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= +4.0% APRpaid last 24h −0.075%

Price spread now: KuCoin against Kraken Futures−0.042%7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$760.761% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.042%, 7d avg −0.062%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and KuCoin is 0.021% dearer against Kraken Futures than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.062%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7152	0.0064	pay 0.0008% / 1h	47m 38s	$559K	$748K	50x
Short	KuCoin VIRTUALUSDTM	0.7149	0.0100	get 0.0050% / 4h	1h 47m	$3.4M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.042%Rate

Funding earned: $7.66
Price spread: −0.042% → −0.062%: $2.09
Slippage, 4 orders: −$54.11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$66.36
Costs to cover: 0.761%
Break-even: 67.7 days

Slippage from Kraken Futures: live order book, 63 min ago; KuCoin: 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, 63 min ago	9.06 bp	16.2 bp −$16	42.0 bp −$420	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	2.10 bp	16.7 bp −$17	53.1 bp −$531	doesn't fit	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
Polymarket Perps VIRTUAL-USD	−0.0618%	1h	0.7136	−0.226%	$47K	$996K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0450%	1h	0.7142	−0.139%	$25K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0208%	1h	0.7143	−0.130%	$325K	$368K	5x	as long as short
ApeX Omni VIRTUALUSDT	−0.0194%	1h	0.7152	0.000%	$40K	$234K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7145	−0.104%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0127%	1h	0.7141	−0.146%	$1K	$9K	5x	as long as short
Phoenix VIRTUAL	−0.0111%	1h	0.7146	−0.090%	$11K	$32K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7144	−0.115%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.489%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	+0.0052%	4h	0.7143	−0.130%	$678K	$816K	—	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_VIRTUALUSDlong	+0.0064%	1h	0.7152	long leg	$559K	$748K	50x
Orderly PERP_VIRTUAL_USDC	+0.0085%	4h	0.7140	−0.167%	$15K	$1.8M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7158	+0.080%	$8.9M	$3.6M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7147	−0.067%	$91K	$306K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7150	−0.028%	$70K	$40K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7144	−0.117%	$16.0M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7143	−0.125%	$16.6M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7148	−0.056%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7149	−0.042%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7147	−0.069%	$14.8M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTMshort	+0.0100%	4h	0.7149	−0.042%	$3.4M	$4.5M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7151	−0.014%	$6.1M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7148	−0.056%	—	$7.8M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7150	−0.028%	$244K	$177K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7145	−0.099%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7151	−0.012%	$632K	$1.4M	10x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7143	−0.125%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7144	−0.117%	$54K	$306K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7140	−0.166%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7148	−0.050%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7147	−0.069%	$781K	$924K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7193	+0.574%	$202K	$96K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6192%	1h	0.7278	+1.762%	$2K	$27	10x	as long as short