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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1366%/8h= −149.6% APRpaid last 24h −0.049%

Price spread now: Variational Omni against Kraken Futures+0.258%7-day average −0.195% · 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 3 days (all we have)−0.421%−$42 on $10k

Price spread, last 3 days (all we have)−0.575%−$57 · spread now +0.258%, 7d avg −0.195%

Together, before fees−0.995%+ Points / potential airdropVariational Omni: Active · farm board−$100 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.453% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.258% now, against its 7-day average of −0.195%): +$45 on $10k if it goes back. Holding the pair costs −$41 a day in funding at the current rate, which eats that in about 27 hours. At the pace of the last 3 days (−0.421% in total) that is about 3.6 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.421% in total (about -45.5% 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	Kraken Futures PF_BONKUSD	0.000003397	0.1466	pay 0.0183% / 1h	1m 48s	$212K	$165K	50x
Short	Variational Omni 1000BONK	0.000003406	0.0100	get 0.0050% / 4h	3h 01m	$312K	$125K	—

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

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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 +0.258%Rate

Funding earned: −$286.96
Price spread: +0.258% → −0.195%: $45.31
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: −$251.65
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	33.60 bp	44.8 bp −$45	150.6 bp −$1,506	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 7 min ago	5.85 bp	doesn't fit	58.5 bp −$585	doesn't fit	doesn't fit

BONK on 31 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
Coinbase International 1000BONK-PERP-INTX	−0.0376%	1h	0.000003388	−0.268%	$44K	$26K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003388	−0.268%	$921K	$14.7M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0030%	4h	0.000003389	−0.238%	$29K	$39K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003395	−0.050%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003389	−0.247%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.624%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0045%	1h	0.000003390	−0.209%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003388	−0.255%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003386	−0.312%	$23K	$105K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003392	−0.161%	$65K	$252K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003397	−0.003%	$113K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003394	−0.079%	$15.9M	$54.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003387	−0.291%	$10.7M	$17.4M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003387	−0.297%	$2.5M	$8.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003386	−0.327%	$723K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003389	−0.238%	$9.9M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003389	−0.244%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003388	−0.268%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003390	−0.209%	—	$6.5M	—	as long as short
Variational Omni 1000BONKshort	+0.0100%	4h	0.000003406	+0.258%	$312K	$125K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003415	+0.527%	$58K	$709K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003396	−0.032%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003387	−0.297%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003419	+0.645%	$96K	$159K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003386	−0.335%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003388	−0.268%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.689%	$566	—	100x	as long as short
Lighter 1000BONK	+0.0408%	1h	0.000003397	−0.003%	$353K	$476K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0428%	1h	0.000003390	−0.209%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0595%	1h	0.000003396	−0.032%	$9.7M	$7.3M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.1466%	1h	0.000003397	long leg	$212K	$165K	50x