Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0325%/8h= −35.6% APRpaid last 24h +0.088%

Price spread now: Kraken Futures against Binance+0.144%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$680.677% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$4 on $10k

Price spread, last 4 days (all we have)−0.203%−$20 · spread now +0.144%, 7d avg +0.092%

Together, before fees−0.238%−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.052% dearer against Binance than usual: you sell high and buy low (spread +0.144% now, against its 7-day average of +0.092%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.035% in total) that is about 10 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.035% in total (about -1.8% 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	Binance VIRTUALUSDT	0.7139	0.0100	pay 0.0050% / 4h	3h 35m	$16.0M	$41.8M	75x
Short	Kraken Futures PF_VIRTUALUSD	0.7149	−0.0225	pay 0.0028% / 1h	35m 59s	$515K	$739K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now +0.144%Rate

Funding earned: −$68.28
Price spread: +0.144% → +0.092%: $5.2
Slippage, 4 orders: −$47.67
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$130.75
Costs to cover: 0.677%
Break-even: never at this rate

Slippage from Binance: live order book, 6 min ago; Kraken Futures: live order book, 62 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 Binance live order book, 6 min ago	0.70 bp	8.8 bp −$9	20.3 bp −$203	114.0 bp −$11.4K	doesn't fit
Sell Kraken Futures live order book, 62 min ago	16.82 bp	21.9 bp −$22	51.7 bp −$517	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	−0.0450%	1h	0.7140	+0.011%	$15K	$40K	10x	as long as short
Kraken Futures PF_VIRTUALUSDshort	−0.0225%	1h	0.7149	+0.144%	$515K	$739K	50x
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7142	+0.041%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0096%	1h	0.7139	−0.003%	$322K	$401K	5x	as long as short
Variational Omni VIRTUAL	−0.0062%	4h	0.7137	−0.026%	$535K	$756K	—	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7146	+0.097%	$11K	$36K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0012%	1h	0.7141	+0.032%	$1K	$9K	5x	as long as short
Bybit VIRTUALUSDT	−0.0011%	4h	0.7140	+0.011%	$16.3M	$18.7M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7144	+0.067%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.311%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0072%	4h	0.7142	+0.039%	$15K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7147	+0.112%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7146	+0.092%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDTlong	+0.0100%	4h	0.7139	long leg	$16.0M	$41.8M	75x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7142	+0.039%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7145	+0.081%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7142	+0.039%	$15.7M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7145	+0.081%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7148	+0.123%	$6.0M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7144	+0.067%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7145	+0.081%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7139	−0.007%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7137	−0.027%	$629K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7143	+0.053%	$40K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7141	+0.032%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7140	+0.011%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7138	−0.015%	$55K	$307K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7139	−0.005%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0168%	1h	0.7154	+0.210%	$8.8M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7143	+0.048%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7152	+0.179%	$779K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7168	+0.404%	$200K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6256%	1h	0.7272	+1.860%	$2K	$106	10x	as long as short