%	$34.1M	$58.0M	300x	as long as short
KuCoin LINKUSDTM	+0.0100%	8h	12.883	+0.224%	$22.7M	$13.0M	75x	as long as short
Bitget LINKUSDT	+0.0100%	8h	12.881	+0.208%	$53.9M	$30.6M	75x	as long as short
BingX LINK-USDC	+0.0100%	8h	12.878	+0.185%	—	$6.6M	—	as long as short
Variational Omni LINKlong	+0.0100%	8h	12.854	long leg	$3.3M	$1.7M	—
edgeX LINKUSDC	+0.0100%	4h	12.870	+0.124%	$43K	$308K	20x	as long as short
GRVT LINK_USDT_Perp	+0.0100%	8h	12.870	+0.123%	$578K	$2.9M	10x	as long as short
ApeX Omni LINKUSDT	+0.0100%	1h	12.883	+0.224%	$132K	$672K	50x	as long as short
Polymarket Perps LINK-USD	+0.0100%	1h	12.888	+0.263%	$81K	$70K	10x	as long as short
Derive LINK-PERP	+0.0100%	1h	12.890	+0.278%	$16K	$22K	10x	as long as short
SunX LINK-USDT	+0.0100%	8h	12.906	+0.403%	$33K	$1.4M	30x	as long as short
SoDEX LINK-USD	+0.0100%	1h	12.885	+0.239%	$10K	$61K	10x	as long as short
HTX LINK-USDT	+0.0100%	8h	12.881	+0.208%	$632K	$787K	75x	as long as short
Extended LINK-USD	+0.0104%	1h	12.874	+0.151%	$626K	$2.0M	25x	as long as short
Aevo LINK-PERP	+0.0104%	1h	12.890	+0.282%	$541K	$2K	3x	as long as short
Backpack LINK_USDC_PERP	+0.0113%	1h	12.893	+0.301%	$336K	$387K	15x	as long as short
Coinbase International LINK-PERP-INTX	+0.0120%	1h	12.887	+0.255%	$934K	$2.8M	50x	as long as short
Kraken Futures PF_LINKUSDshort	+0.0193%	1h	12.887	+0.254%	$6.6M	$8.3M	50x
BloFin LINK-USDT	+0.0220%	8h	12.892	+0.294%	$5.3M	$15.8M	75x	as long as short
Deribit LINK_USDC-PERPETUAL	+0.0285%	1h	12.896	+0.322%	$806K	$261K	50x	as long as short
Hyperliquid LINK	+0.0327%	1h	12.897	+0.333%	$80.5M	$27.7M	10x	as long as short
Reya LINKRUSDPERP	+0.0397%	1h	12.881	+0.209%	$4K	—	20x	as long as short
Phemex LINKUSDT	+0.0580%	8h	12.894	+0.309%	$19.9M	$11.3M	50x	as long as short
dYdX LINK-USD	+0.0827%	1h	12.881	+0.207%	$343K	$33K	10x	as long as short