Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0921%/8h= −100.8% APRpaid last 24h −0.062%

Price spread now: Bybit against Kraken Futures−0.116%7-day average −0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$760.759% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now −0.116%, 7d avg −0.122%

Together, before fees+0.081%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.122%, so right now this pair is about funding alone: −$28 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.041% in total (about 2.1% 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	Kraken Futures PF_VIRTUALUSD	0.7233	0.1021	pay 0.0128% / 1h	31m 57s	$597K	$666K	50x
Short	Bybit VIRTUALUSDT	0.7225	0.0100	get 0.0050% / 4h	2h 31m	$16.5M	$18.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$193.33
Price spread: −0.116% → −0.122%: $0.56
Slippage, 4 orders: −$54.92
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$268.69
Costs to cover: 0.759%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 36 min ago; Bybit: live order book, 2 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	20.93 bp	27.3 bp −$27	63.9 bp −$639	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.70 bp	11.6 bp −$12	21.9 bp −$219	135.0 bp −$13.5K	doesn't fit

VIRTUAL on 32 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	0.7227	−0.083%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7225	−0.116%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7225	−0.116%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7227	−0.093%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7219	−0.198%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.609%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7222	−0.158%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7215	−0.260%	$328K	$414K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7229	−0.062%	$8.9M	$4.2M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7223	−0.145%	$171K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7222	−0.152%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7225	−0.115%	$16.6M	$41.5M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7225	−0.116%	$16.5M	$18.2M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7222	−0.158%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7226	−0.103%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7219	−0.199%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7228	−0.075%	$4.2M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7223	−0.144%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7222	−0.158%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7225	−0.116%	$244K	$173K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7202	−0.436%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7195	−0.528%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7203	−0.420%	$639K	$888K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7203	−0.421%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7231	−0.032%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7221	−0.172%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7220	−0.179%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7221	−0.174%	$56K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7222	−0.164%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7227	−0.089%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7232	−0.020%	$196K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.1021%	1h	0.7233	long leg	$597K	$666K	50x