Funding arb · Price arb /

MEW

all MEW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0589%/8h= −64.5% APRpaid last 24h +0.007%

Price spread now: Variational Omni against Kraken Futures−0.279%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 −$18 a day on $10k at the current rate, and Variational Omni is 0.279% cheaper against Kraken Futures than usual: you would sell low and buy high (−$28 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_MEWUSD	0.0004671	0.0689	pay 0.0086% / 1h	48m 37s	$91K	$127K	10x
Short	Variational Omni MEW	0.0004658	0.0100	get 0.0050% / 4h	3h 48m	$82K	$32K	—

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 −0.279%Rate

Funding earned: −$123.72
Price spread: −0.279% → 0.000%: −$27.91
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: −$161.63
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 24 min ago; 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 live order book, 24 min ago	11.76 bp	899.1 bp −$899	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni no order-book sample	—	—	—	—	—

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.

MEW 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
GMX MEW/USD [WBTC.b-USDC]	L 0.0000% / S 0.0000%	1h	0.0004650	−0.456%	—	—	100x	as long as short
Injective MEW/USDC PERP	+0.0033%	1h	0.0004219	−9.683%	$46	$14K	5.5x	as long as short
Binance MEWUSDT	+0.0100%	4h	0.0004667	−0.092%	$1.2M	$2.8M	50x	as long as short
Bybit MEWUSDT	+0.0100%	4h	0.0004666	−0.114%	$1.5M	$1.0M	25x	as long as short
OKX MEW-USDT-SWAP	+0.0100%	4h	0.0004662	−0.199%	$523K	$693K	20x	as long as short
Gate MEW_USDT	+0.0100%	4h	0.0004660	−0.242%	$123K	$78K	50x	as long as short
MEXC MEW_USDT	+0.0100%	4h	0.0004668	−0.071%	$387K	$172K	125x	as long as short
KuCoin MEWUSDTM	+0.0100%	4h	0.0004665	−0.135%	$340K	$115K	30x	as long as short
Bitget MEWUSDT	+0.0100%	4h	0.0004667	−0.092%	$494K	$365K	50x	as long as short
BingX MEW-USDT	+0.0100%	4h	0.0004668	−0.071%	—	$24.2M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MEWshort	+0.0100%	4h	0.0004658	−0.279%	$82K	$32K	—
Kraken Futures PF_MEWUSDlong	+0.0689%	1h	0.0004671	long leg	$91K	$127K	10x