Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h +0.008%

Price spread now: Variational Omni against Kraken Futures−0.060%7-day average −0.019% · 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)−0.042%−$4 on $10k

Price spread, last 3 days (all we have)+0.072%+$7 · spread now −0.060%, 7d avg −0.019%

Together, before fees+0.030%+ Points / potential airdropVariational Omni: Active · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.041% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_WTIOILUSD	92.865	−0.0038	get 0.0005% / 1h	3m 01s	$273K	$883K	25x
Short	Variational Omni CL	92.809	−0.0219	pay 0.0109% / 4h	2h 03m	$13.4M	$11.1M	—

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 −0.060%Rate

Funding earned: −$37.93
Price spread: −0.060% → −0.019%: −$4.11
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: −$52.04
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 5 min ago; Variational Omni: RFQ quote, 1 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, 5 min ago	3.23 bp	10.7 bp −$11	16.7 bp −$167	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.27 bp	doesn't fit	2.3 bp −$23	6.3 bp −$634	doesn't fit

CL on 35 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 WTIOIL_USDC-PERPETUAL	−0.0396%	1h	92.800	−0.070%	$198K	$365K	15x	as long as short
Aster CLUSD1	−0.0256%	4h	92.840	−0.027%	$24.0M	$71.2M	20x	as long as short
GRVT CL_USDT_Perp	−0.0222%	4h	92.836	−0.031%	$53K	$623K	25x	as long as short
Binance CLUSDT	−0.0222%	4h	92.830	−0.038%	$244.4M	$964.9M	100x	as long as short
Variational Omni CLshort	−0.0219%	4h	92.809	−0.060%	$13.4M	$11.1M	—
Gate CL_USDT	−0.0098%	8h	92.770	−0.102%	$20.9M	$54.2M	100x	as long as short
Nado WTI-PERP	−0.0075%	1h	92.894	+0.031%	$963K	$669K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.124%	$402K	$946K	15x	as long as short
tradeXYZ xyz:CL	−0.0043%	1h	92.825	−0.043%	$184.5M	$219.3M	20x	as long as short
Kraken Futures PF_WTIOILUSDlong	−0.0038%	1h	92.865	long leg	$273K	$883K	25x

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CL-USD	−0.0033%	1h	92.840	−0.027%	$2.5M	$1.7M	10x	as long as short
Ondo Perps WTI-USD.P	−0.0018%	1h	92.820	−0.048%	$3.5M	$5.6M	20x	as long as short
OKX CL-USDT-SWAP	−0.0006%	4h	92.820	−0.048%	$42.8M	$102.7M	50x	as long as short
Aftermath Perps WTIUSD	−0.0004%	1h	92.847	−0.019%	$2K	$28K	5x	as long as short
edgeX CLUSDC	−0.0002%	4h	92.863	−0.003%	$529K	$302K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	92.829	−0.039%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.834	−0.033%	$26.8M	$81.6M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.816	−0.053%	$41.9M	$43.6M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.870	+0.006%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.833	−0.034%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.384	−0.518%	$5K	—	150x	as long as short
Lighter WTI	+0.0032%	1h	92.824	−0.044%	$11.2M	$10.5M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.860	−0.005%	$2.1M	$23.8M	10x	as long as short
Paradex CL-USD-PERP	+0.0034%	8h	92.832	−0.035%	$16K	$367	5x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.967	+0.110%	$3.3M	$2.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.370	−0.533%	$726K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.860	−0.005%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.852	−0.014%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.820	−0.048%	$2.1M	$61K	20x	as long as short
KuCoin CLUSDTM	+0.0086%	4h	92.842	−0.025%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.844	−0.022%	$331K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.810	−0.059%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.799	−0.071%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.825	−0.043%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.04	+9.876%	$19K	$11K	30x	as long as short