Funding arb · Price arb /

USUAL

all USUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0176%/8h= +19.3% APRpaid last 24h −0.222%

Price spread now: Kraken Futures against Variational Omni−0.754%7-day average — · you buy dearer than you sell

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 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. Kraken Futures is 0.754% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.754% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$75 on $10k: about 14 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni USUAL	0.01405	0.0100	pay 0.0050% / 4h	3h 21m	$11K	$1K	—
Short	Kraken Futures PF_USUALUSD	0.01395	0.0276	get 0.0035% / 1h	21m 21s	$110K	$21K	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 −0.754%Rate

Funding earned: $36.98
Price spread: −0.754% → 0.000%: −$75.38
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: −$48.41
Costs to cover: 0.100%
Break-even: 16.2 days

Slippage unknown: Variational Omni: no order-book sample; Kraken Futures: live order book, 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 Variational Omni no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 31 min ago	40.52 bp	45.5 bp −$46	doesn't fit	doesn't fit	doesn't fit

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.

USUAL on 11 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 USUAL/USDC PERP	−0.5000%	1h	0.01388	−1.241%	$6K	$3K	5.5x	as long as short
Hyperliquid USUAL	+0.0100%	1h	0.01396	−0.672%	$404K	$189K	3x	as long as short
Binance USUALUSDT	+0.0100%	4h	0.01395	−0.747%	$2.2M	$3.3M	50x	as long as short
Bybit USUALUSDT	+0.0100%	4h	0.01396	−0.650%	$1.1M	$791K	25x	as long as short
Gate USUAL_USDT	+0.0100%	8h	0.01397	−0.601%	$944K	$111K	50x	as long as short
MEXC USUAL_USDT	+0.0100%	4h	0.01396	−0.707%	$6.1M	$256K	100x	as long as short
KuCoin USUALUSDTM	+0.0100%	4h	0.01397	−0.601%	$257K	$62K	20x	as long as short
Bitget USUALUSDT	+0.0100%	4h	0.01395	−0.743%	$812K	$399K	50x	as long as short
BingX USUAL-USDT	+0.0100%	4h	0.01397	−0.601%	—	$1.2M	—	as long as short
Variational Omni USUALlong	+0.0100%	4h	0.01405	long leg	$11K	$1K	—

Show all 11 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_USUALUSDshort	+0.0276%	1h	0.01395	−0.754%	$110K	$21K	10x