Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0764%/8h= +83.7% APRpaid last 24h +0.039%

Price spread now: Kraken Futures against OKX+0.291%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$660.660% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

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

Price spread, last 3 days (all we have)−0.289%−$29 · spread now +0.291%, 7d avg +0.075%

Together, before fees−0.335%−$34 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$23 a day on $10k at the current rate, and Kraken Futures is 0.217% dearer against OKX than usual: you sell high and buy low: +$22 more if the spread goes back to its 7-day average of +0.075%.

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	OKX VIRTUAL-USDT-SWAP	0.7268	0.0100	pay 0.0050% / 4h	19m 14s	$2.9M	$9.5M	20x
Short	Kraken Futures PF_VIRTUALUSD	0.7289	0.0864	get 0.0108% / 1h	19m 14s	$596K	$581K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.291%Rate

Funding earned: $160.48
Price spread: +0.291% → +0.075%: $21.66
Slippage, 4 orders: −$46
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $116.15
Costs to cover: 0.660%
Break-even: 1.9 days

Slippage from OKX: live order book, 4 min ago; Kraken Futures: live order book, 59 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 OKX live order book, 4 min ago	0.69 bp	13.9 bp −$14	38.1 bp −$381	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 59 min ago	11.81 bp	18.0 bp −$18	44.8 bp −$448	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	−0.0162%	1h	0.7275	+0.096%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7272	+0.055%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7273	+0.075%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0088%	1h	0.7267	−0.008%	$330K	$416K	5x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7256	−0.160%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7278	+0.140%	$8K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0033%	1h	0.7274	+0.076%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.078%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7275	+0.096%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7278	+0.137%	$200K	$102K	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	0.7277	+0.126%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7274	+0.078%	$16.6M	$38.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7271	+0.041%	$16.2M	$16.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAPlong	+0.0100%	4h	0.7268	long leg	$2.9M	$9.5M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7275	+0.096%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7271	+0.041%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7278	+0.138%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7279	+0.151%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7273	+0.069%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7274	+0.083%	$246K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7274	+0.083%	$544K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7255	−0.172%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7263	−0.071%	$645K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7255	−0.179%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7280	+0.162%	$36K	$973K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7274	+0.083%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7273	+0.064%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7274	+0.077%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0109%	1h	0.7283	+0.212%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7277	+0.129%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7276	+0.110%	$824K	$848K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7289	+0.289%	$198K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0864%	1h	0.7289	+0.291%	$596K	$581K	50x