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: Kraken Futures against KuCoin+0.133%7-day average +0.062% · you sell dearer than you buy

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

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

Long on KuCoin Short on Kraken Futures

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)−0.096%−$10 · spread now +0.133%, 7d avg +0.062%

Together, before fees−0.114%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.070% dearer against KuCoin than usual: you sell high and buy low (spread +0.133% now, against its 7-day average of +0.062%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.4 days. At the pace of the last 7 days (−0.019% in total) that is about 27 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin VIRTUALUSDTM	0.7146	0.0100	pay 0.0050% / 4h	1h 48m	$3.4M	$4.5M	50x
Short	Kraken Futures PF_VIRTUALUSD	0.7156	0.0064	get 0.0008% / 1h	48m 27s	$560K	$748K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.133%Rate

Funding earned: −$7.66
Price spread: +0.133% → +0.062%: $7.05
Slippage, 4 orders: −$54.11
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$76.72
Costs to cover: 0.761%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Kraken Futures: live order book, 62 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 KuCoin live order book, 2 min ago	2.10 bp	22.3 bp −$22	60.9 bp −$609	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 62 min ago	9.06 bp	20.9 bp −$21	50.3 bp −$503	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	−0.143%	$47K	$996K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0310%	1h	0.7145	−0.014%	$25K	$40K	10x	as long as short
ApeX Omni VIRTUALUSDT	−0.0194%	1h	0.7152	+0.084%	$40K	$234K	50x	as long as short
Lighter VIRTUAL	−0.0192%	1h	0.7138	−0.105%	$325K	$368K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7145	−0.021%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0128%	1h	0.7145	−0.021%	$1K	$9K	5x	as long as short
Phoenix VIRTUAL	−0.0111%	1h	0.7146	−0.007%	$11K	$32K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7157	+0.148%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.406%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	+0.0052%	4h	0.7143	−0.046%	$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_VIRTUALUSDshort	+0.0064%	1h	0.7156	+0.133%	$560K	$748K	50x
Orderly PERP_VIRTUAL_USDC	+0.0086%	4h	0.7143	−0.042%	$15K	$1.8M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7151	+0.073%	$8.9M	$3.6M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7147	+0.014%	$91K	$306K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7144	−0.028%	$70K	$40K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7138	−0.110%	$16.0M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7138	−0.112%	$16.6M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7140	−0.084%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7146	0.000%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7141	−0.070%	$14.8M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTMlong	+0.0100%	4h	0.7146	long leg	$3.4M	$4.5M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7143	−0.042%	$6.1M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7142	−0.056%	—	$7.8M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7150	+0.056%	$244K	$177K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7145	−0.015%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7151	+0.071%	$632K	$1.4M	10x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7147	+0.014%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7139	−0.092%	$54K	$306K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7142	−0.053%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7155	+0.123%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7147	+0.014%	$781K	$924K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7193	+0.658%	$202K	$96K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6200%	1h	0.7273	+1.777%	$2K	$27	10x	as long as short