VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0766%/8h= −83.8% APRnext payment −$0.96 per $10,000 · paid last 24h −0.039%

Price spread now: Backpack against Kraken Futures−0.061%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$560.555% of the position

Long on Kraken Futures Short on Backpack

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)+0.070%+$7 · spread now −0.061%, 7d avg −0.044%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.044%, so right now this pair is about funding alone: −$23 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 -0.028% 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	Kraken Futures PF_VIRTUALUSD	0.7276	0.0866	pay 0.0108% / 1h	48m 47s	$592K	$586K	50x
Short	Backpack VIRTUAL_USDC_PERP	0.7272	0.0100	get 0.0013% / 1h	48m 47s	$242K	$159K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kraken Futures. 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 Kraken FuturesbpFee BackpackbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$160.8
Price spread: −0.061% → −0.044%: −$1.69
Slippage, 4 orders: −$35.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$218.03
Costs to cover: 0.555%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 29 min ago; Backpack: live order book, 29 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 Kraken Futures live order book, 29 min ago	11.81 bp	21.5 bp −$22	56.2 bp −$562	doesn't fit	doesn't fit
Sell Backpack live order book, 29 min ago	0.69 bp	8.3 bp −$8	doesn't fit	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7270	−0.088%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7271	−0.075%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7260	−0.225%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0025%	1h	0.7264	−0.171%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7274	−0.037%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.191%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7266	−0.143%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7261	−0.208%	$330K	$413K	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7273	−0.054%	$191K	$99K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7270	−0.092%	$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	0.7264	−0.165%	$16.5M	$38.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7263	−0.185%	$15.9M	$16.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7262	−0.198%	$2.9M	$9.4M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7267	−0.130%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7264	−0.171%	$17.8M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7269	−0.102%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7272	−0.061%	$6.2M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7268	−0.116%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7272	−0.061%	$242K	$159K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7259	−0.245%	$530K	$876K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7260	−0.230%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7267	−0.135%	$645K	$928K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7262	−0.198%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7277	+0.006%	$33K	$945K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7261	−0.212%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7264	−0.174%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7268	−0.110%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7265	−0.164%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0179%	1h	0.7276	−0.002%	$9.0M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7274	−0.035%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7259	−0.240%	$808K	$844K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7278	+0.021%	$198K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0866%	1h	0.7276	long leg	$592K	$586K	50x