Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0923%/8h= +101.1% APRpaid last 24h +0.070%

Price spread now: Kraken Futures against Variational Omni+0.433%7-day average +0.117% · 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)+0.061%+$6 on $10k

Price spread, last 3 days (all we have)−0.334%−$33 · spread now +0.433%, 7d avg +0.117%

Together, before fees−0.273%+ Points / potential airdropVariational Omni: Active · farm board−$27 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and Kraken Futures is 0.316% dearer against Variational Omni than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.117%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.061% in total (about 6.6% 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 VIRTUAL	0.7183	0.0100	pay 0.0050% / 4h	2h 54m	$526K	$898K	—
Short	Kraken Futures PF_VIRTUALUSD	0.7214	0.1023	get 0.0128% / 1h	54m 25s	$594K	$661K	50x

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 +0.433%Rate

Funding earned: $193.89
Price spread: +0.433% → +0.117%: $31.59
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: $215.48
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 15 min ago; Kraken Futures: live order book, 14 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, 15 min ago	4.06 bp	doesn't fit	21.7 bp −$217	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 14 min ago	20.93 bp	26.2 bp −$26	50.5 bp −$505	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
ApeX Omni VIRTUALUSDT	−0.1153%	1h	0.7222	+0.538%	$41K	$244K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0167%	1h	0.7188	+0.064%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7178	−0.076%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7172	−0.159%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7204	+0.281%	$11K	$46K	5x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7185	+0.028%	$326K	$413K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7184	+0.015%	$4K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0028%	1h	0.7201	+0.245%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.924%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7192	+0.120%	$14K	$1.5M	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	0.7186	+0.034%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7183	−0.001%	$170K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7191	+0.106%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7182	−0.020%	$16.5M	$41.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7185	+0.022%	$16.2M	$17.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7186	+0.036%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7184	+0.009%	$1.4M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7177	−0.089%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7181	−0.033%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7199	+0.217%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7184	+0.009%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7186	+0.036%	$249K	$174K	10x	as long as short
Variational Omni VIRTUALlong	+0.0100%	4h	0.7183	long leg	$526K	$898K	—
edgeX VIRTUALUSDC	+0.0100%	4h	0.7225	+0.586%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7205	+0.307%	$641K	$877K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7185	+0.028%	$51K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7200	+0.231%	$1K	$1.4M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7192	+0.118%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7193	+0.133%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7184	+0.010%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7190	+0.092%	$833K	$849K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7288	+1.456%	$198K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.1023%	1h	0.7214	+0.433%	$594K	$661K	50x