Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0924%/8h= +101.2% APRpaid last 24h +0.078%

Price spread now: Kraken Futures against Variational Omni−0.115%7-day average +0.118% · 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 3 days (all we have)+0.070%+$7 on $10k

Price spread, last 3 days (all we have)+0.190%+$19 · spread now −0.115%, 7d avg +0.118%

Together, before fees+0.260%+ Points / potential airdropVariational Omni: Active · farm board+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.234% cheaper against Variational Omni than usual: you would sell low and buy high (spread −0.115% now, against its 7-day average of +0.118%). If the spread goes back, that is −$23 on $10k: about 20 hours of funding at the current rate (+$28 a day). At the pace of the last 3 days (+0.070% in total) that is about 11 days.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.070% in total (about 7.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni VIRTUAL	0.7218	0.0100	pay 0.0050% / 4h	2h 20m	$537K	$909K	—
Short	Kraken Futures PF_VIRTUALUSD	0.7210	0.1024	get 0.0128% / 1h	20m 06s	$596K	$668K	50x

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

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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 −0.115%Rate

Funding earned: $194.03
Price spread: −0.115% → +0.118%: −$23.35
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: $160.68
Costs to cover: 0.100%
Break-even: 1.2 days

Slippage unknown: Variational Omni: RFQ quote, 49 min ago; Kraken Futures: live order book, 48 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 RFQ quote, 49 min ago	4.06 bp	doesn't fit	21.7 bp −$217	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 48 min ago	20.93 bp	26.2 bp −$26	50.5 bp −$505	doesn't fit	doesn't fit

VIRTUAL on 32 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0306%	1h	0.7192	−0.362%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7195	−0.324%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7199	−0.266%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7198	−0.279%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7260	+0.574%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.402%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0072%	1h	0.7189	−0.404%	$326K	$415K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7195	−0.321%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7208	−0.139%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7202	−0.219%	$98K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7202	−0.226%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7195	−0.321%	$16.4M	$41.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7197	−0.293%	$16.4M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7198	−0.279%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7200	−0.252%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7195	−0.321%	$17.5M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7194	−0.335%	$3.0M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7201	−0.238%	$6.2M	$6.1M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7203	−0.210%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7203	−0.210%	$243K	$170K	10x	as long as short
Variational Omni VIRTUALlong	+0.0100%	4h	0.7218	long leg	$537K	$909K	—
edgeX VIRTUALUSDC	+0.0100%	4h	0.7229	+0.149%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7248	+0.414%	$643K	$888K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7229	+0.150%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7202	−0.224%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7193	−0.349%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7193	−0.349%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7190	−0.396%	$56K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7192	−0.357%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7196	−0.303%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7261	+0.593%	$190K	$101K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.1024%	1h	0.7210	−0.115%	$596K	$668K	50x