Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0637%/8h= −69.8% APRpaid last 24h −0.052%

Price spread now: Binance against Kraken Futures−0.247%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$650.647% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.062%+$6 on $10k

Price spread, last 3 days (all we have)+0.180%+$18 · spread now −0.247%, 7d avg −0.095%

Together, before fees+0.242%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Binance is 0.152% cheaper against Kraken Futures than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.095%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.062%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.062% in total (about 3.2% 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	Kraken Futures PF_VIRTUALUSD	0.7341	0.0737	pay 0.0092% / 1h	41m 55s	$606K	$634K	50x
Short	Binance VIRTUALUSDT	0.7323	0.0100	get 0.0050% / 4h	3h 41m	$16.9M	$39.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.247%Rate

Funding earned: −$133.8
Price spread: −0.247% → −0.095%: −$15.2
Slippage, 4 orders: −$44.72
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$213.72
Costs to cover: 0.647%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 31 min ago; Binance: live order book, 15 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 Kraken Futures live order book, 31 min ago	10.97 bp	21.9 bp −$22	46.1 bp −$461	doesn't fit	doesn't fit
Sell Binance live order book, 15 min ago	0.68 bp	9.3 bp −$9	24.9 bp −$249	95.6 bp −$9,557	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7326	−0.207%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7302	−0.533%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7331	−0.141%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7329	−0.168%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7330	−0.159%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−3.056%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0056%	1h	0.7327	−0.201%	$332K	$417K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7328	−0.182%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7332	−0.131%	$200K	$158K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7329	−0.166%	$72K	$45K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDTshort	+0.0100%	4h	0.7323	−0.247%	$16.9M	$39.6M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7324	−0.236%	$16.4M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7321	−0.277%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7331	−0.141%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7320	−0.291%	$18.5M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7329	−0.168%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7332	−0.127%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7328	−0.182%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7334	−0.100%	$249K	$166K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7302	−0.538%	$546K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7295	−0.628%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7303	−0.521%	$648K	$916K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7299	−0.577%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7336	−0.067%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7327	−0.195%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7329	−0.161%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7320	−0.291%	$58K	$249K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7328	−0.178%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0133%	1h	0.7339	−0.035%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7329	−0.166%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7310	−0.427%	$827K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7366	+0.336%	$200K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0737%	1h	0.7341	long leg	$606K	$634K	50x