Funding arb · Price arb /

ORDI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0811%/8h= +88.8% APRpaid last 24h −0.198%

Price spread now: Variational Omni against Kraken Futures−0.273%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 0.273% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.273% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$27 on $10k: about 27 hours of funding at the current rate (+$24 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ORDIUSD	4.9081	−0.0711	get 0.0089% / 1h	12m 51s	$70K	$47K	25x
Short	Variational Omni ORDI	4.8947	0.0100	get 0.0050% / 4h	2h 12m	$28K	$42K	—

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 −0.273%Rate

Funding earned: $170.3
Price spread: −0.273% → 0.000%: −$27.27
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: $133.03
Costs to cover: 0.100%
Break-even: 1.5 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.

ORDI on 19 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_ORDIUSDlong	−0.0711%	1h	4.9081	long leg	$70K	$47K	25x
dYdX ORDI-USD	0.0000%	1h	4.9030	−0.103%	$34K	$577	5x	as long as short
Gate ORDI_USDT	+0.0004%	4h	4.9150	+0.141%	$1.3M	$2.8M	50x	as long as short
Injective ORDI/USDC PERP	+0.0033%	1h	4.5550	−7.194%	$776	$20K	5.5x	as long as short
Hyperliquid ORDI	+0.0100%	1h	4.9229	+0.302%	$710K	$667K	3x	as long as short
Aster ORDIUSDT	+0.0100%	4h	4.9151	+0.143%	$6K	$432K	5x	as long as short
Binance ORDIUSDT	+0.0100%	4h	4.9210	+0.263%	$10.1M	$34.6M	50x	as long as short
Bybit ORDIUSDT	+0.0100%	4h	4.9140	+0.121%	$4.1M	$4.8M	50x	as long as short
OKX ORDI-USDT-SWAP	+0.0100%	4h	4.9160	+0.161%	$5.3M	$18.3M	20x	as long as short
MEXC ORDI_USDT	+0.0100%	4h	4.9190	+0.223%	$6.6M	$3.3M	200x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ORDIUSDTM	+0.0100%	4h	4.9152	+0.145%	$992K	$830K	50x	as long as short
Bitget ORDIUSDT	+0.0100%	4h	4.9150	+0.141%	$2.9M	$3.5M	50x	as long as short
BingX ORDI-USDC	+0.0100%	4h	4.9150	+0.141%	—	$2.3M	—	as long as short
Variational Omni ORDIshort	+0.0100%	4h	4.8947	−0.273%	$28K	$42K	—
SunX ORDI-USDT	+0.0100%	4h	4.9040	−0.083%	$1K	$1.2M	20x	as long as short
HTX ORDI-USDT	+0.0100%	4h	4.9040	−0.083%	$85K	$440K	75x	as long as short
Extended ORDI-USD	+0.0104%	1h	4.9167	+0.177%	$2K	$179K	5x	as long as short
BloFin ORDI-USDT	+0.0130%	4h	4.9190	+0.223%	$593K	$315K	75x	as long as short
GMX ORDI/USD [WBTC.b-USDC]	L +0.0240% / S −0.3359%	1h	4.9078	−0.007%	$8K	—	100x	as long as short