Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h −0.006%

Price spread now: Kraken Futures against Variational Omni+0.077%7-day average +0.031% · 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)−0.041%−$4 on $10k

Price spread, last 4 days (all we have)−0.216%−$22 · spread now +0.077%, 7d avg +0.031%

Together, before fees−0.258%+ Points / potential airdropVariational Omni: Active · farm board−$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kraken Futures is 0.046% dearer against Variational Omni than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BTC	85,642.7	0.0100	pay 0.0100% / 8h	5h 03m	$156.8M	$560.7M	—
Short	Kraken Futures PF_XBTUSD	85,708.7	0.0138	get 0.0017% / 1h	3m 39s	$189.2M	$953.2M	100x

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 +0.077%Rate

Funding earned: $8.03
Price spread: +0.077% → +0.031%: $4.6
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: $2.63
Costs to cover: 0.100%
Break-even: 4.7 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Kraken Futures: live order book, 6 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, 1 min ago	0.61 bp	doesn't fit	0.6 bp −$6	2.6 bp −$260	doesn't fit
Sell Kraken Futures live order book, 6 min ago	0.06 bp	5.2 bp −$5	6.2 bp −$62	7.2 bp −$719	8.4 bp −$4,222

BTC on 56 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
Bluefin BTC-PERP	−0.0438%	1h	85,697.9	+0.064%	$194K	$725K	40x	as long as short
Phoenix BTC	−0.0160%	1h	85,635	−0.009%	$2.2M	$10.3M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,657	+0.017%	$8K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0040%	1h	85,664.5	+0.025%	$369K	$2.3M	50x	as long as short
BloFin BTC-USDT	−0.0033%	8h	85,644.4	+0.002%	$417.0M	$665.3M	150x	as long as short
dYdX BTC-USD	0.0000%	1h	85,668.5	+0.030%	$16.7M	$21.2M	50x	as long as short
KuCoin XBTUSDTM	+0.0001%	8h	85,627.3	−0.018%	$919.5M	$751.5M	125x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,669.6	+0.031%	$36.6M	—	200x	as long as short
Aster BTCUSDT	+0.0016%	8h	85,669.1	+0.031%	$516.3M	$1.10B	200x	as long as short
Nado BTC-PERP	+0.0017%	1h	85,650.4	+0.009%	$22.6M	$219.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BTC-USDT	+0.0058%	8h	85,639.3	−0.004%	—	$1.53B	—	as long as short
Bitget BTCUSDT	+0.0072%	8h	85,633	−0.011%	$2.95B	$5.01B	150x	as long as short
Reya BTCRUSDPERP	+0.0074%	1h	85,644.6	+0.002%	$6.7M	$146.5M	40x	as long as short
Injective BTC/USDC PERP	+0.0079%	1h	85,807	+0.192%	$341K	$26.9M	52x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,650.2	+0.009%	$2.5M	$1.7M	20x	as long as short
Binance BTCUSDT	+0.0087%	8h	85,660.8	+0.021%	$9.34B	$23.94B	150x	as long as short
MEXC BTC_USDT	+0.0087%	8h	85,631.6	−0.013%	$5.06B	$5.66B	500x	as long as short
SoDEX BTC-USD	+0.0089%	1h	85,663	+0.024%	$60.0M	$336.1M	40x	as long as short
HTX BTC-USDT	+0.0090%	8h	85,656.8	+0.016%	$2.27B	$937.0M	200x	as long as short
Phemex BTCUSDT	+0.0096%	8h	85,681.3	+0.045%	$149.5M	$481.0M	150x	as long as short
Lighter BTC	+0.0096%	1h	85,645.1	+0.003%	$174.1M	$1.01B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,655.6	+0.015%	$23.9M	$149.7M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,666	+0.027%	$8.4M	$52.4M	100x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,669.1	+0.031%	$3.8M	$8.3M	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,633	−0.011%	$197K	$7.8M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,724	+0.095%	$3.75B	$4.97B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,675	+0.038%	$40.1M	$576.5M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,683.9	+0.048%	$5.33B	$9.57B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,643.9	+0.001%	$2.57B	$12.09B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,632	−0.013%	$4.0M	$18.0M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,630.4	−0.014%	$6.8M	$97.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,642.6	0.000%	$5.54B	$10.59B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,668.5	+0.030%	$35.9M	$174.3M	75x	as long as short
Variational Omni BTClong	+0.0100%	8h	85,642.7	long leg	$156.8M	$560.7M	—
edgeX BTCUSDC	+0.0100%	4h	85,634.2	−0.010%	$279.7M	$919.5M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,643.7	+0.001%	$215.1M	$164.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,661.1	+0.021%	$140.0M	$314.8M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,646	+0.004%	$30.3M	$208.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,698.4	+0.065%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,652	+0.011%	$11.0M	$14.2M	50x	as long as short
Bullet BTC-USD	+0.0100%	1h	85,658.3	+0.018%	$191K	$3.3M	20x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,659	+0.019%	$2.4M	$8.8M	100x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,652.7	+0.012%	$30.0M	$51.0M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,633.1	−0.011%	$2.9M	$6.1M	100x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,642.1	−0.001%	$641.7M	$524.8M	40x	as long as short
Extended BTC-USD	+0.0104%	1h	85,611.4	−0.037%	$44.3M	$226.7M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0056%	1h	85,653.8	+0.013%	—	$106.1M	500x	as long as short
Deribit BTC-PERPETUAL	+0.0109%	1h	85,709.3	+0.078%	$891.6M	$1.53B	50x	as long as short
Coinbase International BTC-PERP-INTX	+0.0112%	1h	85,702.3	+0.070%	$122.8M	$5.11B	50x	as long as short
RISEx BTC/USDC	+0.0120%	1h	85,681.1	+0.045%	$8.4M	$42.3M	25x	as long as short
Kraken Futures PF_XBTUSDshort	+0.0138%	1h	85,708.7	+0.077%	$189.2M	$953.2M	100x
Hibachi BTC/USDT-P	+0.0184%	1h	85,675.6	+0.038%	$702K	$7.8M	30x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0202% / S −0.0177%	1h	85,667.8	+0.029%	$13.5M	—	200x	as long as short
Aftermath Perps BTCUSD	+0.0207%	1h	85,724.2	+0.095%	$78K	$219K	20x	as long as short
Kalshi KXBTCPERP	+0.0219%	8h	85,688	+0.053%	$10.7M	$759.3M	6.4x	as long as short
Perpl BTC	+0.0447%	43m	85,685.9	+0.050%	$500K	$19.0M	6.7x	as long as short