Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h −0.077%

Price spread now: Bybit against Kraken Futures−0.105%7-day average −0.115% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$600.601% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.032%+$3 · spread now −0.105%, 7d avg −0.115%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.115%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7106	0.0064	pay 0.0008% / 1h	29m 04s	$556K	$742K	50x
Short	Bybit VIRTUALUSDT	0.7099	0.0100	get 0.0050% / 4h	1h 29m	$16.5M	$18.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.105%Rate

Funding earned: $7.57
Price spread: −0.105% → −0.115%: $0.98
Slippage, 4 orders: −$39.09
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$51.54
Costs to cover: 0.601%
Break-even: 54.6 days

Slippage from Kraken Futures: live order book, 17 min ago; Bybit: live order book, 3 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, 17 min ago	9.80 bp	23.7 bp −$24	57.5 bp −$575	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.70 bp	10.7 bp −$11	24.6 bp −$246	126.0 bp −$12.6K	doesn't fit

VIRTUAL on 33 exchanges

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	−0.0313%	1h	0.7100	−0.091%	$25K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0184%	1h	0.7096	−0.150%	$323K	$369K	5x	as long as short
Polymarket Perps VIRTUAL-USD	−0.0170%	1h	0.7102	−0.057%	$33K	$1.0M	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7096	−0.147%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0111%	1h	0.7094	−0.173%	$11K	$32K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0016%	1h	0.7100	−0.091%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7093	−0.196%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.148%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	+0.0059%	4h	0.7096	−0.143%	$673K	$816K	—	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0064%	1h	0.7106	long leg	$556K	$742K	50x

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0084%	4h	0.7100	−0.091%	$14K	$1.8M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7106	−0.001%	$8.8M	$3.5M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7101	−0.076%	$99K	$306K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7105	−0.017%	$70K	$40K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7097	−0.133%	$15.8M	$40.7M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7099	−0.105%	$16.5M	$18.6M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7095	−0.161%	$2.7M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7100	−0.091%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7096	−0.147%	$14.5M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7102	−0.063%	$3.4M	$4.6M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7100	−0.091%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7097	−0.133%	—	$7.8M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7098	−0.119%	$244K	$178K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7090	−0.236%	$19K	$254K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7091	−0.218%	$632K	$1.5M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7094	−0.175%	$40K	$234K	50x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7104	−0.035%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7096	−0.149%	$54K	$309K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7098	−0.123%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0311% / S −0.0258%	1h	0.7103	−0.054%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7095	−0.161%	$775K	$928K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7167	+0.852%	$201K	$96K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6224%	1h	0.7239	+1.865%	$2K	$27	10x	as long as short