Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0325%/8h= +35.6% APRpaid last 24h −0.088%

Price spread now: Gate against Kraken Futures−0.005%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$870.868% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.046%+$5 on $10k

Price spread, last 4 days (all we have)+0.155%+$15 · spread now −0.005%, 7d avg −0.058%

Together, before fees+0.201%+$20 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 Gate 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 −0.058%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.046% in total (about 2.4% 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	0.7159	−0.0225	get 0.0028% / 1h	44m 44s	$515K	$746K	50x
Short	Gate VIRTUAL_USDT	0.7159	0.0100	get 0.0050% / 4h	3h 44m	$1.5M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.005%Rate

Funding earned: $68.21
Price spread: −0.005% → −0.058%: $5.27
Slippage, 4 orders: −$61.78
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$13.29
Costs to cover: 0.868%
Break-even: 8.4 days

Slippage from Kraken Futures: live order book, 53 min ago; Gate: live order book, 3 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, 53 min ago	16.82 bp	26.8 bp −$27	50.9 bp −$509	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	3.49 bp	17.0 bp −$17	94.6 bp −$946	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0309%	1h	0.7153	−0.089%	$15K	$40K	10x	as long as short
Kraken Futures PF_VIRTUALUSDlong	−0.0225%	1h	0.7159	long leg	$515K	$746K	50x
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7152	−0.098%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0112%	1h	0.7150	−0.128%	$323K	$400K	5x	as long as short
Variational Omni VIRTUAL	−0.0036%	4h	0.7152	−0.099%	$536K	$824K	—	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7158	−0.019%	$11K	$36K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7156	−0.047%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.592%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7156	−0.047%	$15K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7157	−0.028%	$93K	$302K	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	0.7159	−0.001%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7157	−0.033%	$16.0M	$42.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7154	−0.075%	$16.3M	$18.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7155	−0.061%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDTshort	+0.0100%	4h	0.7159	−0.005%	$1.5M	$3.2M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7157	−0.033%	$15.8M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7159	−0.005%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7157	−0.033%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7156	−0.047%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7159	−0.005%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7149	−0.151%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7151	−0.118%	$629K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7158	−0.019%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7161	+0.023%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7154	−0.075%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7153	−0.084%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7153	−0.084%	$55K	$310K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7152	−0.100%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0212%	1h	0.7167	+0.102%	$8.8M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7155	−0.056%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7154	−0.075%	$780K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7168	+0.120%	$200K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6272%	1h	0.7293	+1.866%	$2K	$106	10x	as long as short