Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0209%/8h= −22.9% APRpaid last 24h −0.105%

Price spread now: Orderly against Kraken Futures−0.130%7-day average −0.101% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.150%−$15 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now −0.130%, 7d avg −0.101%

Together, before fees−0.113%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.030% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.101%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7030	0.0284	pay 0.0035% / 1h	27m 35s	$520K	$763K	50x
Short	Orderly PERP_VIRTUAL_USDC	0.7021	0.0075	get 0.0038% / 4h	2h 27m	$14K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.130%Rate

Funding earned: −$43.83
Price spread: −0.130% → −0.101%: −$2.99
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$62.82
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 21 min ago; Orderly: no order-book sample. Net counts fees only.

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, 21 min ago	12.60 bp	20.0 bp −$20	56.0 bp −$560	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0177%	1h	0.7024	−0.088%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7022	−0.116%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7024	−0.092%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7053	+0.323%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7023	−0.096%	$319K	$403K	5x	as long as short
Bybit VIRTUALUSDT	−0.0013%	4h	0.7020	−0.145%	$16.1M	$18.9M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7024	−0.094%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+1.235%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0075%	4h	0.7021	−0.130%	$14K	$1.4M	10x
SoDEX VIRTUAL-USD	+0.0093%	1h	0.7024	−0.095%	$1K	$9K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7036	+0.077%	$8.6M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7029	−0.023%	$91K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7029	−0.015%	$69K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7029	−0.017%	$15.8M	$41.8M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7026	−0.059%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7027	−0.045%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7027	−0.045%	$15.1M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7029	−0.017%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7027	−0.045%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7026	−0.059%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7031	+0.012%	$235K	$207K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7036	+0.089%	$527K	$910K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7049	+0.269%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7032	+0.020%	$627K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7056	+0.367%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7029	−0.019%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7028	−0.031%	$2K	$1.4M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7024	−0.084%	$56K	$299K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7022	−0.121%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0284%	1h	0.7030	long leg	$520K	$763K	50x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7025	−0.080%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7044	+0.197%	$778K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+1.875%	$199K	$101K	50x	as long as short