Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h +0.027%

Price spread now: Kraken Futures against BloFin−0.196%57s7-day average +0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$104as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$610.613% of the position

Long on BloFin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.429%−$43 on $10k

Price spread, last 4 days (all we have)+0.312%+$31 · spread now −0.196%, 7d avg +0.101%

Together, before fees−0.117%−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Kraken Futures is 0.298% cheaper against BloFin than usual: you would sell low and buy high (−$30 if the spread goes back to its 7-day average of +0.101%). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin VIRTUAL-USDT	0.7044	0.0340	pay 0.0170% / 4h	2h 28m	$778K	$1.0M	75x
Short	Kraken Futures PF_VIRTUALUSD	0.7030	0.0284	get 0.0035% / 1h	28m 22s	$520K	$763K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BloFin. 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 BloFinbpFee Kraken FuturesbpOrdersPrice spread, now −0.196%Rate

Funding earned: −$11.77
Price spread: −0.196% → +0.101%: −$29.77
Slippage, 4 orders: −$39.3
Fee BloFin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$102.84
Costs to cover: 0.613%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Kraken Futures: live order book, 20 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 BloFin live order book, 4 min ago	2.84 bp	10.5 bp −$11	24.6 bp −$246	68.0 bp −$6,799	doesn't fit
Sell Kraken Futures live order book, 20 min ago	12.60 bp	21.4 bp −$21	47.3 bp −$473	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	−0.0177%	1h	0.7024	−0.284%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7024	−0.284%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7024	−0.288%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7053	+0.126%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0040%	1h	0.7018	−0.373%	$319K	$403K	5x	as long as short
Bybit VIRTUALUSDT	−0.0015%	4h	0.7017	−0.383%	$16.1M	$18.9M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7024	−0.290%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+1.036%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7021	−0.327%	$14K	$1.4M	10x	as long as short
SoDEX VIRTUAL-USD	+0.0093%	1h	0.7024	−0.291%	$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	0.7037	−0.097%	$8.6M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7026	−0.262%	$91K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7027	−0.241%	$69K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7022	−0.313%	$15.8M	$41.8M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7025	−0.270%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7024	−0.284%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7022	−0.312%	$15.1M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7024	−0.284%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7023	−0.298%	$5.9M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7022	−0.312%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7044	0.000%	$235K	$207K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7036	−0.108%	$527K	$910K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7046	+0.027%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7047	+0.036%	$623K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7044	0.000%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7029	−0.216%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7028	−0.227%	$2K	$1.4M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7020	−0.340%	$56K	$299K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7022	−0.317%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0284%	1h	0.7030	−0.196%	$520K	$763K	50x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7025	−0.277%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7044	long leg	$778K	$1.0M	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+1.675%	$199K	$101K	50x	as long as short