Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0925%/8h= −101.3% APRpaid last 24h −0.059%

Price spread now: OKX against Kraken Futures−0.076%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$790.793% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.038%+$4 on $10k

Price spread, last 3 days (all we have)+0.043%+$4 · spread now −0.076%, 7d avg −0.081%

Together, before fees+0.081%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.081%, so right now this pair is about funding alone: −$28 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.038% in total (about 2.0% 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	0.7201	0.1025	pay 0.0128% / 1h	41m 38s	$594K	$662K	50x
Short	OKX VIRTUAL-USDT-SWAP	0.7196	0.0100	get 0.0050% / 4h	2h 41m	$2.8M	$9.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$194.28
Price spread: −0.076% → −0.081%: $0.47
Slippage, 4 orders: −$59.34
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$273.15
Costs to cover: 0.793%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 26 min ago; OKX: live order book, 1 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	20.93 bp	27.3 bp −$27	63.9 bp −$639	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	2.08 bp	12.8 bp −$13	34.2 bp −$342	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	−0.0306%	1h	0.7193	−0.118%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7197	−0.057%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7194	−0.104%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7198	−0.055%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7241	+0.553%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.173%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0056%	1h	0.7179	−0.315%	$326K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7194	−0.104%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7203	+0.022%	$8.9M	$4.2M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7199	−0.032%	$171K	$194K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7187	−0.199%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7185	−0.229%	$16.5M	$41.2M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7193	−0.118%	$16.4M	$18.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7196	−0.076%	$2.8M	$9.8M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7186	−0.215%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7186	−0.215%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7195	−0.090%	$4.2M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7191	−0.146%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7190	−0.160%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7197	−0.062%	$245K	$176K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7231	+0.415%	$528K	$900K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7239	+0.523%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7225	+0.326%	$640K	$868K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7242	+0.562%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7204	+0.038%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7192	−0.132%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7191	−0.148%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7193	−0.115%	$56K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7193	−0.119%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7196	−0.073%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7252	+0.701%	$826K	$858K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7250	+0.674%	$197K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.1025%	1h	0.7201	long leg	$594K	$662K	50x