Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0677%/8h= −74.2% APRpaid last 24h +0.027%

Price spread now: Kraken Futures against BloFin+0.038%7-day average +0.101% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$520.516% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.424%−$42 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now +0.038%, 7d avg +0.101%

Together, before fees−0.346%−$35 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$20 a day on $10k at the current rate, and Kraken Futures is 0.063% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.101%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.424% in total (about -22.1% 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	BloFin VIRTUAL-USDT	0.7120	0.0340	pay 0.0170% / 4h	59m 17s	$784K	$1.0M	75x
Short	Kraken Futures PF_VIRTUALUSD	0.7123	−0.0337	pay 0.0042% / 1h	59m 17s	$520K	$747K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now +0.038%Rate

Funding earned: −$142.26
Price spread: +0.038% → +0.101%: −$6.29
Slippage, 4 orders: −$29.58
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$200.12
Costs to cover: 0.516%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Kraken Futures: live order book, 44 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 BloFin live order book, 3 min ago	2.11 bp	10.1 bp −$10	18.8 bp −$188	55.3 bp −$5,530	doesn't fit
Sell Kraken Futures live order book, 44 min ago	4.90 bp	18.0 bp −$18	49.0 bp −$490	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
Kraken Futures PF_VIRTUALUSDshort	−0.0337%	1h	0.7123	+0.038%	$520K	$747K	50x
Deribit VIRTUAL_USDC-PERPETUAL	−0.0171%	1h	0.7119	−0.014%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7116	−0.056%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7117	−0.037%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	0.7124	+0.053%	$11K	$36K	5x	as long as short
Variational Omni VIRTUAL	−0.0077%	4h	0.7111	−0.130%	$528K	$903K	—	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7115	−0.065%	$321K	$403K	5x	as long as short
Bybit VIRTUALUSDT	−0.0025%	4h	0.7115	−0.070%	$16.1M	$18.9M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7121	+0.016%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.042%	$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	+0.0073%	4h	0.7118	−0.028%	$16K	$1.7M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7124	+0.050%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7122	+0.024%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7118	−0.028%	$16.0M	$42.2M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7118	−0.028%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7123	+0.042%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7119	−0.014%	$15.8M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7121	+0.014%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7120	0.000%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7118	−0.028%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7126	+0.084%	$236K	$176K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7115	−0.071%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7117	−0.047%	$627K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7118	−0.028%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7116	−0.062%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7122	+0.028%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7118	−0.021%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7117	−0.042%	$55K	$259K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7117	−0.044%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0154%	1h	0.7129	+0.121%	$8.8M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7120	+0.003%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7120	long leg	$784K	$1.0M	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7175	+0.772%	$200K	$101K	50x	as long as short