Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0286%/8h= +31.3% APRpaid last 24h +0.666%

Price spread now: Kraken Futures against Variational Omni+0.244%7-day average — · 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)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Kraken Futures is 0.244% dearer against Variational Omni than usual: you sell high and buy low: +$24 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni INIT	0.08130	0.0100	pay 0.0050% / 4h	1h 28m	$26K	$23K	—
Short	Kraken Futures PF_INITUSD	0.08150	0.0386	get 0.0048% / 1h	28m 05s	$6K	$17K	10x

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 +0.244%Rate

Funding earned: $60.05
Price spread: +0.244% → 0.000%: $24.44
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: $74.49
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: no order-book sample; Kraken Futures: no order-book sample. 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 no order-book sample	—	—	—	—	—
Sell Kraken Futures no order-book sample	—	—	—	—	—

Variational Omni and Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

INIT on 13 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
Hyperliquid INIT	+0.0100%	1h	0.08136	+0.067%	$295K	$233K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08142	+0.142%	$27K	$36K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08142	+0.142%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08132	+0.019%	$1.4M	$1.4M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08148	+0.215%	$132K	$631K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08140	+0.117%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08142	+0.142%	$442K	$216K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08141	+0.129%	$324K	$55K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08137	+0.080%	$425K	$310K	25x	as long as short
BingX INIT-USDT	+0.0100%	4h	0.08140	+0.117%	—	$6.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni INITlong	+0.0100%	4h	0.08130	long leg	$26K	$23K	—
BloFin INIT-USDT	+0.0151%	4h	0.08151	+0.252%	$153K	$109K	25x	as long as short
Kraken Futures PF_INITUSDshort	+0.0386%	1h	0.08150	+0.244%	$6K	$17K	10x