Funding arb · Price arb /

SPX

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.1320%/8h= −144.6% APRpaid last 24h +0.233%

Price spread now: Kraken Futures against Variational Omni+0.320%7-day average +0.237% · 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)+0.410%+$41 on $10k

Price spread, last 3 days (all we have)−0.284%−$28 · spread now +0.320%, 7d avg +0.237%

Together, before fees+0.126%+ Points / potential airdropVariational Omni: Active · farm board+$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.082% dearer against Variational Omni than usual: you sell high and buy low (spread +0.320% now, against its 7-day average of +0.237%): +$8 on $10k if it goes back. Holding the pair costs −$40 a day in funding at the current rate, which eats that in about 5 hours. Mind the row above: over the last 3 days funding on this pair paid +0.410%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.410% in total (about 45.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni SPX	0.5058	0.0085	pay 0.0042% / 4h	1h 42m	$881K	$1.3M	—
Short	Kraken Futures PF_SPXUSD	0.5074	−0.1235	pay 0.0154% / 1h	42m 41s	$235K	$553K	20x

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

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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 Variational OmnibpFee Kraken FuturesbpOrdersPrice spread, now +0.320%Rate

Funding earned: −$277.26
Price spread: +0.320% → +0.237%: $8.23
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: −$279.03
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Kraken Futures: live order book, 40 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 Variational Omni RFQ quote, 1 min ago	6.91 bp	doesn't fit	91.9 bp −$919	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 40 min ago	25.81 bp	45.9 bp −$46	141.2 bp −$1,412	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_SPXUSDshort	−0.1235%	1h	0.5074	+0.320%	$235K	$553K	20x
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.562%	$9	$4K	5.5x	as long as short
Variational Omni SPXlong	+0.0085%	4h	0.5058	long leg	$881K	$1.3M	—
Lighter SPX	+0.0096%	1h	0.5090	+0.622%	$117K	$319K	5x	as long as short
Hyperliquid SPX	+0.0100%	1h	0.5094	+0.713%	$9.9M	$7.3M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5095	+0.736%	$128K	$103K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5092	+0.672%	$5.2M	$19.9M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5081	+0.454%	$11.9M	$15.4M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5089	+0.613%	$996K	$2.7M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5085	+0.533%	$1.1M	$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	0.5090	+0.632%	$11.5M	$4.6M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5089	+0.613%	$3.8M	$5.2M	50x	as long as short
Bitget SPXUSDT	+0.0100%	4h	0.5090	+0.632%	$2.6M	$1.4M	50x	as long as short
BingX SPX-USDT	+0.0100%	4h	0.5091	+0.652%	—	$6.9M	—	as long as short
Orderly PERP_SPX_USDC	+0.0100%	4h	0.5087	+0.573%	$20K	$711	10x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5071	+0.257%	$8K	$1.6M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5091	+0.645%	$35K	$227K	10x	as long as short
ApeX Omni SPXUSDT	+0.0173%	1h	0.5075	+0.336%	$46K	$248K	25x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5089	+0.613%	$256K	$940K	75x	as long as short