Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0014%/8h= −1.5% APRpaid last 24h +0.101%

Price spread now: Kraken Futures against Bybit+0.134%7-day average +0.118% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$490.494% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now +0.134%, 7d avg +0.118%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.118%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7143	0.0009	pay 0.0004% / 4h	1h 05m	$16.2M	$18.9M	50x
Short	Kraken Futures PF_VIRTUALUSD	0.7153	−0.0005	pay 0.0001% / 1h	5m 45s	$522K	$762K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.134%Rate

Funding earned: −$2.87
Price spread: +0.134% → +0.118%: $1.56
Slippage, 4 orders: −$28.45
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$50.75
Costs to cover: 0.494%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 37 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 Bybit live order book, 3 min ago	0.70 bp	10.8 bp −$11	21.6 bp −$216	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 37 min ago	4.90 bp	18.0 bp −$18	49.0 bp −$490	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7157	+0.197%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	0.7146	+0.039%	$11K	$36K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7158	+0.210%	$2K	$106	10x	as long as short
Variational Omni VIRTUAL	−0.0060%	4h	0.7149	+0.087%	$531K	$903K	—	as long as short
Lighter VIRTUAL	−0.0008%	1h	0.7146	+0.039%	$322K	$404K	5x	as long as short
Kraken Futures PF_VIRTUALUSDshort	−0.0005%	1h	0.7153	+0.134%	$522K	$762K	50x
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7157	+0.196%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7157	+0.196%	$14K	—	150x	as long as short
Bybit VIRTUALUSDTlong	+0.0009%	4h	0.7143	long leg	$16.2M	$18.9M	50x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.364%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0072%	4h	0.7155	+0.168%	$16K	$1.7M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7154	+0.157%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7158	+0.210%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7151	+0.107%	$16.1M	$42.3M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7149	+0.084%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7153	+0.140%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7152	+0.126%	$15.9M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7156	+0.182%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7152	+0.126%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7149	+0.084%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7156	+0.182%	$237K	$176K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7148	+0.067%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7144	+0.018%	$630K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7150	+0.098%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7157	+0.189%	$48K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7148	+0.070%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7150	+0.099%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7148	+0.069%	$55K	$259K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7149	+0.078%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0206%	1h	0.7159	+0.221%	$8.8M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7155	+0.172%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7159	+0.224%	$784K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7175	+0.448%	$200K	$101K	50x	as long as short