VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0293%/8h= −32.1% APRnext payment −$0.37 per $10,000 · paid last 24h +0.021%

Price spread now: Coinbase International against Kraken Futures+0.069%7-day average +0.168% · you sell dearer than you buy

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$159as in the Price arb table

costs, in and out, $10k−$1491.490% of the position

Long on Kraken Futures Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.480%+$48 on $10k

Price spread, last 3 days (all we have)+0.120%+$12 · spread now +0.069%, 7d avg +0.168%

Together, before fees+0.600%+$60 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Coinbase International is 0.099% cheaper against Kraken Futures than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.168%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.480%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7305	0.0741	pay 0.0093% / 1h	30m 42s	$603K	$644K	50x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7310	0.0448	get 0.0056% / 1h	30m 42s	$198K	$91K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.069%Rate

Funding earned: −$61.49
Price spread: +0.069% → +0.168%: −$9.9
Slippage, 4 orders: −$129
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$220.39
Costs to cover: 1.490%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 42 min ago; Coinbase International: live order book, 42 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	10.97 bp	21.9 bp −$22	46.1 bp −$461	doesn't fit	doesn't fit
Sell Coinbase International live order book, 42 min ago	6.86 bp	52.5 bp −$52	889.1 bp −$8,891	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	0.7293	−0.165%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7316	+0.151%	$12K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7298	−0.096%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7295	−0.137%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7295	−0.139%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.573%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0056%	1h	0.7286	−0.261%	$331K	$417K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7294	−0.150%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7303	−0.027%	$199K	$155K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7291	−0.191%	$72K	$45K	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	0.7288	−0.232%	$16.9M	$39.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7289	−0.219%	$16.5M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7287	−0.246%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7299	−0.082%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7288	−0.232%	$18.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7292	−0.178%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7293	−0.164%	$6.3M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7290	−0.205%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7298	−0.096%	$247K	$165K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7291	−0.193%	$546K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7326	+0.293%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7327	+0.304%	$651K	$889K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7311	+0.082%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7302	−0.045%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7295	−0.137%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7294	−0.157%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7294	−0.144%	$55K	$321K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7295	−0.142%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0187%	1h	0.7302	−0.039%	$9.0M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7293	−0.161%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7297	−0.109%	$833K	$841K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0448%	1h	0.7310	+0.069%	$198K	$91K	50x
Kraken Futures PF_VIRTUALUSDlong	+0.0741%	1h	0.7305	long leg	$603K	$644K	50x