Funding arb · Price arb /

SNX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0255%/8h= −27.9% APRpaid last 24h −0.371%

Price spread now: Variational Omni against Kraken Futures+0.074%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

The price spread pays, funding is against you. Variational Omni is 0.074% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.074% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SNXUSD	0.2373	0.0355	pay 0.0044% / 1h	26m 42s	$142K	$60K	25x
Short	Variational Omni SNX	0.2375	0.0100	get 0.0100% / 8h	4h 26m	$12K	$4K	—

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 +0.074%Rate

Funding earned: −$53.54
Price spread: +0.074% → 0.000%: $7.37
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: −$56.18
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 31 min ago; 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 live order book, 31 min ago	6.34 bp	48.2 bp −$48	214.8 bp −$2,148	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

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.

SNX on 15 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
Injective SNX/USDC PERP	−0.5000%	1h	0.2233	−5.913%	$23K	$29K	12x	as long as short
BloFin SNX-USDT	+0.0085%	8h	0.2373	−0.014%	$151K	$68K	75x	as long as short
Hyperliquid SNX	+0.0100%	1h	0.2374	+0.024%	$433K	$155K	3x	as long as short
Aster SNXUSDT	+0.0100%	8h	0.2371	−0.078%	$4K	$3K	5x	as long as short
Binance SNXUSDT	+0.0100%	8h	0.2371	−0.098%	$2.9M	$4.2M	75x	as long as short
Bybit SNXUSDT	+0.0100%	8h	0.2370	−0.141%	$1.6M	$1.3M	75x	as long as short
OKX SNX-USDT-SWAP	+0.0100%	8h	0.2370	−0.141%	$845K	$1.3M	20x	as long as short
Gate SNX_USDT	+0.0100%	8h	0.2368	−0.225%	$238K	$96K	25x	as long as short
MEXC SNX_USDT	+0.0100%	8h	0.2371	−0.098%	$1.7M	$717K	100x	as long as short
KuCoin SNXUSDTM	+0.0100%	8h	0.2372	−0.056%	$669K	$2.0M	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SNXUSDT	+0.0100%	8h	0.2372	−0.056%	$1.1M	$394K	50x	as long as short
BingX SNX-USDT	+0.0100%	8h	0.2373	−0.014%	—	$2.3M	—	as long as short
Variational Omni SNXshort	+0.0100%	8h	0.2375	+0.074%	$12K	$4K	—
SunX SNX-USDT	+0.0100%	8h	0.2365	−0.351%	$2K	$1.4M	20x	as long as short
Kraken Futures PF_SNXUSDlong	+0.0355%	1h	0.2373	long leg	$142K	$60K	25x