Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1820%/8h= +199.3% APRpaid last 24h +0.238%

Price spread now: Variational Omni against Kraken Futures−0.156%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 0.156% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.156% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$16 on $10k: about 7 hours of funding at the current rate (+$55 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_SUSD	0.04363	−0.1811	get 0.0226% / 1h	8m 07s	$38K	$20K	10x
Short	Variational Omni S	0.04356	0.0009	get 0.0005% / 4h	8m 07s	$674K	$7K	—

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 −0.156%Rate

Funding earned: $382.23
Price spread: −0.156% → 0.000%: −$15.65
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: $356.59
Costs to cover: 0.100%
Break-even: 0.5 days

Slippage unknown: Kraken Futures: no order-book sample; Variational Omni: RFQ quote, 31 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, 31 min ago	7.32 bp	doesn't fit	80.5 bp −$805	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.

S on 25 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
01 Exchange SUSD	−1.0552%	1h	0.04460	+2.217%	$28K	$2K	5x	as long as short
Kraken Futures PF_SUSDlong	−0.1811%	1h	0.04363	long leg	$38K	$20K	10x
Coinbase International S-PERP-INTX	−0.1064%	1h	0.04279	−1.932%	$52K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04360	−0.066%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04372	+0.199%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04362	−0.026%	$672	—	150x	as long as short
Variational Omni Sshort	+0.0009%	4h	0.04356	−0.156%	$674K	$7K	—
Injective S/USDC PERP	+0.0033%	1h	0.04100	−6.034%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0090%	4h	0.04362	−0.029%	$108K	$604K	10x	as long as short
Lighter S	+0.0096%	1h	0.04368	+0.108%	$188K	$143K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04373	+0.223%	$1.1M	$635K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04377	+0.316%	$47K	$150K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04376	+0.291%	$6.3M	$15.1M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04368	+0.108%	$6.3M	$4.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04353	−0.236%	$1.2M	$4.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04371	+0.177%	$353K	$204K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04372	+0.200%	$4.5M	$2.0M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04362	−0.029%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04353	−0.236%	$1.3M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04376	+0.291%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04360	−0.075%	$25K	$504K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04347	−0.362%	$241K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04353	−0.236%	$292K	$127K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0666%	1h	0.04371	+0.177%	$73K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0977%	1h	0.04380	+0.383%	$106K	$467K	5x	as long as short