Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0928%/8h= −101.6% APRpaid last 24h −0.068%

Price spread now: Orderly against Kraken Futures−0.121%7-day average −0.099% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$11 on $10k

Price spread, last 3 days (all we have)+0.037%+$4 · spread now −0.121%, 7d avg −0.099%

Together, before fees−0.077%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Orderly is 0.022% cheaper against Kraken Futures than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.099%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.115% in total (about -6.0% 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	0.7259	0.1017	pay 0.0127% / 1h	47m 36s	$600K	$661K	50x
Short	Orderly PERP_VIRTUAL_USDC	0.7250	0.0089	get 0.0045% / 4h	2h 47m	$14K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.121%Rate

Funding earned: −$194.81
Price spread: −0.121% → −0.099%: −$2.22
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$213.02
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 20 min ago; Orderly: no order-book sample. Net counts fees only.

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, 20 min ago	20.93 bp	27.3 bp −$27	63.9 bp −$639	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.7238	−0.291%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7242	−0.231%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7249	−0.135%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7248	−0.147%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7255	−0.047%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.953%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0048%	1h	0.7238	−0.286%	$329K	$413K	5x	as long as short
ApeX Omni VIRTUALUSDT	+0.0070%	1h	0.7254	−0.066%	$41K	$244K	50x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0089%	4h	0.7250	−0.121%	$14K	$1.5M	10x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7256	−0.036%	$8.9M	$4.2M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7250	−0.125%	$172K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7245	−0.193%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7242	−0.237%	$16.6M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7241	−0.245%	$16.5M	$17.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7241	−0.245%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7249	−0.135%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7241	−0.245%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7247	−0.162%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7245	−0.190%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7242	−0.231%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7256	−0.038%	$247K	$176K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7240	−0.261%	$529K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7251	−0.108%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7261	+0.030%	$643K	$878K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7254	−0.065%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7244	−0.204%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7248	−0.142%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7240	−0.264%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7249	−0.138%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7247	−0.168%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7252	−0.094%	$826K	$858K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7274	+0.209%	$197K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.1017%	1h	0.7259	long leg	$600K	$661K	50x