Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0091%/8h= −10.0% APRpaid last 24h −0.819%

Price spread now: Variational Omni against Kraken Futures−0.161%7-day average — · 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 3 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

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Variational Omni is 0.161% cheaper against Kraken Futures than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_INITUSD	0.08322	0.0191	pay 0.0024% / 1h	10m 27s	$5K	$17K	10x
Short	Variational Omni INIT	0.08308	0.0100	get 0.0050% / 4h	3h 10m	$26K	$23K	—

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 −0.161%Rate

Funding earned: −$19.09
Price spread: −0.161% → 0.000%: −$16.1
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: −$45.19
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: no order-book sample; Variational Omni: no order-book sample. 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 no order-book sample	—	—	—	—	—
Sell Variational Omni no order-book sample	—	—	—	—	—

Kraken Futures and 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.

INIT on 13 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
BloFin INIT-USDT	+0.0061%	4h	0.08323	+0.018%	$154K	$113K	25x	as long as short
Hyperliquid INIT	+0.0100%	1h	0.08322	+0.003%	$303K	$234K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08311	−0.130%	$27K	$37K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08322	+0.006%	$3.4M	$3.6M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08323	+0.018%	$1.4M	$1.5M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08339	+0.210%	$137K	$647K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08309	−0.151%	$84K	$55K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08327	+0.066%	$452K	$220K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08306	−0.187%	$331K	$54K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08323	+0.018%	$433K	$303K	25x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX INIT-USDT	+0.0100%	4h	0.08316	−0.066%	—	$6.6M	—	as long as short
Variational Omni INITshort	+0.0100%	4h	0.08308	−0.161%	$26K	$23K	—
Kraken Futures PF_INITUSDlong	+0.0191%	1h	0.08322	long leg	$5K	$17K	10x