Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0705%/8h= −77.2% APRpaid last 24h −0.145%

Price spread now: Kraken Futures against Variational Omni+0.318%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

The price spread pays, funding is against you. Kraken Futures is 0.318% dearer against Variational Omni than usual: you sell high and buy low (spread +0.318% now, against zero (this spread has no 7-day history yet)): +$32 on $10k if it goes back. Holding the pair costs −$21 a day in funding at the current rate, which eats that in about 36 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.04015	−0.0553	get 0.0276% / 4h	2h 42m	$624K	$30K	—
Short	Kraken Futures PF_SUSD	0.04028	−0.1258	pay 0.0157% / 1h	42m 09s	$34K	$23K	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 +0.318%Rate

Funding earned: −$148.1
Price spread: +0.318% → 0.000%: $31.81
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: −$126.29
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 27 min ago; 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 RFQ quote, 27 min ago	7.50 bp	doesn't fit	80.0 bp −$800	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

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	−0.9384%	1h	0.03850	−4.119%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−1.728%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSDshort	−0.1258%	1h	0.04028	+0.318%	$34K	$23K	10x
Variational Omni Slong	−0.0553%	4h	0.04015	long leg	$624K	$30K	—
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04029	+0.347%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04028	+0.305%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04031	+0.384%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.107%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0041%	4h	0.04031	+0.389%	$107K	$330K	10x	as long as short
Lighter S	+0.0096%	1h	0.04036	+0.514%	$166K	$165K	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	0.04031	+0.392%	$1.0M	$612K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04034	+0.467%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04032	+0.414%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04026	+0.265%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04033	+0.439%	$1.0M	$4.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04032	+0.414%	$334K	$202K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04033	+0.439%	$3.9M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04031	+0.389%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04031	+0.389%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04032	+0.414%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	+0.115%	$26K	$447K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04029	+0.333%	$228K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04024	+0.215%	$272K	$122K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0742%	1h	0.04036	+0.514%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0940%	1h	0.04040	+0.613%	$119K	$335K	5x	as long as short