Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0461%/8h= −50.5% APRpaid last 24h −0.006%

Price spread now: BloFin against Kraken Futures−0.078%57s7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$780.776% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.435%+$43 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now −0.078%, 7d avg −0.100%

Together, before fees+0.425%+$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.022% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.078% now, against its 7-day average of −0.100%): +$2 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 4 hours. Mind the row above: over the last 7 days funding on this pair paid +0.435%, so the current rate has only just turned against you. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7162	0.0801	pay 0.0100% / 1h	16m 17s	$592K	$662K	50x
Short	BloFin VIRTUAL-USDT	0.7156	0.0340	get 0.0170% / 4h	16m 17s	$802K	$897K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.078%Rate

Funding earned: −$96.82
Price spread: −0.078% → −0.100%: $2.17
Slippage, 4 orders: −$55.65
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$172.3
Costs to cover: 0.776%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 42 min ago; BloFin: live order book, 21 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, 42 min ago	21.00 bp	27.7 bp −$28	60.1 bp −$601	doesn't fit	doesn't fit
Sell BloFin live order book, 21 min ago	0.70 bp	9.5 bp −$9	15.6 bp −$156	44.0 bp −$4,402	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	0.7152	−0.136%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7152	−0.134%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0080%	1h	0.7147	−0.211%	$325K	$415K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7161	−0.005%	$11K	$37K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7154	−0.106%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7153	−0.118%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.622%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7152	−0.134%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7161	−0.009%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7156	−0.082%	$96K	$293K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7156	−0.075%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7153	−0.120%	$16.2M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7150	−0.162%	$16.5M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7152	−0.134%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7154	−0.106%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7154	−0.106%	$17.4M	$4.5M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7155	−0.092%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7154	−0.106%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7152	−0.134%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7164	+0.034%	$239K	$208K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7150	−0.159%	$535K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7150	−0.166%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7144	−0.250%	$633K	$890K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7151	−0.148%	$40K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7158	−0.050%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7155	−0.092%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7153	−0.120%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7151	−0.147%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7153	−0.125%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7152	−0.131%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7156	−0.078%	$802K	$897K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	+0.313%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0801%	1h	0.7162	long leg	$592K	$662K	50x