Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h −0.017%

Price spread now: Variational Omni against Kraken Futures−0.061%7-day average −0.018% · 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)−0.026%−$3 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now −0.061%, 7d avg −0.018%

Together, before fees−0.103%+ Points / potential airdropVariational Omni: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.043% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ADAUSD	0.2440	0.0281	pay 0.0035% / 1h	20m 00s	$6.3M	$14.0M	50x
Short	Variational Omni ADA	0.2438	0.0100	get 0.0100% / 8h	20m 00s	$4.2M	$1.1M	—

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 −0.061%Rate

Funding earned: −$38.01
Price spread: −0.061% → −0.018%: −$4.28
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: −$52.29
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 4 min ago; Variational Omni: RFQ quote, 4 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 live order book, 4 min ago	2.67 bp	12.0 bp −$12	18.4 bp −$184	46.1 bp −$4,606	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	8.21 bp	doesn't fit	12.3 bp −$123	doesn't fit	doesn't fit

ADA on 37 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
dYdX ADA-USD	0.0000%	1h	0.2435	−0.188%	$200K	$2K	10x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2439	−0.008%	$83K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.289%	$849	$202K	12x	as long as short
Lighter ADA	+0.0096%	1h	0.2442	+0.080%	$2.4M	$1.0M	10x	as long as short
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2438	−0.064%	$6K	$5K	20x	as long as short
Hyperliquid ADA	+0.0100%	1h	0.2442	+0.100%	$42.9M	$18.1M	10x	as long as short
Aster ADAUSDT	+0.0100%	8h	0.2439	−0.010%	$1.2M	$1.2M	75x	as long as short
Pacifica ADA	+0.0100%	1h	0.2437	−0.099%	$156K	$180K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2441	+0.072%	$103.0M	$407.7M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2440	+0.018%	$72.7M	$126.3M	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2441	+0.059%	$32.4M	$118.2M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2439	−0.023%	$99.6M	$65.4M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2440	+0.018%	$51.8M	$65.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2439	−0.010%	$29.5M	$16.1M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2440	+0.018%	$66.3M	$54.0M	75x	as long as short
BingX ADA-USDC	+0.0100%	8h	0.2440	+0.018%	—	$6.5M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2441	+0.047%	$138K	$485K	15x	as long as short
Variational Omni ADAshort	+0.0100%	8h	0.2438	−0.061%	$4.2M	$1.1M	—
edgeX ADAUSDC	+0.0100%	4h	0.2439	−0.021%	$65K	$287K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2438	−0.075%	$294K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2440	+0.018%	$77K	$894K	50x	as long as short
Polymarket Perps ADA-USD	+0.0100%	1h	0.2439	−0.027%	$115K	$1.3M	10x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2441	+0.043%	$40K	$4K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2440	+0.038%	$8K	$755K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2440	−0.002%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2439	−0.029%	$1.3M	$7.1M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2439	−0.023%	$47.2M	$7.6M	50x	as long as short
Paradex ADA-USD-PERP	+0.0104%	8h	0.2438	−0.066%	$20K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2440	+0.012%	$500K	$1.8M	50x	as long as short
Kalshi KXADAPERP	+0.0104%	8h	0.2439	−0.023%	$245K	$7.7M	3.2x	as long as short
Coinbase International ADA-PERP-INTX	+0.0144%	1h	0.2437	−0.105%	$378K	$8.4M	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2440	+0.018%	$4.5M	$5.8M	75x	as long as short
Phoenix ADA	+0.0228%	1h	0.2439	−0.035%	$2K	$112K	10x	as long as short
Reya ADARUSDPERP	+0.0273%	1h	0.2438	−0.063%	$1K	—	15x	as long as short
Kraken Futures PF_ADAUSDlong	+0.0281%	1h	0.2440	long leg	$6.3M	$14.0M	50x
GMX ADA/USD [WBTC.b-USDC]	L +0.0369% / S −0.0295%	1h	0.2439	−0.019%	$86K	—	100x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0529%	1h	0.2440	+0.039%	$621K	$614K	50x	as long as short