Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−2.3417%/8h= −2564.2% APRpaid last 24h −3.619%

Price spread now: Variational Omni against Kraken Futures−0.036%7-day average — · you buy dearer than you sell

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)—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 against this trade now: funding costs −$703 a day on $10k at the current rate, and Variational Omni is 0.036% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_IOUSD	0.1510	2.3517	pay 0.2940% / 1h	5m 10s	$39K	$18K	10x
Short	Variational Omni IO	0.1510	0.0100	get 0.0050% / 4h	1h 05m	$33K	$13K	—

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

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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.036%Rate

Funding earned: −$4,917.64
Price spread: −0.036% → 0.000%: −$3.57
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: −$4,931.21
Costs to cover: 0.100%
Break-even: never at this rate

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

Kraken Futures and Variational Omni: 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.

IO on 14 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
Injective IO/USDC PERP	−0.0430%	1h	0.1530	+1.308%	$2K	$202	5.5x	as long as short
Hyperliquid IO	+0.0100%	1h	0.1515	+0.288%	$1.0M	$376K	3x	as long as short
Aster IOUSDT	+0.0100%	4h	0.1515	+0.300%	$23K	$49K	5x	as long as short
Binance IOUSDT	+0.0100%	4h	0.1514	+0.273%	$3.0M	$6.6M	50x	as long as short
Bybit IOUSDT	+0.0100%	4h	0.1513	+0.182%	$1.1M	$914K	25x	as long as short
Gate IO_USDT	+0.0100%	4h	0.1512	+0.129%	$233K	$565K	50x	as long as short
MEXC IO_USDT	+0.0100%	4h	0.1512	+0.116%	$1.2M	$229K	125x	as long as short
KuCoin IOUSDTM	+0.0100%	4h	0.1513	+0.182%	$353K	$654K	50x	as long as short
Bitget IOUSDT	+0.0100%	4h	0.1516	+0.381%	$1.3M	$1.3M	50x	as long as short
BingX IO-USDT	+0.0100%	4h	0.1514	+0.249%	—	$1.3M	—	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni IOshort	+0.0100%	4h	0.1510	−0.036%	$33K	$13K	—
Extended IO-USD	+0.0104%	1h	0.1514	+0.234%	$2K	$130K	5x	as long as short
BloFin IO-USDT	+0.0105%	4h	0.1516	+0.381%	$193K	$39K	50x	as long as short
Kraken Futures PF_IOUSDlong	+2.3517%	1h	0.1510	long leg	$39K	$18K	10x