VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1011%/8h= −110.7% APRnext payment −$1.26 per $10,000 · paid last 24h −0.121%

Price spread now: Phoenix against Kraken Futures−0.456%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Phoenix is 0.456% cheaper against Kraken Futures than usual: you would sell low and buy high (−$46 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7226	0.1022	pay 0.0128% / 1h	3m 11s	$597K	$672K	50x
Short	Phoenix VIRTUAL	0.7193	0.0011	get 0.0001% / 1h	3m 11s	$11K	$46K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.456%Rate

Funding earned: −$212.24
Price spread: −0.456% → 0.000%: −$45.65
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$274.89
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 65 min ago; Phoenix: 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, 65 min ago	20.93 bp	27.3 bp −$27	63.9 bp −$639	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 32 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	0.7210	−0.224%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7214	−0.163%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7216	−0.135%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7212	−0.187%	$4K	—	150x	as long as short
Phoenix VIRTUALshort	+0.0011%	1h	0.7193	−0.456%	$11K	$46K	5x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.505%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7215	−0.149%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7210	−0.212%	$327K	$415K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7219	−0.095%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7214	−0.163%	$98K	$291K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7218	−0.108%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7206	−0.274%	$16.5M	$41.2M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7207	−0.260%	$16.6M	$18.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7205	−0.288%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7218	−0.108%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7206	−0.274%	$17.4M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7209	−0.232%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7207	−0.260%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7207	−0.260%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7211	−0.205%	$243K	$161K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7185	−0.568%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7190	−0.497%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7196	−0.412%	$637K	$870K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7195	−0.426%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7221	−0.063%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7216	−0.135%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7214	−0.160%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7212	−0.188%	$54K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7213	−0.177%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7211	−0.199%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7209	−0.232%	$188K	$85K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.1022%	1h	0.7226	long leg	$597K	$672K	50x