Funding arb · Price arb /

BTC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.004%

Price spread now: Variational Omni against Kraken Futures−0.066%7-day average −0.032% · 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)+0.036%+$4 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.066%, 7d avg −0.032%

Together, before fees+0.055%+ Points / potential airdropVariational Omni: Active · farm board+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.034% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of −0.032%). If the spread goes back, that is −$3 on $10k: about 2.6 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_XBTUSD	85,168.3	0.0056	pay 0.0007% / 1h	28m 38s	$187.0M	$955.3M	100x
Short	Variational Omni BTC	85,111.9	0.0100	get 0.0100% / 8h	2h 28m	$154.3M	$569.8M	—

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

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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 Kraken FuturesbpFee Variational OmnibpOrdersPrice spread, now −0.066%Rate

Funding earned: $9.2
Price spread: −0.066% → −0.032%: −$3.4
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: −$4.2
Costs to cover: 0.100%
Break-even: 10.2 days

Slippage unknown: Kraken Futures: live order book, 6 min ago; Variational Omni: RFQ quote, 1 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, 6 min ago	0.12 bp	5.5 bp −$5	6.1 bp −$61	7.8 bp −$777	10.0 bp −$4,992
Sell Variational Omni RFQ quote, 1 min ago	0.50 bp	doesn't fit	0.5 bp −$5	2.9 bp −$291	doesn't fit

BTC on 56 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
Perpl BTC	−0.0112%	43m	85,184.9	+0.019%	$524K	$18.4M	6.7x	as long as short
Phoenix BTC	−0.0111%	1h	85,204	+0.042%	$2.1M	$10.4M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	85,194	+0.030%	$8K	$3K	50x	as long as short
KuCoin XBTUSDTM	−0.0054%	8h	85,129	−0.046%	$921.1M	$763.4M	125x	as long as short
BloFin BTC-USDT	−0.0035%	8h	85,189.4	+0.025%	$419.3M	$678.8M	150x	as long as short
01 Exchange BTCUSD	−0.0024%	1h	85,224.1	+0.065%	$373K	$2.3M	50x	as long as short
Aster BTCUSDT	−0.0015%	8h	85,124.6	−0.051%	$511.7M	$1.09B	200x	as long as short
dYdX BTC-USD	+0.0001%	1h	85,169.5	+0.001%	$16.7M	$21.6M	50x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0004% / S −0.0004%	1h	85,198.4	+0.035%	$36.4M	—	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	85,225	+0.067%	$338K	$26.8M	52x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado BTC-PERP	+0.0025%	1h	85,187.4	+0.022%	$24.7M	$222.8M	50x	as long as short
Kraken Futures PF_XBTUSDlong	+0.0056%	1h	85,168.3	long leg	$187.0M	$955.3M	100x
BingX BTC-USDC	+0.0066%	8h	85,106.5	−0.073%	—	$17.3M	—	as long as short
Phemex BTCUSDT	+0.0077%	8h	85,156	−0.014%	$148.4M	$504.8M	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	85,171.6	+0.004%	$2.4M	$6.7M	20x	as long as short
Bitget BTCUSDT	+0.0084%	8h	85,126.6	−0.049%	$2.95B	$5.15B	150x	as long as short
MEXC BTC_USDT	+0.0085%	8h	85,124.9	−0.051%	$5.06B	$5.71B	500x	as long as short
Binance BTCUSDT	+0.0085%	8h	85,125.9	−0.050%	$9.40B	$24.81B	150x	as long as short
Deribit BTC-PERPETUAL	+0.0087%	1h	85,207.2	+0.046%	$870.9M	$1.61B	50x	as long as short
Bullet BTC-USD	+0.0089%	1h	85,185	+0.020%	$206K	$3.3M	20x	as long as short
Lighter BTC	+0.0096%	1h	85,136.8	−0.037%	$170.7M	$1.02B	50x	as long as short
Lighter RH BTC	+0.0096%	1h	85,141.1	−0.032%	$23.7M	$148.4M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	85,217	+0.057%	$8.4M	$55.7M	100x	as long as short
Coinbase International BTC-PERP-INTX	+0.0096%	1h	85,187.9	+0.023%	$116.8M	$5.35B	50x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	85,102	−0.078%	$239K	$8.6M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	85,190.2	+0.026%	$5.8M	$9.6M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	85,224	+0.065%	$3.74B	$5.07B	40x	as long as short
Pacifica BTC	+0.0100%	1h	85,160.3	−0.009%	$40.1M	$599.0M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	85,122.2	−0.054%	$5.15B	$9.93B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	85,128.1	−0.047%	$2.58B	$12.15B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	85,114	−0.064%	$3.8M	$17.6M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	85,130.3	−0.045%	$4.6M	$99.2M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	85,183.8	+0.018%	$678.4M	$603.6M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	85,127.9	−0.047%	$5.49B	$10.93B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	85,144.1	−0.028%	$35.9M	$174.8M	75x	as long as short
Variational Omni BTCshort	+0.0100%	8h	85,111.9	−0.066%	$154.3M	$569.8M	—
edgeX BTCUSDC	+0.0100%	4h	85,133.5	−0.041%	$278.8M	$944.7M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	85,139	−0.034%	$214.0M	$168.8M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	85,125.3	−0.050%	$139.1M	$315.2M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	85,156.3	−0.014%	$30.0M	$205.4M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	85,262.4	+0.110%	—	$10.9M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	85,191	+0.027%	$11.0M	$14.4M	50x	as long as short
Orderly PERP_BTC_USDC	+0.0100%	8h	85,178.4	+0.012%	$2.5M	$9.3M	100x	as long as short
Bluefin BTC-PERP	+0.0100%	1h	85,215.9	+0.056%	$217K	$749K	40x	as long as short
Derive BTC-PERP	+0.0100%	1h	85,155.7	−0.015%	$29.9M	$49.7M	15x	as long as short
SunX BTC-USDT	+0.0100%	8h	85,181.9	+0.016%	$2.9M	$6.1M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	85,157	−0.013%	$59.6M	$335.8M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	85,187.2	+0.022%	$2.25B	$946.1M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	85,102.8	−0.077%	$45.3M	$238.5M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	85,202.2	+0.040%	—	$106.8M	500x	as long as short
Reya BTCRUSDPERP	+0.0114%	1h	85,192.4	+0.028%	$6.6M	$147.4M	40x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0176% / S −0.0151%	1h	85,189.4	+0.025%	$13.0M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0180%	8h	85,207	+0.045%	$11.3M	$744.5M	6.4x	as long as short
Aftermath Perps BTCUSD	+0.0209%	1h	85,232.8	+0.076%	$79K	$226K	20x	as long as short
Hibachi BTC/USDT-P	+0.0224%	1h	85,202.4	+0.040%	$717K	$8.0M	30x	as long as short
RISEx BTC/USDC	+0.0257%	1h	85,149.7	−0.022%	$8.7M	$43.1M	25x	as long as short