Funding arb · Price arb /

UMA

all UMA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.1611%/8h= +176.4% APRpaid last 24h +0.394%

Price spread now: Kraken Futures against Variational Omni+0.172%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 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

Both sides work for this trade now. Funding pays +$48 a day on $10k at the current rate, and Kraken Futures is 0.172% dearer against Variational Omni than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni UMA	0.4060	0.0100	pay 0.0050% / 4h	3h 39m	$5K	$1	—
Short	Kraken Futures PF_UMAUSD	0.4067	0.1711	get 0.0214% / 1h	39m 10s	$14K	$5K	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 +0.172%Rate

Funding earned: $338.25
Price spread: +0.172% → 0.000%: $17.19
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: $345.44
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; 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 no order-book sample	—	—	—	—	—
Sell Kraken Futures no order-book sample	—	—	—	—	—

Variational Omni and 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.

UMA on 13 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
Hyperliquid UMA	+0.0100%	1h	0.4060	−0.006%	$215K	$65K	3x	as long as short
Aster UMAUSDT	+0.0100%	4h	0.4057	−0.079%	$25K	$769	5x	as long as short
Binance UMAUSDT	+0.0100%	4h	0.4057	−0.081%	$1.5M	$1.1M	50x	as long as short
Bybit UMAUSDT	+0.0100%	4h	0.4059	−0.033%	$680K	$144K	25x	as long as short
OKX UMA-USDT-SWAP	+0.0100%	4h	0.4059	−0.033%	$316K	$232K	10x	as long as short
Gate UMA_USDT	+0.0100%	4h	0.4060	−0.008%	$78K	$41K	25x	as long as short
MEXC UMA_USDT	+0.0100%	4h	0.4059	−0.033%	$214K	$171K	50x	as long as short
KuCoin UMAUSDTM	+0.0100%	4h	0.4059	−0.033%	$155K	$62K	30x	as long as short
Bitget UMAUSDT	+0.0100%	4h	0.4065	+0.115%	$981K	$63K	50x	as long as short
BingX UMA-USDT	+0.0100%	4h	0.4058	−0.057%	—	$2.3M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni UMAlong	+0.0100%	4h	0.4060	long leg	$5K	$1	—
BloFin UMA-USDT	+0.0151%	4h	0.4056	−0.107%	$74K	$7K	50x	as long as short
Kraken Futures PF_UMAUSDshort	+0.1711%	1h	0.4067	+0.172%	$14K	$5K	10x