Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.099%

Price spread now: KuCoin against Kraken Futures−0.064%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$850.847% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.064%, 7d avg −0.069%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.069%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7123	0.0280	pay 0.0035% / 1h	16m 04s	$525K	$761K	50x
Short	KuCoin VIRTUALUSDTM	0.7118	0.0100	get 0.0050% / 4h	2h 16m	$3.0M	$4.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$37.86
Price spread: −0.064% → −0.069%: $0.51
Slippage, 4 orders: −$62.67
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$122.02
Costs to cover: 0.847%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 32 min ago; KuCoin: 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, 32 min ago	12.60 bp	20.0 bp −$20	56.0 bp −$560	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	2.11 bp	15.6 bp −$16	50.4 bp −$504	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	0.7122	−0.013%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7120	−0.036%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7054	−0.957%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0024%	1h	0.7113	−0.133%	$323K	$403K	5x	as long as short
Bybit VIRTUALUSDT	0.0000%	4h	0.7114	−0.120%	$16.2M	$19.0M	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7120	−0.036%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7122	−0.011%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.078%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7121	−0.022%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7129	+0.093%	$8.7M	$4.1M	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	0.7121	−0.018%	$93K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7123	+0.006%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7118	−0.064%	$16.0M	$42.0M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7120	−0.036%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7119	−0.050%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7119	−0.050%	$15.4M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTMshort	+0.0100%	4h	0.7118	−0.064%	$3.0M	$4.4M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7122	−0.008%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7118	−0.064%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7122	−0.008%	$239K	$206K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7079	−0.615%	$527K	$914K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7082	−0.570%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7121	−0.021%	$628K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7130	+0.105%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7124	+0.015%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7125	+0.034%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7119	−0.054%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7116	−0.091%	$53K	$303K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7117	−0.073%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0280%	1h	0.7123	long leg	$525K	$761K	50x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7121	−0.020%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7118	−0.064%	$772K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7132	+0.133%	$199K	$101K	50x	as long as short