Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0762%/8h= +83.4% APRpaid last 24h +0.041%

Price spread now: Kraken Futures against Bybit+0.096%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$620.615% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now +0.096%, 7d avg +0.116%

Together, before fees−0.087%−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.020% cheaper against Bybit than usual: you would sell low and buy high (spread +0.096% now, against its 7-day average of +0.116%). If the spread goes back, that is −$2 on $10k: about 2 hours of funding at the current rate (+$23 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.042% in total (about -2.2% 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	Bybit VIRTUALUSDT	0.7303	0.0100	pay 0.0050% / 4h	29m 00s	$16.2M	$16.6M	50x
Short	Kraken Futures PF_VIRTUALUSD	0.7310	0.0862	get 0.0108% / 1h	29m 00s	$597K	$582K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.096%Rate

Funding earned: $159.97
Price spread: +0.096% → +0.116%: −$2.01
Slippage, 4 orders: −$40.54
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $96.42
Costs to cover: 0.615%
Break-even: 2.8 days

Slippage from Bybit: live order book, 4 min ago; Kraken Futures: live order book, 49 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 Bybit live order book, 4 min ago	1.36 bp	11.0 bp −$11	21.5 bp −$215	241.0 bp −$24.1K	doesn't fit
Sell Kraken Futures live order book, 49 min ago	11.81 bp	18.0 bp −$18	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	−0.0298%	1h	0.7294	−0.123%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7287	−0.217%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7288	−0.205%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7326	+0.314%	$12K	$40K	5x	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7290	−0.173%	$332K	$415K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7297	−0.086%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.547%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0092%	1h	0.7294	−0.130%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7295	−0.110%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7299	−0.056%	$200K	$101K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7300	−0.035%	$73K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7296	−0.092%	$16.6M	$38.4M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7303	long leg	$16.2M	$16.6M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7301	−0.027%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7295	−0.110%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7302	−0.014%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7296	−0.096%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7309	+0.082%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7299	−0.055%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7302	−0.014%	$247K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7306	+0.036%	$537K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7325	+0.303%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7300	−0.041%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7332	+0.397%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7296	−0.099%	$37K	$955K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7288	−0.205%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7302	−0.018%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7292	−0.145%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0106%	1h	0.7311	+0.114%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7296	−0.094%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7291	−0.164%	$816K	$847K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7339	+0.493%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0862%	1h	0.7310	+0.096%	$597K	$582K	50x