Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0327%/8h= −35.8% APRpaid last 24h −0.015%

Price spread now: Kraken Futures against Variational Omni+0.129%7-day average +0.016% · 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)+0.039%+$4 on $10k

Price spread, last 3 days (all we have)−0.161%−$16 · spread now +0.129%, 7d avg +0.016%

Together, before fees−0.122%+ Points / potential airdropVariational Omni: Active · farm board−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.112% dearer against Variational Omni than usual: you sell high and buy low (spread +0.129% now, against its 7-day average of +0.016%): +$11 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 28 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.039% in total (about 4.3% 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 CL	91.994	−0.0123	get 0.0062% / 4h	42m 57s	$13.4M	$12.7M	—
Short	Kraken Futures PF_WTIOILUSD	92.112	−0.0450	pay 0.0056% / 1h	42m 57s	$275K	$1.2M	25x

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 +0.129%Rate

Funding earned: −$68.66
Price spread: +0.129% → +0.016%: $11.24
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: −$67.42
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Kraken Futures: live order book, just now. 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	2.28 bp	doesn't fit	2.8 bp −$28	9.3 bp −$931	doesn't fit
Sell Kraken Futures live order book, just now	3.15 bp	8.7 bp −$9	20.5 bp −$205	doesn't fit	doesn't fit

CL on 36 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_WTIOILUSDshort	−0.0450%	1h	92.112	+0.129%	$275K	$1.2M	25x
GRVT CL_USDT_Perp	−0.0304%	4h	92.024	+0.033%	$58K	$702K	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0293%	1h	92.100	+0.116%	$96K	$189K	15x	as long as short
Aster CLUSD1	−0.0227%	4h	92.098	+0.113%	$24.0M	$77.6M	20x	as long as short
Nado WTI-PERP	−0.0178%	1h	92.133	+0.151%	$924K	$741K	10x	as long as short
Binance CLUSDT	−0.0149%	4h	92.081	+0.095%	$245.3M	$1.10B	100x	as long as short
Lighter WTI	−0.0128%	1h	92.078	+0.092%	$11.2M	$10.9M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0128%	1h	92.000	+0.007%	$3.5M	$6.4M	20x	as long as short
Variational Omni CLlong	−0.0123%	4h	91.994	long leg	$13.4M	$12.7M	—
tradeXYZ xyz:CL	−0.0110%	1h	92.103	+0.119%	$185.8M	$275.8M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex CL-USD-PERP	−0.0108%	8h	92.042	+0.053%	$15K	$367	5x	as long as short
Bullet WTIOIL-USD	−0.0077%	1h	92.083	+0.098%	$18K	$241K	10x	as long as short
QFEX CL-USD	−0.0054%	1h	92.060	+0.072%	$2.4M	$2.6M	10x	as long as short
Gate CL_USDT	−0.0024%	8h	92.020	+0.029%	$21.3M	$57.5M	100x	as long as short
Pacifica CL	−0.0020%	1h	92.082	+0.097%	$332K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	+0.124%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.096	+0.111%	$25.5M	$94.9M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.090	+0.105%	$43.0M	$113.0M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.200	+0.224%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.077	+0.091%	$41.9M	$51.8M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.070	+0.083%	$37K	$101K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	+0.040%	$399K	$984K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.669	−0.353%	$4K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	92.140	+0.159%	$2.0M	$27.5M	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0025%	1h	92.080	+0.094%	$1.6M	$1.4M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.070	+0.083%	$724K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.140	+0.159%	—	$308K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.085	+0.099%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0059%	4h	92.037	+0.047%	$529K	$336K	30x	as long as short
Aftermath Perps WTIUSD	+0.0068%	1h	92.079	+0.093%	$2K	$29K	5x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.078	+0.092%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.150	+0.170%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.053	+0.065%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	92.085	+0.099%	$76K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.28	+10.089%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.070	+0.083%	$4.0M	$1.4M	50x	as long as short