Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0386%/8h= +42.3% APRpaid last 24h +0.093%

Price spread now: Kraken Futures against Gate+0.066%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$870.867% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now +0.066%, 7d avg +0.063%

Together, before fees−0.098%−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.063%, so right now this pair is about funding alone: +$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.044% in total (about -2.3% 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	Gate VIRTUAL_USDT	0.7192	0.0100	pay 0.0050% / 4h	3h 28m	$1.5M	$3.3M	75x
Short	Kraken Futures PF_VIRTUALUSD	0.7197	0.0486	get 0.0061% / 1h	28m 31s	$590K	$665K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Gate. 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 GatebpFee Kraken FuturesbpOrdersPrice spread, now +0.066%Rate

Funding earned: $81.08
Price spread: +0.066% → +0.063%: $0.28
Slippage, 4 orders: −$61.67
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$5.31
Costs to cover: 0.867%
Break-even: 7.5 days

Slippage from Gate: live order book, 4 min ago; Kraken Futures: live order book, 25 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 Gate live order book, 4 min ago	3.48 bp	16.5 bp −$16	81.1 bp −$811	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 25 min ago	17.27 bp	22.6 bp −$23	53.5 bp −$535	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	−0.0445%	1h	0.7190	−0.028%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7180	−0.168%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7171	−0.292%	$2K	$106	10x	as long as short
Lighter VIRTUAL	−0.0112%	1h	0.7181	−0.146%	$327K	$406K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7210	+0.249%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7195	+0.040%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.043%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7192	0.000%	$14K	$1.4M	10x	as long as short
SoDEX VIRTUAL-USD	+0.0093%	1h	0.7191	−0.017%	$1K	$9K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7193	+0.013%	$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	0.7190	−0.021%	$94K	$294K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7191	−0.014%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7183	−0.125%	$16.3M	$41.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7179	−0.181%	$16.6M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7183	−0.125%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDTlong	+0.0100%	4h	0.7192	long leg	$1.5M	$3.3M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7183	−0.125%	$16.5M	$4.7M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7189	−0.042%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7187	−0.070%	$6.2M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7189	−0.042%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7192	0.000%	$241K	$213K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7208	+0.219%	$539K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7198	+0.083%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7206	+0.200%	$640K	$941K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7210	+0.250%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7185	−0.100%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7188	−0.056%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7183	−0.123%	$57K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7189	−0.042%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7194	+0.027%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7185	−0.097%	$800K	$952K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7214	+0.306%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0486%	1h	0.7197	+0.066%	$590K	$665K	50x