Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h −0.117%

Price spread now: Variational Omni against Kraken Futures+0.061%7-day average −0.118% · 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 4 days (all we have)−0.106%−$11 on $10k

Price spread, last 4 days (all we have)−0.146%−$15 · spread now +0.061%, 7d avg −0.118%

Together, before fees−0.252%+ Points / potential airdropVariational Omni: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.179% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.061% now, against its 7-day average of −0.118%): +$18 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7104	0.0281	pay 0.0035% / 1h	42m 00s	$580K	$676K	50x
Short	Variational Omni VIRTUAL	0.7108	0.0100	get 0.0050% / 4h	2h 42m	$532K	$909K	—

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 +0.061%Rate

Funding earned: −$38.01
Price spread: +0.061% → −0.118%: $17.89
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: −$30.13
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 6 min ago; Variational Omni: RFQ quote, 7 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, 6 min ago	12.60 bp	20.0 bp −$20	56.0 bp −$560	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 7 min ago	4.21 bp	doesn't fit	16.8 bp −$168	doesn't fit	doesn't fit

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0454%	1h	0.7095	−0.125%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7090	−0.196%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7092	−0.174%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7126	+0.307%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0040%	1h	0.7089	−0.207%	$322K	$402K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7098	−0.076%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.184%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0052%	1h	0.7096	−0.118%	$1K	$9K	5x	as long as short
Bybit VIRTUALUSDT	+0.0069%	4h	0.7090	−0.196%	$16.3M	$18.8M	50x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0076%	4h	0.7095	−0.125%	$14K	$1.4M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7106	+0.024%	$8.7M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7101	−0.039%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7103	−0.013%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7093	−0.158%	$16.0M	$41.5M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7092	−0.168%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7096	−0.111%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7094	−0.140%	$15.6M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7098	−0.083%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7091	−0.182%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7095	−0.125%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7097	−0.097%	$237K	$210K	10x	as long as short
Variational Omni VIRTUALshort	+0.0100%	4h	0.7108	+0.061%	$532K	$909K	—
edgeX VIRTUALUSDC	+0.0100%	4h	0.7122	+0.255%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7115	+0.151%	$628K	$987K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7118	+0.198%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7097	−0.103%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7097	−0.097%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7089	−0.214%	$56K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7094	−0.145%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0281%	1h	0.7104	long leg	$580K	$676K	50x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0317% / S −0.0269%	1h	0.7097	−0.104%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7101	−0.041%	$788K	$979K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+0.818%	$199K	$104K	50x	as long as short