VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0738%/8h= −80.8% APRnext payment −$0.92 per $10,000 · paid last 24h −0.006%

Price spread now: Kraken Futures against Coinbase International−0.698%7-day average −0.205% · you buy dearer than you sell

Net, funding: paid 7d − costs−$172as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1261.260% of the position

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.460%−$46 on $10k

Price spread, last 4 days (all we have)+0.594%+$59 · spread now −0.698%, 7d avg −0.205%

Together, before fees+0.134%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Kraken Futures is 0.493% cheaper against Coinbase International than usual: you would sell low and buy high (−$49 if the spread goes back to its 7-day average of −0.205%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.460% in total (about -24.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.92 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	Coinbase International VIRTUAL-PERP-INTX	0.7168	0.0512	pay 0.0064% / 1h	31m 31s	$200K	$101K	50x
Short	Kraken Futures PF_VIRTUALUSD	0.7118	−0.0226	pay 0.0028% / 1h	31m 31s	$512K	$740K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Coinbase International. 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 Coinbase InternationalbpFee Kraken FuturesbpOrdersPrice spread, now −0.698%Rate

Funding earned: −$155.01
Price spread: −0.698% → −0.205%: −$49.32
Slippage, 4 orders: −$106.02
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$330.34
Costs to cover: 1.260%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Kraken Futures: live order book, 2 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 Coinbase International live order book, 1 min ago	6.32 bp	48.6 bp −$49	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	17.55 bp	24.0 bp −$24	48.4 bp −$484	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	−0.0874%	1h	0.7107	−0.851%	$15K	$40K	10x	as long as short
Kraken Futures PF_VIRTUALUSDshort	−0.0226%	1h	0.7118	−0.698%	$512K	$740K	50x
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7107	−0.856%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0128%	1h	0.7105	−0.876%	$321K	$401K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0063%	1h	0.7106	−0.872%	$1K	$9K	5x	as long as short
Bybit VIRTUALUSDT	−0.0050%	4h	0.7106	−0.865%	$16.2M	$18.7M	50x	as long as short
Variational Omni VIRTUAL	−0.0044%	4h	0.7141	−0.379%	$535K	$753K	—	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7113	−0.765%	$11K	$36K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7112	−0.778%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.711%	$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	0.7106	−0.865%	$15K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7112	−0.777%	$92K	$303K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7113	−0.769%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7109	−0.823%	$15.9M	$41.7M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7109	−0.823%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7110	−0.809%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7106	−0.865%	$15.4M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7112	−0.781%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7110	−0.809%	$6.0M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7110	−0.809%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7107	−0.851%	$235K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7116	−0.725%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7141	−0.375%	$630K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7115	−0.739%	$40K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7114	−0.753%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7108	−0.837%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7109	−0.828%	$55K	$307K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7089	−1.104%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0150%	1h	0.7121	−0.650%	$8.8M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7110	−0.806%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7121	−0.656%	$775K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0512%	1h	0.7168	long leg	$200K	$101K	50x
01 Exchange VIRTUALUSD	+0.6256%	1h	0.7247	+1.102%	$2K	$106	10x	as long as short