Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0289%/8hpaid last 24h 0.000%

Price spread now: Binance against Kraken Futures−0.165%7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$600.605% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.091%+$9 on $10k

Price spread, last 3 days (all we have)+0.094%+$9 · spread now −0.165%, 7d avg −0.087%

Together, before fees+0.186%+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Binance is 0.078% cheaper against Kraken Futures than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.087%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.091%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.091% in total (about 4.8% 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	Kraken Futures PF_VIRTUALUSD	0.7026	0.0389	pay 0.0049% / 1h	6m 19s	$512K	$494K	50x
Short	Binance VIRTUALUSDT	0.7014	0.0100	get 0.0050% / 4h	6m 19s	$16.0M	$35.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.165%Rate

Funding earned: −$60.73
Price spread: −0.165% → −0.087%: −$7.82
Slippage, 4 orders: −$40.49
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$129.03
Costs to cover: 0.605%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 26 min ago; Binance: live order book, 10 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 Kraken Futures live order book, 26 min ago	7.12 bp	23.0 bp −$23	52.4 bp −$524	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	1.43 bp	11.0 bp −$11	28.1 bp −$281	103.4 bp −$10.3K	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	0.7013	−0.174%	$23	—	10x	as long as short
Variational Omni VIRTUAL	−0.0122%	4h	0.7010	−0.223%	$508K	$867K	—	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7015	−0.151%	$2K	$131	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0086%	1h	0.7011	−0.208%	$45	$64K	5.5x	as long as short
Phoenix VIRTUAL	−0.0080%	1h	0.7013	−0.182%	$11K	$45K	5x	as long as short
Lighter VIRTUAL	−0.0040%	1h	0.7010	−0.224%	$319K	$390K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0035%	1h	0.7017	−0.122%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7017	−0.115%	$12K	—	150x	as long as short
Bybit VIRTUALUSDT	+0.0023%	4h	0.7013	−0.179%	$15.2M	$15.2M	50x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0068%	4h	0.7016	−0.137%	$14K	$1.5M	10x	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	0.7024	−0.029%	$8.6M	$3.6M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7017	−0.117%	$191K	$77K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7017	−0.126%	$72K	$42K	5x	as long as short
Binance VIRTUALUSDTshort	+0.0100%	4h	0.7014	−0.165%	$16.0M	$35.9M	75x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7014	−0.165%	$2.7M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7014	−0.165%	$1.4M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7013	−0.179%	$16.3M	$3.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7015	−0.151%	$3.0M	$4.0M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7018	−0.108%	$6.0M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7015	−0.151%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7015	−0.151%	$230K	$163K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7014	−0.161%	$18K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7013	−0.179%	$622K	$929K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7019	−0.094%	$40K	$241K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7019	−0.090%	$33K	$763K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7018	−0.108%	$1K	$1.2M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7015	−0.158%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7014	−0.166%	$55K	$243K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7017	−0.122%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0295% / S −0.0228%	1h	0.7018	−0.110%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7009	−0.236%	$811K	$732K	75x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0389%	1h	0.7026	long leg	$512K	$494K	50x
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7040	+0.205%	$191K	$106K	50x	as long as short