Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1060%/8h= −116.0% APRpaid last 24h −0.968%

Price spread now: Variational Omni against Kraken Futures−0.327%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 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

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and Variational Omni is 0.327% cheaper against Kraken Futures than usual: you would sell low and buy high (−$33 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_NOTUSD	0.0005001	0.1160	pay 0.0145% / 1h	30m 30s	$49K	$5K	10x
Short	Variational Omni NOT	0.0004984	0.0100	get 0.0050% / 4h	3h 30m	$71K	$38K	—

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 −0.327%Rate

Funding earned: −$222.54
Price spread: −0.327% → 0.000%: −$32.73
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: −$265.27
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.

NOT on 16 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
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−2.531%	$1K	$13K	5.5x	as long as short
Lighter 1000NOT	+0.0096%	1h	0.0004999	−0.031%	$11K	$6K	3x	as long as short
Hyperliquid NOT	+0.0100%	1h	0.0004990	−0.211%	$336K	$66K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0004989	−0.237%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0004988	−0.251%	$2.0M	$2.9M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0004982	−0.371%	$2.1M	$812K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0004992	−0.171%	$640K	$648K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0004990	−0.211%	$140K	$59K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0004986	−0.291%	$1.3M	$458K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0004984	−0.331%	$488K	$134K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget NOTUSDT	+0.0100%	4h	0.0004990	−0.211%	$669K	$472K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0004987	−0.271%	—	$732K	—	as long as short
Variational Omni NOTshort	+0.0100%	4h	0.0004984	−0.327%	$71K	$38K	—
Extended kNOT-USD	+0.0104%	1h	0.0004984	−0.338%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0146%	4h	0.0004992	−0.171%	$108K	$18K	50x	as long as short
Kraken Futures PF_NOTUSDlong	+0.1160%	1h	0.0005001	long leg	$49K	$5K	10x