VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0179%/8h= +19.6% APRnext payment +$0.22 per $10,000 · paid last 24h +0.093%

Price spread now: Kraken Futures against Backpack+0.078%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$690.692% of the position

Long on Backpack Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.078%, 7d avg +0.047%

Together, before fees−0.021%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Kraken Futures is 0.031% dearer against Backpack than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.047%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7156	0.0100	pay 0.0013% / 1h	56m 01s	$239K	$210K	10x
Short	Kraken Futures PF_VIRTUALUSD	0.7162	0.0279	get 0.0035% / 1h	56m 01s	$585K	$675K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Backpack. 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 BackpackbpFee Kraken FuturesbpOrdersPrice spread, now +0.078%Rate

Funding earned: $37.54
Price spread: +0.078% → +0.047%: $3.1
Slippage, 4 orders: −$49.25
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$28.6
Costs to cover: 0.692%
Break-even: 12.3 days

Slippage from Backpack: live order book, 57 min ago; Kraken Futures: live order book, 57 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 Backpack live order book, 57 min ago	1.38 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 57 min ago	17.27 bp	22.6 bp −$23	53.5 bp −$535	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	−0.0169%	1h	0.7155	−0.014%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0160%	1h	0.7147	−0.126%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7148	−0.107%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0128%	1h	0.7149	−0.101%	$325K	$402K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7161	+0.067%	$11K	$36K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7159	+0.044%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.545%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0078%	4h	0.7158	+0.028%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7165	+0.127%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7157	+0.014%	$93K	$299K	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	0.7158	+0.028%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7152	−0.053%	$16.1M	$41.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7150	−0.084%	$16.4M	$18.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7152	−0.056%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7156	0.000%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7149	−0.098%	$15.9M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7156	0.000%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7154	−0.028%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7154	−0.028%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7156	long leg	$239K	$210K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7152	−0.052%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7132	−0.340%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7135	−0.293%	$634K	$966K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7127	−0.405%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7153	−0.046%	$53K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7161	+0.070%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7152	−0.054%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7149	−0.094%	$57K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7153	−0.036%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0279%	1h	0.7162	+0.078%	$585K	$675K	50x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0264%	1h	0.7159	+0.035%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7158	+0.028%	$796K	$986K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+0.084%	$199K	$104K	50x	as long as short