Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.1242%/8h= +136.1% APRpaid last 24h −0.008%

Price spread now: Orderly against ApeX Omni−0.415%70s7-day average −0.037% · you buy dearer than you sell

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

Long on ApeX Omni Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.167%−$17 on $10k

Price spread, last 3 days (all we have)+0.422%+$42 · spread now −0.415%, 7d avg −0.037%

Together, before fees+0.254%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.379% cheaper against ApeX Omni than usual: you would sell low and buy high (spread −0.415% now, against its 7-day average of −0.037%). If the spread goes back, that is −$38 on $10k: about 24 hours of funding at the current rate (+$37 a day). Mind the row above: over the last 7 days funding on this pair cost −0.167%, so the current rate has only just turned in your favour. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.167% in total (about -8.7% 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	ApeX Omni VIRTUALUSDT	0.7222	−0.1153	get 0.0144% / 1h	54m 18s	$41K	$244K	50x
Short	Orderly PERP_VIRTUAL_USDC	0.7192	0.0090	get 0.0045% / 4h	2h 54m	$14K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against ApeX Omni. 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 ApeX OmnibpFee OrderlybpOrdersPrice spread, now −0.415%Rate

Funding earned: $260.92
Price spread: −0.415% → −0.037%: −$37.86
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $207.06
Costs to cover: 0.160%
Break-even: 1.4 days

Slippage unknown: ApeX Omni: live order book, 12 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 ApeX Omni live order book, 12 min ago	5.43 bp	15.0 bp −$15	81.5 bp −$815	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
ApeX Omni VIRTUALUSDTlong	−0.1153%	1h	0.7222	long leg	$41K	$244K	50x
Deribit VIRTUAL_USDC-PERPETUAL	−0.0167%	1h	0.7188	−0.471%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7178	−0.610%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7172	−0.692%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7204	−0.255%	$11K	$46K	5x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7185	−0.507%	$326K	$413K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7184	−0.519%	$4K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0028%	1h	0.7201	−0.291%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.454%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0090%	4h	0.7192	−0.415%	$14K	$1.5M	10x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7186	−0.501%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7183	−0.536%	$170K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7191	−0.429%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7182	−0.554%	$16.5M	$41.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7185	−0.512%	$16.2M	$17.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7186	−0.498%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7184	−0.526%	$1.4M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7177	−0.623%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7181	−0.568%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7199	−0.318%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7184	−0.526%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7186	−0.498%	$249K	$174K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7183	−0.535%	$526K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7225	+0.048%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7205	−0.229%	$641K	$877K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7185	−0.507%	$51K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7200	−0.305%	$1K	$1.4M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7192	−0.418%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7193	−0.402%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7184	−0.525%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7190	−0.443%	$833K	$849K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7288	+0.914%	$198K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1023%	1h	0.7214	−0.104%	$594K	$661K	50x	as long as short