Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0765%/8h= −83.7% APRpaid last 24h −0.039%

Price spread now: Gate against Kraken Futures−0.013%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$830.826% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 3 days (all we have)+0.014%+$1 · spread now −0.013%, 7d avg −0.056%

Together, before fees+0.080%+$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.043% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.056%): +$4 on $10k if it goes back. Holding the pair costs −$23 a day in funding at the current rate, which eats that in about 5 hours. Mind the row above: over the last 7 days funding on this pair paid +0.066%, 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 0.066% in total (about 3.4% 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	0.7285	0.0865	pay 0.0108% / 1h	10m 25s	$595K	$581K	50x
Short	Gate VIRTUAL_USDT	0.7284	0.0100	get 0.0050% / 4h	10m 25s	$1.5M	$3.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.013%Rate

Funding earned: −$160.59
Price spread: −0.013% → −0.056%: $4.33
Slippage, 4 orders: −$57.65
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$238.91
Costs to cover: 0.826%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 3 min ago; Gate: 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, 3 min ago	10.97 bp	21.9 bp −$22	46.1 bp −$461	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	4.12 bp	15.9 bp −$16	86.6 bp −$866	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
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7291	+0.083%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0162%	1h	0.7273	−0.164%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7283	−0.020%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0128%	1h	0.7285	−0.002%	$331K	$416K	5x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7293	+0.114%	$11K	$40K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0017%	1h	0.7269	−0.219%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7290	+0.066%	$8K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.305%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7270	−0.205%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7289	+0.058%	$200K	$102K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7290	+0.068%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7291	+0.087%	$16.6M	$38.9M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7289	+0.056%	$16.3M	$16.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7291	+0.083%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDTshort	+0.0100%	4h	0.7284	−0.013%	$1.5M	$3.0M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7280	−0.068%	$18.3M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7291	+0.083%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7293	+0.111%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7285	+0.001%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7274	−0.150%	$247K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7266	−0.260%	$543K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7274	−0.152%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7271	−0.193%	$646K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7273	−0.164%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7295	+0.140%	$38K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7272	−0.177%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7290	+0.071%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7269	−0.215%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0114%	1h	0.7298	+0.185%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7286	+0.016%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7271	−0.191%	$816K	$847K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7311	+0.358%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0865%	1h	0.7285	long leg	$595K	$581K	50x