Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1959%/8h= −214.5% APRpaid last 24h −1.035%

Price spread now: Variational Omni against Kraken Futures−0.120%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

Both sides work against this trade now: funding costs −$59 a day on $10k at the current rate, and Variational Omni is 0.120% cheaper against Kraken Futures than usual: you would sell low and buy high (−$12 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_NOTUSD	0.0005028	0.1945	pay 0.0243% / 1h	0m 36s	$49K	$7K	10x
Short	Variational Omni NOT	0.0005022	−0.0014	pay 0.0007% / 4h	1h 00m	$71K	$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 −0.120%Rate

Funding earned: −$411.4
Price spread: −0.120% → 0.000%: −$11.97
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: −$433.38
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.

NOT on 16 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
Variational Omni NOTshort	−0.0014%	4h	0.0005022	−0.120%	$71K	$38K	—
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.056%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0093%	4h	0.0005034	+0.126%	$109K	$18K	50x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0005039	+0.216%	$11K	$6K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0005030	+0.047%	$338K	$64K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005030	+0.041%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005028	+0.007%	$2.1M	$2.9M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005021	−0.132%	$2.1M	$817K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005030	+0.047%	$640K	$658K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005030	+0.047%	$139K	$57K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005028	+0.007%	$1.4M	$474K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005024	−0.072%	$480K	$131K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005033	+0.107%	$675K	$453K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005030	+0.047%	—	$8.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005027	−0.021%	$4K	—	5x	as long as short
Kraken Futures PF_NOTUSDlong	+0.1945%	1h	0.0005028	long leg	$49K	$7K	10x