Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0389%/8h= −42.5% APRpaid last 24h −0.093%

Price spread now: OKX against Kraken Futures+0.007%7-day average −0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$70as in the Price arb table

costs, in and out, $10k−$790.791% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$1 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now +0.007%, 7d avg −0.082%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.089% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.007% now, against its 7-day average of −0.082%): +$9 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 18 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.015% in total (about 0.8% 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	0.7161	0.0489	pay 0.0061% / 1h	7m 55s	$587K	$670K	50x
Short	OKX VIRTUAL-USDT-SWAP	0.7161	0.0100	get 0.0050% / 4h	3h 07m	$2.8M	$9.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$81.6
Price spread: +0.007% → −0.082%: $8.86
Slippage, 4 orders: −$59.07
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$151.81
Costs to cover: 0.791%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 45 min ago; OKX: live order book, 5 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, 45 min ago	17.27 bp	29.9 bp −$30	53.9 bp −$539	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	1.39 bp	13.0 bp −$13	32.7 bp −$327	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
Lighter VIRTUAL	−0.0224%	1h	0.7147	−0.186%	$325K	$407K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0169%	1h	0.7151	−0.133%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0160%	1h	0.7144	−0.231%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7150	−0.154%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0053%	1h	0.7151	−0.126%	$1K	$9K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7175	+0.205%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7156	−0.066%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.608%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0082%	4h	0.7155	−0.077%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7165	+0.057%	$8.8M	$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	0.7156	−0.059%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7151	−0.127%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7157	−0.049%	$16.2M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7156	−0.063%	$16.5M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7161	+0.007%	$2.8M	$9.9M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7153	−0.105%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7159	−0.021%	$16.0M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7160	−0.007%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7158	−0.035%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7154	−0.091%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7156	−0.063%	$237K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7155	−0.074%	$536K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7173	+0.179%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7173	+0.175%	$637K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7181	+0.286%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7151	−0.130%	$53K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7157	−0.049%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7157	−0.044%	$54K	$254K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7150	−0.141%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0264%	1h	0.7155	−0.081%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7141	−0.272%	$792K	$947K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7200	+0.552%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0489%	1h	0.7161	long leg	$587K	$670K	50x