Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0386%/8h= −42.3% APRpaid last 24h −0.093%

Price spread now: GRVT against Kraken Futures−0.090%75s7-day average −0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as 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−$930.931% of the position

Long on Kraken Futures Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.065%−$6 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now −0.090%, 7d avg −0.129%

Together, before fees−0.077%+ Points / potential airdropGRVT: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.039% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.090% now, against its 7-day average of −0.129%): +$4 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.065% in total) that is about 4.2 days. The two prices were read 75 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 -0.065% 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	0.7191	0.0486	pay 0.0061% / 1h	32m 14s	$590K	$664K	50x
Short	GRVT VIRTUAL_USDT_Perp	0.7185	0.0100	get 0.0050% / 4h	3h 32m	$638K	$941K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GRVTbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$81.16
Price spread: −0.090% → −0.129%: $3.91
Slippage, 4 orders: −$74.14
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$170.39
Costs to cover: 0.931%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 21 min ago; GRVT: live order book, 21 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, 21 min ago	17.27 bp	29.9 bp −$30	53.9 bp −$539	doesn't fit	doesn't fit
Sell GRVT live order book, 21 min ago	3.46 bp	23.5 bp −$23	87.4 bp −$874	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	0.7182	−0.135%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7179	−0.173%	$2K	$106	10x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7179	−0.169%	$327K	$406K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7185	−0.090%	$15K	$40K	10x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7189	−0.036%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7187	−0.063%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.035%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7185	−0.090%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7192	+0.005%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7183	−0.121%	$94K	$294K	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	0.7186	−0.080%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7183	−0.118%	$16.3M	$41.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7182	−0.132%	$16.6M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7185	−0.090%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7180	−0.159%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7183	−0.118%	$16.5M	$4.6M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7183	−0.118%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7184	−0.104%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7183	−0.118%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7189	−0.034%	$241K	$213K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7181	−0.142%	$537K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7182	−0.133%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perpshort	+0.0100%	4h	0.7185	−0.090%	$638K	$941K	10x
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7198	+0.091%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7185	−0.095%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7179	−0.173%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7185	−0.097%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7183	−0.119%	$57K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7185	−0.092%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7187	−0.061%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7185	−0.090%	$800K	$952K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7205	+0.188%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0486%	1h	0.7191	long leg	$590K	$664K	50x