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: Kraken Futures against Orderly+0.121%7-day average +0.099% · you sell dearer than you buy

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

Long on Orderly Short on Kraken Futures

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)−0.038%−$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 for this trade now. Funding pays +$28 a day on $10k at the current rate, and Kraken Futures is 0.022% dearer against Orderly than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.099%.

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	Orderly PERP_VIRTUAL_USDC	0.7250	0.0089	pay 0.0045% / 4h	2h 47m	$14K	$1.5M	10x
Short	Kraken Futures PF_VIRTUALUSD	0.7259	0.1017	get 0.0127% / 1h	47m 55s	$600K	$661K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Orderly. 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 OrderlybpFee Kraken FuturesbpOrdersPrice spread, now +0.121%Rate

Funding earned: $194.81
Price spread: +0.121% → +0.099%: $2.23
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $181.04
Costs to cover: 0.160%
Break-even: 0.5 days

Slippage unknown: Orderly: no order-book sample; Kraken Futures: live order book, 20 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Kraken Futures live order book, 20 min ago	20.93 bp	26.2 bp −$26	50.5 bp −$505	doesn't fit	doesn't fit

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	−0.171%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7246	−0.055%	$2K	$131	10x	as long as short
ApeX Omni VIRTUALUSDT	−0.0054%	1h	0.7242	−0.110%	$41K	$244K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7249	−0.014%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7248	−0.026%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7255	+0.074%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.834%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0048%	1h	0.7246	−0.054%	$329K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0089%	4h	0.7250	long leg	$14K	$1.5M	10x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7264	+0.197%	$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	0.7252	+0.031%	$172K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7258	+0.108%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7253	+0.046%	$16.7M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7250	0.000%	$16.5M	$17.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7247	−0.041%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7254	+0.055%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7251	+0.014%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7254	+0.055%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7254	+0.055%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7253	+0.041%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7256	+0.083%	$247K	$176K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7240	−0.140%	$529K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7210	−0.547%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7230	−0.276%	$640K	$878K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7254	+0.057%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7244	−0.083%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7248	−0.021%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7247	−0.046%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7249	−0.017%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7247	−0.047%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7252	+0.028%	$826K	$858K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7274	+0.331%	$197K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.1017%	1h	0.7259	+0.121%	$600K	$661K	50x