Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0428%/8h= +46.9% APRpaid last 24h +0.005%

Price spread now: Kraken Futures against BingX+0.204%7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.148%−$15 on $10k

Price spread, last 3 days (all we have)−0.308%−$31 · spread now +0.204%, 7d avg +0.085%

Together, before fees−0.457%−$46 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and Kraken Futures is 0.119% dearer against BingX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.085%. Mind the row above: over the last 7 days funding on this pair cost −0.148%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.148% in total (about -7.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX VIRTUAL-USDT	0.7110	0.0100	pay 0.0050% / 4h	2h 57m	—	$8.2M	—
Short	Kraken Futures PF_VIRTUALUSD	0.7125	0.0528	get 0.0066% / 1h	57m 37s	$518K	$521K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now +0.204%Rate

Funding earned: $89.96
Price spread: +0.204% → +0.085%: $11.89
Slippage, 4 orders: −$30.15
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $51.7
Costs to cover: 0.501%
Break-even: 3.0 days

Slippage from BingX: live order book, 10 min ago; Kraken Futures: live order book, 30 min ago.

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 BingX live order book, 10 min ago	1.41 bp	8.5 bp −$9	11.5 bp −$115	22.0 bp −$2,203	80.6 bp −$40.3K
Sell Kraken Futures live order book, 30 min ago	4.91 bp	12.6 bp −$13	44.8 bp −$448	doesn't fit	doesn't fit

VIRTUAL on 33 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0171%	1h	0.7114	+0.056%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	+0.098%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7113	+0.044%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7112	+0.028%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0079%	1h	0.7136	+0.364%	$11K	$45K	5x	as long as short
Variational Omni VIRTUAL	−0.0035%	4h	0.7138	+0.388%	$518K	$872K	—	as long as short
SoDEX VIRTUAL-USD	−0.0005%	1h	0.7112	+0.025%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7118	+0.109%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0048%	1h	0.7110	+0.007%	$324K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0080%	4h	0.7116	+0.084%	$14K	$1.5M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7122	+0.169%	$8.7M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7117	+0.093%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7115	+0.067%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7113	+0.042%	$16.3M	$36.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7113	+0.042%	$15.4M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7114	+0.056%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7115	+0.070%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7106	−0.056%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7114	+0.056%	$3.0M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7120	+0.141%	$6.1M	$5.2M	25x	as long as short
BingX VIRTUAL-USDTlong	+0.0100%	4h	0.7110	long leg	—	$8.2M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7113	+0.042%	$234K	$157K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7133	+0.327%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7120	+0.138%	$635K	$982K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7139	+0.408%	$41K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7118	+0.115%	$33K	$787K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7115	+0.070%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7110	−0.004%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7115	+0.073%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7119	+0.123%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7132	+0.309%	$811K	$812K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.591%	$195K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0528%	1h	0.7125	+0.204%	$518K	$521K	50x