Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0413%/8h= +45.3% APRpaid last 24h −0.220%

Price spread now: Variational Omni against Kraken Futures−0.117%7-day average −0.248% · 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 3 days (all we have)−0.416%−$42 on $10k

Price spread, last 3 days (all we have)+0.243%+$24 · spread now −0.117%, 7d avg −0.248%

Together, before fees−0.173%+ Points / potential airdropVariational Omni: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Variational Omni is 0.131% dearer against Kraken Futures than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.248%. Mind the row above: over the last 3 days funding on this pair cost −0.416%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SPXUSD	0.5011	−0.0414	get 0.0052% / 1h	33m 59s	$232K	$560K	20x
Short	Variational Omni SPX	0.5005	−0.0001	pay 0.0001% / 4h	2h 33m	$843K	$1.3M	—

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 −0.117%Rate

Funding earned: $86.82
Price spread: −0.117% → −0.248%: $13.13
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: $89.95
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 54 min ago; Variational Omni: RFQ quote, 5 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 live order book, 54 min ago	7.83 bp	36.0 bp −$36	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	5.00 bp	doesn't fit	49.0 bp −$490	doesn't fit	doesn't fit

SPX 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_SPXUSDlong	−0.0414%	1h	0.5011	long leg	$232K	$560K	20x
Variational Omni SPXshort	−0.0001%	4h	0.5005	−0.117%	$843K	$1.3M	—
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−0.633%	$9	$4K	5.5x	as long as short
Lighter SPX	+0.0096%	1h	0.5018	+0.154%	$115K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5019	+0.168%	$9.8M	$7.2M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5020	+0.191%	$124K	$97K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5015	+0.086%	$4.9M	$19.5M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5013	+0.046%	$11.6M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5024	+0.265%	$979K	$2.6M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5015	+0.086%	$1.0M	$476K	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SPX_USDT	+0.0100%	4h	0.5016	+0.106%	$11.5M	$4.5M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5018	+0.146%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5020	+0.186%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5015	+0.086%	—	$6.9M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5010	−0.014%	$45K	$248K	25x	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5023	+0.246%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5009	−0.034%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5017	+0.125%	$34K	$226K	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5015	+0.086%	$251K	$913K	75x	as long as short