Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0591%/8h= −64.8% APRpaid last 24h +0.007%

Price spread now: Variational Omni against Kraken Futures+0.048%7-day average — · you sell dearer than you buy

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 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

The price spread pays, funding is against you. Variational Omni is 0.048% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.048% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$18 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_MEWUSD	0.0004656	0.0691	pay 0.0086% / 1h	37m 53s	$91K	$108K	10x
Short	Variational Omni MEW	0.0004658	0.0100	get 0.0050% / 4h	3h 37m	$82K	$32K	—

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 +0.048%Rate

Funding earned: −$124.2
Price spread: +0.048% → 0.000%: $4.77
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: −$129.42
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 34 min ago; Variational Omni: 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 Kraken Futures live order book, 34 min ago	11.76 bp	899.1 bp −$899	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

Variational Omni: 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.

MEW 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
GMX MEW/USD [WBTC.b-USDC]	L 0.0000% / S 0.0000%	1h	0.0004640	−0.345%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−9.387%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004651	−0.115%	$1.2M	$2.8M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004648	−0.173%	$1.5M	$1.1M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004646	−0.216%	$523K	$701K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004642	−0.302%	$124K	$80K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004651	−0.109%	$385K	$173K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004649	−0.152%	$339K	$115K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004650	−0.130%	$493K	$365K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004647	−0.194%	—	$24.2M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEWshort	+0.0100%	4h	0.0004658	+0.048%	$82K	$32K	—
Kraken Futures PF_MEWUSDlong	+0.0691%	1h	0.0004656	long leg	$91K	$108K	10x