VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0765%/8h= +83.8% APRnext payment +$0.96 per $10,000 · paid last 24h +0.039%

Price spread now: Kraken Futures against Backpack+0.172%51s7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as 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−$560.555% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 3 days (all we have)−0.181%−$18 · spread now +0.172%, 7d avg +0.044%

Together, before fees−0.154%−$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Kraken Futures is 0.128% dearer against Backpack than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.044%. The two prices were read 51 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 0.028% in total (about 1.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.96 per $10,000. 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	Backpack VIRTUAL_USDC_PERP	0.7271	0.0100	pay 0.0013% / 1h	50m 17s	$241K	$159K	10x
Short	Kraken Futures PF_VIRTUALUSD	0.7284	0.0865	get 0.0108% / 1h	50m 17s	$593K	$586K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. 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 BackpackbpFee Kraken FuturesbpOrdersPrice spread, now +0.172%Rate

Funding earned: $160.62
Price spread: +0.172% → +0.044%: $12.82
Slippage, 4 orders: −$35.54
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $117.9
Costs to cover: 0.555%
Break-even: 1.9 days

Slippage from Backpack: live order book, 28 min ago; Kraken Futures: live order book, 28 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 Backpack live order book, 28 min ago	0.69 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 28 min ago	11.81 bp	18.0 bp −$18	44.8 bp −$448	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0163%	1h	0.7268	−0.041%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7269	−0.034%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7261	−0.138%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7269	−0.029%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7271	+0.003%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.118%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0072%	1h	0.7270	−0.017%	$331K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7270	−0.014%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7275	+0.055%	$191K	$95K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7276	+0.072%	$73K	$44K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7268	−0.043%	$16.5M	$38.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7267	−0.055%	$15.9M	$16.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7266	−0.069%	$2.9M	$9.4M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7273	+0.028%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7267	−0.055%	$17.8M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7275	+0.055%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7274	+0.041%	$6.2M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7272	+0.014%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7271	long leg	$241K	$159K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7259	−0.171%	$530K	$876K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7252	−0.263%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7253	−0.248%	$642K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7266	−0.069%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7277	+0.080%	$33K	$945K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7265	−0.083%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7266	−0.072%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7265	−0.088%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7268	−0.042%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0219%	1h	0.7279	+0.113%	$9.0M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7270	−0.008%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7257	−0.193%	$808K	$844K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7278	+0.096%	$198K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0865%	1h	0.7284	+0.172%	$593K	$586K	50x