Funding arb · Price arb /

NEAR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0117%/8h= −12.8% APRpaid last 24h −0.090%

Price spread now: Variational Omni against Kraken Futures−0.205%7-day average −0.037% · 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 3 days (all we have)−0.199%−$20 on $10k

Price spread, last 3 days (all we have)+0.403%+$40 · spread now −0.205%, 7d avg −0.037%

Together, before fees+0.204%+ Points / potential airdropVariational Omni: Active · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Variational Omni is 0.168% cheaper against Kraken Futures than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NEARUSD	4.3607	0.0217	pay 0.0027% / 1h	1m 10s	$7.7M	$40.6M	50x
Short	Variational Omni NEAR	4.3517	0.0100	get 0.0100% / 8h	6h 01m	$8.4M	$18.3M	—

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 −0.205%Rate

Funding earned: −$24.57
Price spread: −0.205% → −0.037%: −$16.76
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: −$51.32
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 3 min ago; Variational Omni: RFQ quote, 3 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 live order book, 3 min ago	6.64 bp	11.6 bp −$12	12.7 bp −$127	45.0 bp −$4,498	5978.1 bp −$2.99M
Sell Variational Omni RFQ quote, 3 min ago	3.86 bp	doesn't fit	13.5 bp −$135	32.9 bp −$3,285	doesn't fit

NEAR on 44 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
Reya NEARRUSDPERP	−0.0171%	1h	4.3477	−0.298%	$2K	—	20x	as long as short
Coinbase International NEAR-PERP-INTX	−0.0064%	1h	4.3541	−0.151%	$2.2M	$14.2M	50x	as long as short
dYdX NEAR-USD	0.0000%	1h	4.3501	−0.242%	$107K	$70K	10x	as long as short
Kalshi KXNEARPERP	0.0000%	8h	4.3522	−0.194%	$553K	$19.6M	2.2x	as long as short
gTrade (Gains Network) NEAR/USD	L +0.0004% / S −0.0004%	1h	4.3520	−0.199%	$196K	—	150x	as long as short
Injective NEAR/USDC PERP	+0.0033%	1h	4.1410	−5.038%	$578	$302K	12x	as long as short
Popdex NEARUSDT	+0.0096%	1h	4.3510	−0.222%	$114K	$487K	50x	as long as short
Pacifica NEAR	+0.0100%	1h	4.3526	−0.186%	$408K	$1.2M	10x	as long as short
Binance NEARUSDT	+0.0100%	8h	4.3500	−0.245%	$263.8M	$1.08B	75x	as long as short
Bybit NEARUSDT	+0.0100%	8h	4.3459	−0.339%	$218.7M	$416.8M	75x	as long as short

Show all 44 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX NEAR-USDT-SWAP	+0.0100%	8h	4.3440	−0.382%	$61.9M	$287.4M	50x	as long as short
Arcus NEAR-USD	+0.0100%	1h	4.3550	−0.130%	$207K	$1.7M	10x	as long as short
Bulk NEAR-USD	+0.0100%	1h	4.3555	−0.118%	$248K	−$0	10x	as long as short
Gate NEAR_USDT	+0.0100%	8h	4.3548	−0.135%	$31.4M	$63.4M	75x	as long as short
MEXC NEAR_USDT	+0.0100%	8h	4.3560	−0.107%	$75.8M	$145.0M	200x	as long as short
KuCoin NEARUSDTM	+0.0100%	8h	4.3600	−0.015%	$53.9M	$43.8M	75x	as long as short
Bitget NEARUSDT	+0.0100%	8h	4.3518	−0.203%	$71.5M	$126.0M	75x	as long as short
BingX NEAR-USDC	+0.0100%	8h	4.3530	−0.176%	—	$6.6M	—	as long as short
Variational Omni NEARshort	+0.0100%	8h	4.3517	−0.205%	$8.4M	$18.3M	—
edgeX NEARUSDC	+0.0100%	4h	4.3594	−0.029%	$269K	$1.0M	20x	as long as short
GRVT NEAR_USDT_Perp	+0.0100%	8h	4.3541	−0.152%	$1.4M	$1.4M	10x	as long as short
ApeX Omni NEARUSDT	+0.0100%	1h	4.3590	−0.038%	$196K	$775K	50x	as long as short
Polymarket Perps NEAR-USD	+0.0100%	1h	4.3519	−0.201%	$204K	$3.6M	10x	as long as short
Orderly PERP_NEAR_USDC	+0.0100%	8h	4.3539	−0.155%	$60K	$190K	20x	as long as short
SunX NEAR-USDT	+0.0100%	8h	4.3540	−0.153%	$1K	$1.4M	20x	as long as short
SoDEX NEAR-USD	+0.0100%	1h	4.3595	−0.027%	$5K	$51K	10x	as long as short
HTX NEAR-USDT	+0.0100%	8h	4.3640	+0.076%	$455K	$3.9M	75x	as long as short
Phemex NEARUSDT	+0.0100%	8h	4.3590	−0.038%	$3.8M	$8.2M	50x	as long as short
Paradex NEAR-USD-PERP	+0.0101%	8h	4.3483	−0.284%	$31K	$608	10x	as long as short
Extended NEAR-USD	+0.0104%	1h	4.3507	−0.228%	$3.8M	$18.6M	25x	as long as short
Aevo NEAR-PERP	+0.0104%	1h	4.3545	−0.141%	$203K	$34K	3x	as long as short
Aster NEARUSDT	+0.0177%	8h	4.3518	−0.204%	$3.0M	$5.6M	50x	as long as short
Kraken Futures PF_NEARUSDlong	+0.0217%	1h	4.3607	long leg	$7.7M	$40.6M	50x
GMX NEAR/USD [ETH-USDC]	L +0.0347% / S −0.0242%	1h	4.3518	−0.202%	$254K	—	100x	as long as short
01 Exchange NEARUSD	+0.0408%	1h	4.3554	−0.121%	$13K	$7K	10x	as long as short
Nado NEAR-PERP	+0.0425%	1h	4.3474	−0.304%	$1.9M	$3.1M	10x	as long as short
RISEx NEAR/USDC	+0.0509%	1h	4.3551	−0.129%	$548K	$1.3M	10x	as long as short
Deribit NEAR_USDC-PERPETUAL	+0.0554%	1h	4.3589	−0.041%	$1.9M	$4.3M	25x	as long as short
Phoenix NEAR	+0.0592%	1h	4.3584	−0.052%	$1.8M	$2.6M	10x	as long as short
Lighter RH NEAR	+0.0784%	1h	4.3664	+0.131%	$1.6M	$7.1M	10x	as long as short
Backpack NEAR_USDC_PERP	+0.0803%	1h	4.3578	−0.066%	$1.5M	$6.3M	20x	as long as short
Hyperliquid NEAR	+0.0860%	1h	4.3582	−0.057%	$366.8M	$306.1M	10x	as long as short
Aftermath Perps NEARUSD	+0.1664%	1h	4.3639	+0.075%	$5K	$12K	10x	as long as short
Lighter NEAR	+0.1696%	1h	4.3651	+0.102%	$17.4M	$25.8M	15x	as long as short