Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0769%/8h= −84.3% APRpaid last 24h −0.014%

Price spread now: Kraken Futures against Variational Omni+0.417%7-day average +0.089% · 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)−0.009%−$1 on $10k

Price spread, last 3 days (all we have)−0.309%−$31 · spread now +0.417%, 7d avg +0.089%

Together, before fees−0.318%+ Points / potential airdropVariational Omni: Active · farm board−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.329% dearer against Variational Omni than usual: you sell high and buy low (spread +0.417% now, against its 7-day average of +0.089%): +$33 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 34 hours. At the pace of the last 3 days (−0.009% in total) that is about 4 months.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.009% in total (about -1.0% 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 FIL	0.9831	0.0074	pay 0.0074% / 8h	1h 47m	$438K	$277K	—
Short	Kraken Futures PF_FILUSD	0.9872	−0.0695	pay 0.0087% / 1h	47m 08s	$1.4M	$2.3M	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

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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 Variational OmnibpFee Kraken FuturesbpOrdersPrice spread, now +0.417%Rate

Funding earned: −$161.59
Price spread: +0.417% → +0.089%: $32.89
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: −$138.7
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 37 min ago; Kraken Futures: live order book, 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 Variational Omni RFQ quote, 37 min ago	3.55 bp	doesn't fit	35.0 bp −$350	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 1 min ago	3.54 bp	18.2 bp −$18	36.3 bp −$363	doesn't fit	doesn't fit

FIL on 29 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 FIL_USDC-PERPETUAL	−0.0862%	1h	0.9880	+0.502%	$170K	$23K	25x	as long as short
Kraken Futures PF_FILUSDshort	−0.0695%	1h	0.9872	+0.417%	$1.4M	$2.3M	50x
Coinbase International FIL-PERP-INTX	−0.0376%	1h	0.9872	+0.420%	$316K	$1.9M	50x	as long as short
Injective FIL/USDC PERP	−0.0252%	1h	0.9855	+0.248%	$2K	$240K	12x	as long as short
Lighter FIL	−0.0136%	1h	0.9866	+0.356%	$159K	$347K	5x	as long as short
Bitget FILUSDT	−0.0024%	8h	0.9868	+0.380%	$10.8M	$21.4M	75x	as long as short
Bybit FILUSDT	−0.0004%	8h	0.9873	+0.431%	$15.6M	$17.9M	25x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9875	+0.455%	$25K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9882	+0.522%	$58K	$2K	10x	as long as short
KuCoin FILUSDTM	+0.0024%	8h	0.9873	+0.431%	$7.4M	$7.0M	50x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX FIL-USDT-SWAP	+0.0028%	8h	0.9871	+0.410%	$18.3M	$96.6M	50x	as long as short
Variational Omni FILlong	+0.0074%	8h	0.9831	long leg	$438K	$277K	—
MEXC FIL_USDC	+0.0075%	8h	0.9869	+0.390%	$251K	$103K	50x	as long as short
Extended FIL-USD	+0.0080%	1h	0.9869	+0.388%	$689K	$2.3M	10x	as long as short
Binance FILUSDT	+0.0081%	8h	0.9869	+0.390%	$56.7M	$174.6M	75x	as long as short
BingX FIL-USDT	+0.0086%	8h	0.9873	+0.431%	—	$11.9M	—	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9871	+0.410%	$8.7M	$9.4M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9874	+0.441%	$488K	$515K	20x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9875	+0.451%	$7.8M	$16.1M	50x	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9834	+0.036%	$45K	$293K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9844	+0.131%	$294K	$814K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9850	+0.197%	$30K	$198K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9883	+0.537%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9870	+0.400%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9870	+0.400%	$483	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9887	+0.573%	$626K	$5.6M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9870	+0.400%	$1.1M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0201%	8h	0.9881	+0.512%	$2.6M	$650K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0617% / S −0.0742%	1h	0.9875	+0.455%	$214K	—	100x	as long as short