Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0699%/8h= −76.5% APRpaid last 24h −0.078%

Price spread now: edgeX against Kraken Futures−0.615%76s7-day average −0.124% · 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—prices read too far apart to compare

costs, in and out, $10k−$750.746% of the position

Long on Kraken Futures Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 4 days (all we have)+0.574%+$57 · spread now −0.615%, 7d avg −0.124%

Together, before fees+0.603%+ Points / potential airdropedgeX: Active · farm board+$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and edgeX is 0.491% cheaper against Kraken Futures than usual: you would sell low and buy high (−$49 if the spread goes back to its 7-day average of −0.124%). Swap the legs. 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 0.029% in total (about 1.5% 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	0.7183	0.0799	pay 0.0100% / 1h	2m 18s	$592K	$664K	50x
Short	edgeX VIRTUALUSDC	0.7139	0.0100	get 0.0050% / 4h	2m 18s	$19K	$261K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.615%Rate

Funding earned: −$146.72
Price spread: −0.615% → −0.124%: −$49.09
Slippage, 4 orders: −$55.64
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$270.45
Costs to cover: 0.746%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 56 min ago; edgeX: live order book, 55 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, 56 min ago	21.00 bp	27.7 bp −$28	60.1 bp −$601	doesn't fit	doesn't fit
Sell edgeX live order book, 55 min ago	3.50 bp	9.3 bp −$9	33.8 bp −$338	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7173	−0.143%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7165	−0.249%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0040%	1h	0.7158	−0.351%	$326K	$415K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7155	−0.384%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7174	−0.122%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.917%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7175	−0.110%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7181	−0.032%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7168	−0.214%	$96K	$292K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7165	−0.250%	$71K	$43K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7175	−0.114%	$16.3M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7173	−0.138%	$16.5M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7177	−0.082%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7171	−0.166%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7172	−0.152%	$17.5M	$4.5M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7171	−0.166%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7175	−0.110%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7175	−0.110%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7168	−0.207%	$239K	$208K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7141	−0.587%	$534K	$913K	—	as long as short
edgeX VIRTUALUSDCshort	+0.0100%	4h	0.7139	−0.615%	$19K	$261K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7153	−0.416%	$639K	$913K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7143	−0.555%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7176	−0.099%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7174	−0.124%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7176	−0.096%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7175	−0.117%	$54K	$263K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7174	−0.118%	$18K	—	3x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0308%	1h	0.7178	−0.068%	$15K	$40K	10x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7175	−0.114%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7166	−0.235%	$800K	$898K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	+0.015%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0799%	1h	0.7183	long leg	$592K	$664K	50x