Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0922%/8h= −100.9% APRpaid last 24h −0.062%

Price spread now: Bybit against Kraken Futures−0.197%7-day average −0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

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

costs, in and out, $10k−$570.567% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.041%+$4 on $10k

Price spread, last 3 days (all we have)+0.121%+$12 · spread now −0.197%, 7d avg −0.122%

Together, before fees+0.162%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Bybit is 0.075% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.122%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.041% in total (about 2.1% 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	0.7224	0.1022	pay 0.0128% / 1h	2m 11s	$597K	$671K	50x
Short	Bybit VIRTUALUSDT	0.7210	0.0100	get 0.0050% / 4h	2h 02m	$16.6M	$18.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.197%Rate

Funding earned: −$193.6
Price spread: −0.197% → −0.122%: −$7.48
Slippage, 4 orders: −$35.66
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$257.74
Costs to cover: 0.567%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	7.62 bp	18.0 bp −$18	49.4 bp −$494	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.69 bp	10.0 bp −$10	24.8 bp −$248	136.0 bp −$13.6K	doesn't fit

VIRTUAL on 32 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	0.7211	−0.185%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7209	−0.211%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0027%	1h	0.7211	−0.183%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7213	−0.153%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7193	−0.435%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.484%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7213	−0.155%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7207	−0.234%	$327K	$415K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7217	−0.100%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7214	−0.141%	$98K	$291K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7209	−0.217%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7212	−0.169%	$16.5M	$41.0M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7210	−0.197%	$16.6M	$18.2M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7208	−0.224%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7214	−0.141%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7210	−0.197%	$17.4M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7212	−0.169%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7213	−0.155%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7211	−0.183%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7214	−0.141%	$243K	$161K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7185	−0.546%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7190	−0.475%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7196	−0.391%	$637K	$870K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7195	−0.404%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7218	−0.093%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7215	−0.128%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7212	−0.175%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7208	−0.221%	$54K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7212	−0.168%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7213	−0.149%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7209	−0.211%	$188K	$85K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.1022%	1h	0.7224	long leg	$597K	$671K	50x