Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0037%/8h= −4.0% APRpaid last 24h +0.075%

Price spread now: Kraken Futures against OKX+0.199%55s7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$610.613% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.016%−$2 on $10k

Price spread, last 4 days (all we have)−0.277%−$28 · spread now +0.199%, 7d avg +0.075%

Together, before fees−0.294%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.124% dearer against OKX than usual: you sell high and buy low (spread +0.199% now, against its 7-day average of +0.075%): +$12 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.016% in total) that is about 53 days. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX VIRTUAL-USDT-SWAP	0.7151	0.0100	pay 0.0050% / 4h	1h 52m	$2.8M	$9.7M	20x
Short	Kraken Futures PF_VIRTUALUSD	0.7165	0.0063	get 0.0008% / 1h	52m 26s	$560K	$748K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.199%Rate

Funding earned: −$7.68
Price spread: +0.199% → +0.075%: $12.36
Slippage, 4 orders: −$41.26
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$56.58
Costs to cover: 0.613%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Kraken Futures: live order book, 58 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 OKX live order book, 4 min ago	2.09 bp	10.2 bp −$10	34.3 bp −$343	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 58 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0448%	1h	0.7154	+0.042%	$25K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0168%	1h	0.7147	−0.059%	$325K	$368K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7148	−0.045%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0111%	1h	0.7173	+0.305%	$11K	$32K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0093%	1h	0.7154	+0.043%	$1K	$9K	5x	as long as short
ApeX Omni VIRTUALUSDT	−0.0061%	1h	0.7163	+0.168%	$40K	$234K	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7157	+0.078%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.475%	$46	$88K	5.5x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0063%	1h	0.7165	+0.199%	$560K	$748K	50x
Variational Omni VIRTUAL	+0.0076%	4h	0.7163	+0.163%	$680K	$816K	—	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0085%	4h	0.7151	0.000%	$15K	$1.8M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7162	+0.151%	$8.9M	$3.6M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7162	+0.152%	$92K	$297K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7155	+0.056%	$70K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7153	+0.030%	$16.0M	$40.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7150	−0.014%	$16.6M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAPlong	+0.0100%	4h	0.7151	long leg	$2.8M	$9.7M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7156	+0.070%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7151	0.000%	$14.8M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7156	+0.070%	$3.4M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7157	+0.084%	$6.1M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7151	0.000%	—	$7.8M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7158	+0.098%	$245K	$177K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7172	+0.288%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7157	+0.080%	$630K	$1.4M	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7156	+0.063%	$47K	$996K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7156	+0.070%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7149	−0.030%	$54K	$310K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7155	+0.051%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7158	+0.094%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7160	+0.126%	$780K	$957K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7193	+0.587%	$202K	$96K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6216%	1h	0.7285	+1.874%	$2K	$27	10x	as long as short