Funding arb · Price arb /

KSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0362%/8h= +39.7% APRpaid last 24h −0.046%

Price spread now: Variational Omni against Kraken Futures−0.235%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 4 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

Funding pays, the price is against you. Variational Omni is 0.235% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.235% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 2.2 days of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_KSMUSD	4.6406	−0.0699	get 0.0087% / 1h	18m 35s	$37K	$1K	20x
Short	Variational Omni KSM	4.6297	−0.0336	pay 0.0336% / 8h	1h 18m	$455K	$38K	—

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 −0.235%Rate

Funding earned: $76.09
Price spread: −0.235% → 0.000%: −$23.53
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: $42.56
Costs to cover: 0.100%
Break-even: 3.1 days

Slippage unknown: Kraken Futures: no order-book sample; Variational Omni: RFQ quote, 25 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 25 min ago	5.97 bp	doesn't fit	163.3 bp −$1,633	doesn't fit	doesn't fit

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.

KSM on 12 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
Kraken Futures PF_KSMUSDlong	−0.0699%	1h	4.6406	long leg	$37K	$1K	20x
Variational Omni KSMshort	−0.0336%	8h	4.6297	−0.235%	$455K	$38K	—
OKX KSM-USDT-SWAP	−0.0094%	4h	4.6320	−0.186%	$769K	$644K	20x	as long as short
BloFin KSM-USDT	+0.0080%	8h	4.6290	−0.250%	$110K	$18K	50x	as long as short
Binance KSMUSDT	+0.0100%	8h	4.6341	−0.139%	$2.0M	$2.7M	50x	as long as short
Bybit KSMUSDT	+0.0100%	8h	4.6300	−0.229%	$2.2M	$717K	50x	as long as short
Gate KSM_USDT	+0.0100%	8h	4.6310	−0.207%	$85K	$36K	33x	as long as short
MEXC KSM_USDT	+0.0100%	8h	4.6340	−0.142%	$733K	$241K	20x	as long as short
KuCoin KSMUSDTM	+0.0100%	8h	4.6360	−0.099%	$512K	$32K	30x	as long as short
Bitget KSMUSDT	+0.0100%	8h	4.6350	−0.121%	$483K	$188K	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX KSM-USDT	+0.0100%	8h	4.6320	−0.186%	—	$2.3M	—	as long as short
Extended KSM-USD	+0.0104%	1h	4.6356	−0.109%	$77K	$390K	5x	as long as short