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: BingX against Kraken Futures−0.118%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$480.476% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.139%+$14 on $10k

Price spread, last 3 days (all we have)+0.223%+$22 · spread now −0.118%, 7d avg −0.085%

Together, before fees+0.362%+$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and BingX is 0.033% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.085%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.139%, 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 0.139% in total (about 7.3% 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	0.7118	0.0529	pay 0.0066% / 1h	52m 01s	$519K	$517K	50x
Short	BingX VIRTUAL-USDT	0.7110	0.0100	get 0.0050% / 4h	2h 52m	—	$8.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.118%Rate

Funding earned: −$90.05
Price spread: −0.118% → −0.085%: −$3.32
Slippage, 4 orders: −$27.58
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$140.96
Costs to cover: 0.476%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 36 min ago; BingX: live order book, 1 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, 36 min ago	4.91 bp	20.0 bp −$20	46.4 bp −$464	doesn't fit	doesn't fit
Sell BingX live order book, 1 min ago	1.41 bp	8.6 bp −$9	12.4 bp −$124	25.6 bp −$2,564	100.5 bp −$50.2K

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	−0.020%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7107	−0.158%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7119	+0.004%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7108	−0.146%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0031%	1h	0.7114	−0.062%	$15K	$40K	10x	as long as short
Variational Omni VIRTUAL	−0.0023%	4h	0.7121	+0.043%	$518K	$872K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7114	−0.069%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0080%	1h	0.7106	−0.169%	$323K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7115	−0.048%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7117	−0.026%	$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	0.7116	−0.034%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7110	−0.119%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7110	−0.123%	$16.3M	$36.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7107	−0.160%	$15.3M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7109	−0.132%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7114	−0.062%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7110	−0.118%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7112	−0.090%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7111	−0.104%	$6.0M	$5.2M	25x	as long as short
BingX VIRTUAL-USDTshort	+0.0100%	4h	0.7110	−0.118%	—	$8.1M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7113	−0.076%	$237K	$157K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7127	+0.114%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7122	+0.055%	$631K	$994K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7119	+0.008%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7112	−0.093%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7115	−0.048%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7110	−0.111%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7106	−0.170%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7114	−0.063%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7114	−0.067%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7113	−0.076%	$814K	$799K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.472%	$195K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0529%	1h	0.7118	long leg	$519K	$517K	50x