Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0337%/8h= +36.9% APRpaid last 24h −0.088%

Price spread now: Binance against Kraken Futures−0.039%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$690.690% of the position

Long on Kraken Futures Short on Binance

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)+0.098%+$10 · spread now −0.039%, 7d avg −0.092%

Together, before fees+0.133%+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Binance is 0.053% dearer against Kraken Futures than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.092%.

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	Kraken Futures PF_VIRTUALUSD	0.7251	−0.0237	get 0.0030% / 1h	58m 35s	$519K	$724K	50x
Short	Binance VIRTUALUSDT	0.7248	0.0100	get 0.0050% / 4h	2h 58m	$16.2M	$41.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.039%Rate

Funding earned: $70.76
Price spread: −0.039% → −0.092%: $5.34
Slippage, 4 orders: −$48.97
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $7.13
Costs to cover: 0.690%
Break-even: 6.3 days

Slippage from Kraken Futures: live order book, 35 min ago; Binance: live order book, 13 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, 35 min ago	17.55 bp	25.1 bp −$25	50.2 bp −$502	doesn't fit	doesn't fit
Sell Binance live order book, 13 min ago	0.69 bp	11.3 bp −$11	23.9 bp −$239	103.5 bp −$10.3K	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	−0.0440%	1h	0.7246	−0.067%	$15K	$30K	10x	as long as short
Kraken Futures PF_VIRTUALUSDlong	−0.0237%	1h	0.7251	long leg	$519K	$724K	50x
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7249	−0.030%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0133%	1h	0.7248	−0.046%	$1K	$9K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7276	+0.344%	$11K	$35K	5x	as long as short
Backpack VIRTUAL_USDC_PERP	−0.0021%	1h	0.7257	+0.085%	$248K	$174K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7279	+0.388%	$22K	—	150x	as long as short
Lighter VIRTUAL	+0.0032%	1h	0.7245	−0.087%	$330K	$383K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.846%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	+0.0049%	4h	0.7249	−0.023%	$543K	$754K	—	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	+0.0084%	4h	0.7249	−0.025%	$15K	$1.9M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7257	+0.084%	$9.0M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7256	+0.075%	$92K	$304K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7253	+0.025%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDTshort	+0.0100%	4h	0.7248	−0.039%	$16.2M	$41.5M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7246	−0.067%	$16.8M	$18.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7248	−0.039%	$2.9M	$10.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7253	+0.030%	$1.6M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7250	−0.011%	$15.5M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7254	+0.044%	$3.4M	$4.6M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7253	+0.030%	$6.1M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7252	+0.016%	—	$7.9M	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7252	+0.015%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7258	+0.104%	$640K	$1.3M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7257	+0.085%	$41K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7264	+0.182%	$48K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7247	−0.053%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7250	−0.011%	$54K	$308K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7248	−0.039%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7252	+0.020%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7270	+0.264%	$781K	$1.1M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7289	+0.526%	$203K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6168%	1h	0.7391	+1.933%	$2K	$80	10x	as long as short