Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0089%/8h= −9.7% APRpaid last 24h −0.062%

Price spread now: Phoenix against Aster−0.556%85s7-day average — · you buy dearer than you sell

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

Long on Aster 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—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.556% cheaper against Aster than usual: you would sell low and buy high (−$56 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 85 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	Aster VIRTUALUSDT	0.7239	0.0100	pay 0.0050% / 4h	2h 51m	$172K	$194K	20x
Short	Phoenix VIRTUAL	0.7198	0.0011	get 0.0001% / 1h	51m 55s	$11K	$46K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aster. 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 AsterbpFee PhoenixbpOrdersPrice spread, now −0.556%Rate

Funding earned: −$18.68
Price spread: −0.556% → 0.000%: −$55.58
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$89.27
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 15 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 Aster live order book, 15 min ago	8.14 bp	25.8 bp −$26	doesn't fit	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 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 VIRTUALUSDT	−0.1153%	1h	0.7222	−0.231%	$41K	$244K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7240	+0.016%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7245	+0.087%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7240	+0.017%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7240	+0.014%	$4K	—	150x	as long as short
Phoenix VIRTUALshort	+0.0011%	1h	0.7198	−0.556%	$11K	$46K	5x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.682%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0040%	1h	0.7235	−0.054%	$329K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7237	−0.024%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7247	+0.117%	$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 VIRTUALUSDTlong	+0.0100%	4h	0.7239	long leg	$172K	$194K	20x
Pacifica VIRTUAL	+0.0100%	1h	0.7233	−0.084%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7243	+0.052%	$16.7M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7242	+0.045%	$16.5M	$17.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7239	+0.004%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7244	+0.073%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7242	+0.045%	$17.8M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7243	+0.059%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7243	+0.059%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7241	+0.031%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7249	+0.142%	$248K	$176K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7183	−0.765%	$526K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7225	−0.183%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7185	−0.748%	$636K	$878K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7250	+0.158%	$49K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7235	−0.052%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7240	+0.024%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7238	−0.008%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7240	+0.017%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7239	+0.009%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7227	−0.162%	$835K	$854K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7242	+0.045%	$197K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1018%	1h	0.7251	+0.171%	$599K	$664K	50x	as long as short