Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0707%/8h= −77.5% APRpaid last 24h −0.078%

Price spread now: MEXC against Kraken Futures−0.139%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$630.627% of the position

Long on Kraken Futures Short on MEXC

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)+0.142%+$14 · spread now −0.139%, 7d avg −0.098%

Together, before fees+0.171%+$17 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 MEXC is 0.042% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.098%). Swap the legs.

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	0.7106	0.0807	pay 0.0101% / 1h	47m 32s	$589K	$665K	50x
Short	MEXC VIRTUAL_USDT	0.7096	0.0100	get 0.0050% / 4h	47m 32s	$17.5M	$4.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$148.54
Price spread: −0.139% → −0.098%: −$4.16
Slippage, 4 orders: −$52.66
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$215.36
Costs to cover: 0.627%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 11 min ago; MEXC: live order book, 1 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, 11 min ago	21.00 bp	27.7 bp −$28	60.1 bp −$601	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	0.70 bp	4.5 bp −$5	10.9 bp −$109	87.1 bp −$8,714	256.7 bp −$128.3K

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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0313%	1h	0.7098	−0.111%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7099	−0.100%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7096	−0.139%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0088%	1h	0.7090	−0.221%	$323K	$414K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7137	+0.433%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7103	−0.039%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.156%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7098	−0.111%	$14K	$1.5M	10x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7094	−0.170%	$1K	$9K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7105	−0.014%	$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	0.7099	−0.098%	$95K	$292K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7100	−0.076%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7102	−0.055%	$16.1M	$40.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7099	−0.097%	$16.3M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7102	−0.055%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7097	−0.125%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7096	−0.139%	$17.5M	$4.3M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7094	−0.167%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7098	−0.111%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7100	−0.083%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7100	−0.083%	$238K	$207K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7124	+0.251%	$531K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7103	−0.040%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7103	−0.043%	$630K	$868K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7104	−0.027%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7108	+0.035%	$68K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7096	−0.139%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7100	−0.088%	$55K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7098	−0.116%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0266%	1h	0.7101	−0.065%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7102	−0.055%	$800K	$887K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+1.029%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0807%	1h	0.7106	long leg	$589K	$665K	50x