Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.2437%/8h= +266.8% APRpaid last 24h +0.192%

Price spread now: Kraken Futures against Variational Omni+1.825%7-day average +0.191% · 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 4 days (all we have)+0.545%+$55 on $10k

Price spread, last 4 days (all we have)−1.538%−$154 · spread now +1.825%, 7d avg +0.191%

Together, before fees−0.992%+ Points / potential airdropVariational Omni: Active · farm board−$99 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$73 a day on $10k at the current rate, and Kraken Futures is 1.634% dearer against Variational Omni than usual: you sell high and buy low: +$163 more if the spread goes back to its 7-day average of +0.191%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.545% in total (about 55.6% 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 1000BONK	0.000003600	0.0100	pay 0.0050% / 4h	2h 06m	$335K	$141K	—
Short	Kraken Futures PF_BONKUSD	0.000003666	0.2537	get 0.0317% / 1h	6m 38s	$226K	$219K	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 +1.825%Rate

Funding earned: $511.72
Price spread: +1.825% → +0.191%: $163.39
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: $665.11
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 42 min ago; Kraken Futures: live order book, 41 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, 42 min ago	5.71 bp	doesn't fit	48.5 bp −$485	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 41 min ago	21.33 bp	31.6 bp −$32	87.7 bp −$877	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	−0.0136%	1h	0.000003652	+1.448%	$44K	$52K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003642	+1.180%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003650	+1.395%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.052%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0060%	4h	0.000003656	+1.559%	$1.0M	$18.9M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003658	+1.612%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0099%	4h	0.000003654	+1.504%	$31K	$53K	20x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003656	+1.559%	$51K	$119K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003652	+1.441%	$61K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003649	+1.365%	$124K	$129K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003648	+1.341%	$18.8M	$75.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003643	+1.195%	$12.3M	$23.2M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003649	+1.365%	$2.9M	$12.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003647	+1.309%	$989K	$3.2M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003649	+1.365%	$11.4M	$8.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003647	+1.309%	$3.0M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003646	+1.281%	$4.6M	$4.2M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003646	+1.281%	—	$6.5M	—	as long as short
Variational Omni 1000BONKlong	+0.0100%	4h	0.000003600	long leg	$335K	$141K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003602	+0.059%	$61K	$704K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003659	+1.643%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003657	+1.587%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003664	+1.781%	$104K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003648	+1.350%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003650	+1.393%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0192%	1h	0.000003652	+1.448%	$255K	$732K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−16.664%	$404	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0572%	1h	0.000003654	+1.504%	$20K	$155K	10x	as long as short
Hyperliquid kBONK	+0.1563%	1h	0.000003657	+1.587%	$12.2M	$7.0M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1660%	1h	0.000003656	+1.559%	$49K	$18K	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.2537%	1h	0.000003666	+1.825%	$226K	$219K	50x