Funding arb · Price arb /

KSM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0317%/8h= −34.7% APRpaid last 24h +0.046%

Price spread now: Kraken Futures against Variational Omni+0.491%7-day average — · you sell dearer than you buy

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 4 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

The price spread pays, funding is against you. Kraken Futures is 0.491% dearer against Variational Omni than usual: you sell high and buy low (spread +0.491% now, against zero (this spread has no 7-day history yet)): +$49 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 5.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni KSM	4.5972	−0.0385	get 0.0385% / 8h	1h 45m	$453K	$38K	—
Short	Kraken Futures PF_KSMUSD	4.6198	−0.0702	pay 0.0088% / 1h	45m 18s	$37K	$1K	20x

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 +0.491%Rate

Funding earned: −$66.49
Price spread: +0.491% → 0.000%: $49.1
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: −$27.39
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 64 min ago; 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 RFQ quote, 64 min ago	7.05 bp	doesn't fit	205.6 bp −$2,056	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

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.

KSM on 12 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_KSMUSDshort	−0.0702%	1h	4.6198	+0.491%	$37K	$1K	20x
Variational Omni KSMlong	−0.0385%	8h	4.5972	long leg	$453K	$38K	—
OKX KSM-USDT-SWAP	−0.0255%	4h	4.6070	+0.213%	$763K	$653K	20x	as long as short
BloFin KSM-USDT	+0.0082%	8h	4.6010	+0.083%	$110K	$18K	50x	as long as short
Binance KSMUSDT	+0.0100%	8h	4.6082	+0.240%	$2.0M	$2.8M	50x	as long as short
Bybit KSMUSDT	+0.0100%	8h	4.6080	+0.235%	$2.2M	$719K	50x	as long as short
Gate KSM_USDT	+0.0100%	8h	4.6080	+0.235%	$85K	$36K	33x	as long as short
MEXC KSM_USDT	+0.0100%	8h	4.6070	+0.213%	$728K	$240K	20x	as long as short
KuCoin KSMUSDTM	+0.0100%	8h	4.6060	+0.192%	$509K	$32K	30x	as long as short
Bitget KSMUSDT	+0.0100%	8h	4.6070	+0.213%	$480K	$200K	50x	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX KSM-USDT	+0.0100%	8h	4.6100	+0.279%	—	$2.4M	—	as long as short
Extended KSM-USD	+0.0104%	1h	4.6072	+0.217%	$77K	$423K	5x	as long as short