Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0684%/8h= +74.9% APRpaid last 24h −0.411%

Price spread now: Variational Omni against Kraken Futures−0.112%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 0.112% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.112% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 13 hours of funding at the current rate (+$21 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SPKUSD	0.02172	−0.0584	get 0.0073% / 1h	58m 20s	$23K	$25K	10x
Short	Variational Omni SPK	0.02170	0.0100	get 0.0050% / 4h	3h 58m	$176K	$76K	—

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 −0.112%Rate

Funding earned: $143.62
Price spread: −0.112% → 0.000%: −$11.23
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: $122.39
Costs to cover: 0.100%
Break-even: 1.0 days

Slippage unknown: Kraken Futures: no order-book sample; Variational Omni: RFQ quote, 61 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, 61 min ago	11.61 bp	doesn't fit	151.0 bp −$1,510	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.

SPK on 14 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_SPKUSDlong	−0.0584%	1h	0.02172	long leg	$23K	$25K	10x
Gate SPK_USDT	−0.0296%	4h	0.02168	−0.187%	$150K	$134K	50x	as long as short
Bybit SPKUSDT	−0.0171%	4h	0.02165	−0.316%	$1.8M	$2.2M	25x	as long as short
Aster SPKUSDT	−0.0037%	4h	0.02168	−0.201%	$16K	$76K	5x	as long as short
Binance SPKUSDT	+0.0100%	4h	0.02165	−0.325%	$3.7M	$5.6M	50x	as long as short
OKX SPK-USDT-SWAP	+0.0100%	4h	0.02164	−0.371%	$762K	$2.0M	20x	as long as short
MEXC SPK_USDT	+0.0100%	4h	0.02165	−0.325%	$2.1M	$632K	50x	as long as short
Bitget SPKUSDT	+0.0100%	4h	0.02166	−0.279%	$1.2M	$1.4M	50x	as long as short
BingX SPK-USDT	+0.0100%	4h	0.02166	−0.279%	—	$2.3M	—	as long as short
Variational Omni SPKshort	+0.0100%	4h	0.02170	−0.112%	$176K	$76K	—

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX SPK-USDT	+0.0100%	4h	0.02213	+1.885%	$946	$1.2M	20x	as long as short
Extended SPK-USD	+0.0104%	1h	0.02164	−0.351%	$4K	$145K	5x	as long as short
BloFin SPK-USDT	+0.0115%	4h	0.02164	−0.371%	$187K	$28K	50x	as long as short
KuCoin SPKUSDTM	+0.0786%	4h	0.02175	+0.135%	$1.1M	$476K	30x	as long as short