Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0195%/8h= +21.3% APRpaid last 24h −0.991%

Price spread now: Variational Omni against Kraken Futures−0.260%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 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

Funding pays, the price is against you. Variational Omni is 0.260% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.260% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 4.5 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_NOTUSD	0.0005129	−0.0330	get 0.0041% / 1h	14m 35s	$50K	$10K	10x
Short	Variational Omni NOT	0.0005115	−0.0136	pay 0.0068% / 4h	3h 14m	$72K	$39K	—

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

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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.260%Rate

Funding earned: $40.89
Price spread: −0.260% → 0.000%: −$26.02
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: $4.87
Costs to cover: 0.100%
Break-even: 6.2 days

Slippage unknown: Kraken Futures: no order-book sample; 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 no order-book sample	—	—	—	—	—
Sell Variational Omni no order-book sample	—	—	—	—	—

Kraken Futures and 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.

NOT on 16 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_NOTUSDlong	−0.0330%	1h	0.0005129	long leg	$50K	$10K	10x
Variational Omni NOTshort	−0.0136%	4h	0.0005115	−0.260%	$72K	$39K	—
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.963%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0041%	4h	0.0005127	−0.030%	$113K	$17K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005140	+0.217%	$12K	$5K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005130	+0.028%	$375K	$51K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005128	−0.007%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005130	+0.028%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005126	−0.050%	$2.2M	$824K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005132	+0.067%	$637K	$614K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005124	−0.089%	$143K	$79K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005130	+0.028%	$1.4M	$466K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005118	−0.206%	$467K	$136K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005132	+0.067%	$674K	$394K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005124	−0.089%	—	$722K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005129	+0.005%	$4K	$491	5x	as long as short