Funding arb · Price arb /

INIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.5798%/8h= −634.9% APRpaid last 24h +0.832%

Price spread now: Kraken Futures against Variational Omni−0.713%7-day average — · 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)—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 −$174 a day on $10k at the current rate, and Kraken Futures is 0.713% cheaper against Variational Omni than usual: you would sell low and buy high (−$71 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	Variational Omni INIT	0.08247	0.0100	pay 0.0050% / 4h	46m 32s	$26K	$23K	—
Short	Kraken Futures PF_INITUSD	0.08188	−0.5698	pay 0.0712% / 1h	46m 32s	$3K	$19K	10x

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

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 Variational OmnibpFee Kraken FuturesbpOrdersPrice spread, now −0.713%Rate

Funding earned: −$1,217.62
Price spread: −0.713% → 0.000%: −$71.31
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: −$1,298.93
Costs to cover: 0.100%
Break-even: never at this rate

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

Variational Omni and Kraken Futures: 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
Kraken Futures PF_INITUSDshort	−0.5698%	1h	0.08188	−0.713%	$3K	$19K	10x
Hyperliquid INIT	+0.0100%	1h	0.08226	−0.260%	$304K	$230K	3x	as long as short
Aster INITUSDT	+0.0100%	4h	0.08238	−0.104%	$27K	$39K	5x	as long as short
Binance INITUSDT	+0.0100%	4h	0.08234	−0.158%	$3.3M	$3.7M	25x	as long as short
Bybit INITUSDT	+0.0100%	4h	0.08222	−0.304%	$1.4M	$1.5M	25x	as long as short
OKX INIT-USDT-SWAP	+0.0100%	4h	0.08243	−0.049%	$137K	$660K	10x	as long as short
Gate INIT_USDT	+0.0100%	8h	0.08240	−0.086%	$83K	$56K	25x	as long as short
MEXC INIT_USDT	+0.0100%	4h	0.08224	−0.280%	$442K	$210K	20x	as long as short
KuCoin INITUSDTM	+0.0100%	4h	0.08233	−0.170%	$323K	$56K	25x	as long as short
Bitget INITUSDT	+0.0100%	4h	0.08230	−0.207%	$427K	$308K	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	0.08226	−0.255%	—	$6.6M	—	as long as short
Variational Omni INITlong	+0.0100%	4h	0.08247	long leg	$26K	$23K	—
BloFin INIT-USDT	+0.0144%	4h	0.08239	−0.098%	$151K	$112K	25x	as long as short