Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.2442%/8h= +267.4% APRpaid last 24h +0.156%

Price spread now: Variational Omni against Kraken Futures+0.786%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

Both sides work for this trade now. Funding pays +$73 a day on $10k at the current rate, and Variational Omni is 0.786% dearer against Kraken Futures than usual: you sell high and buy low: +$79 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SUSD	0.04063	−0.2512	get 0.0314% / 1h	51m 42s	$34K	$13K	10x
Short	Variational Omni S	0.04095	−0.0071	pay 0.0035% / 4h	51m 42s	$634K	$31K	—

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 +0.786%Rate

Funding earned: $512.73
Price spread: +0.786% → 0.000%: $78.58
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: $581.31
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: no order-book sample; Variational Omni: RFQ quote, 7 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 no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 7 min ago	7.31 bp	doesn't fit	104.8 bp −$1,048	doesn't fit	doesn't fit

Kraken Futures: 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.

S on 25 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
01 Exchange SUSD	−0.9792%	1h	0.03970	−2.298%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSDlong	−0.2512%	1h	0.04063	long leg	$34K	$13K	10x
Coinbase International S-PERP-INTX	−0.1376%	1h	0.04022	−1.019%	$48K	$16K	25x	as long as short
ApeX Omni SUSDT	−0.0333%	1h	0.04090	+0.655%	$25K	$453K	50x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04080	+0.416%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04077	+0.343%	$4	—	15x	as long as short
Variational Omni Sshort	−0.0071%	4h	0.04095	+0.786%	$634K	$31K	—
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04078	+0.359%	$69K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04080	+0.409%	$3K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.901%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_S_USDC	+0.0067%	4h	0.04073	+0.236%	$101K	$308K	10x	as long as short
Lighter S	+0.0096%	1h	0.04080	+0.409%	$171K	$153K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04078	+0.352%	$1.0M	$547K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04082	+0.446%	$45K	$130K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04080	+0.409%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04079	+0.384%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04082	+0.458%	$1.1M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04079	+0.384%	$334K	$186K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04077	+0.335%	$3.9M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04076	+0.310%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04081	+0.433%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04082	+0.458%	—	$6.7M	—	as long as short
Extended S-USD	+0.0104%	1h	0.04080	+0.418%	$234K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04092	+0.704%	$285K	$99K	75x	as long as short
Backpack S_USDC_PERP	+0.0434%	1h	0.04080	+0.409%	$119K	$390K	5x	as long as short