Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0429%/8h= +47.0% APRpaid last 24h +0.017%

Price spread now: Kraken Futures against edgeX+0.021%76s7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$470.473% of the position

Long on edgeX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.078%−$8 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now +0.021%, 7d avg +0.125%

Together, before fees−0.058%+ Points / potential airdropedgeX: Active · farm board−$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.104% cheaper against edgeX than usual: you would sell low and buy high (spread +0.021% now, against its 7-day average of +0.125%). If the spread goes back, that is −$10 on $10k: about 19 hours of funding at the current rate (+$13 a day). Mind the row above: over the last 7 days funding on this pair cost −0.078%, so the current rate has only just turned in your favour. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.078% in total (about -4.1% 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	edgeX VIRTUALUSDC	0.7114	0.0100	pay 0.0050% / 4h	2h 43m	$19K	$257K	10x
Short	Kraken Futures PF_VIRTUALUSD	0.7115	0.0529	get 0.0066% / 1h	43m 56s	$521K	$522K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against edgeX. 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 edgeXbpFee Kraken FuturesbpOrdersPrice spread, now +0.021%Rate

Funding earned: $90.1
Price spread: +0.021% → +0.125%: −$10.45
Slippage, 4 orders: −$28.31
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $32.34
Costs to cover: 0.473%
Break-even: 4.5 days

Slippage from edgeX: live order book, 43 min ago; Kraken Futures: live order book, 44 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 edgeX live order book, 43 min ago	2.11 bp	7.3 bp −$7	14.2 bp −$142	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 44 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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	+0.046%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7107	−0.099%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7112	−0.030%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7104	−0.137%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0031%	1h	0.7108	−0.081%	$15K	$40K	10x	as long as short
Variational Omni VIRTUAL	−0.0011%	4h	0.7104	−0.144%	$518K	$872K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7109	−0.064%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7107	−0.095%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7102	−0.162%	$323K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7114	+0.002%	$8.7M	$3.6M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7115	+0.020%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7105	−0.119%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7116	+0.032%	$16.3M	$36.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7112	−0.025%	$15.3M	$15.3M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7109	−0.067%	$2.8M	$9.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7112	−0.025%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7117	+0.046%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7113	−0.011%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7116	+0.032%	$6.0M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7114	+0.003%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7109	−0.067%	$237K	$155K	10x	as long as short
edgeX VIRTUALUSDClong	+0.0100%	4h	0.7114	long leg	$19K	$257K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7111	−0.039%	$630K	$994K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7115	+0.017%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7111	−0.037%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7107	−0.095%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7106	−0.115%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7114	+0.009%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7107	−0.101%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7109	−0.071%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7100	−0.193%	$814K	$793K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.538%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0529%	1h	0.7115	+0.021%	$521K	$522K	50x