Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0241%/8h= −26.4% APRpaid last 24h +0.095%

Price spread now: Variational Omni against Kraken Futures+0.092%7-day average −0.054% · you sell dearer than you buy

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 3 days (all we have)−0.118%−$12 on $10k

Price spread, last 3 days (all we have)−0.159%−$16 · spread now +0.092%, 7d avg −0.054%

Together, before fees−0.277%+ Points / potential airdropVariational Omni: Active · farm board−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.146% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.092% now, against its 7-day average of −0.054%): +$15 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 2.0 days. At the pace of the last 3 days (−0.118% in total) that is about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHFIUSD	0.7153	0.0305	pay 0.0038% / 1h	57m 27s	$271K	$193K	20x
Short	Variational Omni ETHFI	0.7160	0.0064	get 0.0032% / 4h	1h 57m	$1.1M	$717K	—

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 +0.092%Rate

Funding earned: −$50.59
Price spread: +0.092% → −0.054%: $14.6
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: −$45.99
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 5 min ago; Variational Omni: RFQ quote, 2 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, 5 min ago	5.58 bp	26.7 bp −$27	129.2 bp −$1,292	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	4.20 bp	doesn't fit	40.6 bp −$406	doesn't fit	doesn't fit

ETHFI on 23 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 ETHFI_USDC-PERPETUAL	−0.0449%	1h	0.7146	−0.101%	$41K	$13K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0199%	4h	0.7143	−0.143%	$16K	$1K	10x	as long as short
HTX ETHFI-USDT	−0.0107%	4h	0.7138	−0.212%	$88K	$168K	20x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+1.213%	$321	$51K	5.5x	as long as short
Paradex ETHFI-USD-PERP	+0.0061%	8h	0.7125	−0.398%	$6K	—	5x	as long as short
Variational Omni ETHFIshort	+0.0064%	4h	0.7160	+0.092%	$1.1M	$717K	—
Lighter ETHFI	+0.0096%	1h	0.7137	−0.226%	$1.1M	$888K	5x	as long as short
Hyperliquid ETHFI	+0.0100%	1h	0.7132	−0.292%	$17.8M	$8.1M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7136	−0.243%	$182K	$257K	10x	as long as short
Binance ETHFIUSDT	+0.0100%	4h	0.7123	−0.420%	$24.8M	$35.6M	75x	as long as short

Show all 23 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHFIUSDT	+0.0100%	4h	0.7125	−0.394%	$17.9M	$12.5M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7128	−0.352%	$5.0M	$12.2M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7130	−0.324%	$1.7M	$1.9M	75x	as long as short
MEXC ETHFI_USDT	+0.0100%	4h	0.7124	−0.408%	$15.4M	$3.9M	125x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7133	−0.282%	$1.2M	$254K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.7124	−0.408%	$6.1M	$5.3M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7128	−0.352%	—	$26.0M	—	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7146	−0.101%	$2K	$1.1M	20x	as long as short
Extended ETHFI-USD	+0.0104%	1h	0.7122	−0.431%	$100K	$381K	10x	as long as short
Aevo ETHFI-PERP	+0.0104%	1h	0.7140	−0.180%	$9K	—	3x	as long as short
Kraken Futures PF_ETHFIUSDlong	+0.0305%	1h	0.7153	long leg	$271K	$193K	20x
Polymarket Perps ETHFI-USD	+0.0314%	1h	0.7151	−0.032%	$71K	$118K	5x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0512%	1h	0.7253	+1.395%	$32K	$6K	50x	as long as short