Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.145%

Price spread now: Kraken Futures against Variational Omni+0.201%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Kraken Futures

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. Kraken Futures is 0.201% dearer against Variational Omni than usual: you sell high and buy low (spread +0.201% now, against zero (this spread has no 7-day history yet)): +$20 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.03894	−0.1122	get 0.0561% / 4h	2h 34m	$606K	$34K	—
Short	Kraken Futures PF_SUSD	0.03902	−0.1462	pay 0.0183% / 1h	34m 33s	$33K	$32K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Variational Omni. 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 Variational OmnibpFee Kraken FuturesbpOrdersPrice spread, now +0.201%Rate

Funding earned: −$71.43
Price spread: +0.201% → 0.000%: $20.12
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$61.31
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 54 min ago; Kraken Futures: 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 Variational Omni RFQ quote, 54 min ago	6.32 bp	doesn't fit	82.1 bp −$821	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

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
Kraken Futures PF_SUSDshort	−0.1462%	1h	0.03902	+0.201%	$33K	$32K	10x
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−1.755%	$47K	$5K	25x	as long as short
Variational Omni Slong	−0.1122%	4h	0.03894	long leg	$606K	$34K	—
GMX S/USD [WBTC.b-USDC]	L −0.0188% / S +0.0183%	1h	0.03905	+0.273%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03902	+0.199%	$4	—	15x	as long as short
Aster SUSDT	−0.0032%	4h	0.03905	+0.275%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDC	−0.0017%	4h	0.03904	+0.247%	$101K	$339K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03907	+0.313%	$602	—	150x	as long as short
01 Exchange SUSD	+0.0008%	1h	0.03900	+0.145%	$24K	$3K	5x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+5.280%	$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
Lighter S	+0.0096%	1h	0.03905	+0.273%	$164K	$240K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.03903	+0.224%	$985K	$911K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03905	+0.273%	$5.3M	$23.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03897	+0.068%	$5.6M	$6.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03901	+0.170%	$970K	$7.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03903	+0.222%	$320K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03905	+0.273%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03902	+0.196%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03905	+0.273%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03900	+0.145%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.402%	$19K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03902	+0.197%	$219K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03903	+0.222%	$269K	$177K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0518%	1h	0.03910	+0.402%	$66K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0564%	1h	0.03910	+0.402%	$114K	$288K	5x	as long as short