Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: ApeX Omni against Backpack+0.042%84s7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as 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−$460.457% of the position

Long on Backpack Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.092%+$9 on $10k

Price spread, last 4 days (all we have)+0.705%+$70 · spread now +0.042%, 7d avg −0.001%

Together, before fees+0.797%+$80 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.043% dearer against Backpack than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.001%. The two prices were read 84 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	Backpack VIRTUAL_USDC_PERP	0.7200	0.0100	pay 0.0013% / 1h	11m 58s	$243K	$170K	10x
Short	ApeX Omni VIRTUALUSDT	0.7203	0.0100	get 0.0013% / 1h	11m 58s	$41K	$240K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Backpack. 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 BackpackbpFee ApeX OmnibpOrdersPrice spread, now +0.042%Rate

Funding earned: $0
Price spread: +0.042% → −0.001%: $4.26
Slippage, 4 orders: −$25.67
Fee Backpack: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$41.42
Costs to cover: 0.457%
Break-even: never at this rate

Slippage from Backpack: live order book, 56 min ago; ApeX Omni: live order book, 54 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 Backpack live order book, 56 min ago	2.03 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 54 min ago	5.43 bp	12.8 bp −$13	100.1 bp −$1,001	doesn't fit	doesn't fit

VIRTUAL on 32 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	0.7197	−0.048%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7197	−0.042%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7201	+0.014%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7202	+0.025%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7209	+0.125%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.153%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0088%	1h	0.7194	−0.083%	$327K	$415K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7201	+0.014%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7206	+0.076%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7199	−0.012%	$98K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7193	−0.091%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7194	−0.080%	$16.4M	$41.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7191	−0.125%	$16.6M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7190	−0.139%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7196	−0.056%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7191	−0.125%	$17.5M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7198	−0.028%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7198	−0.028%	$6.2M	$6.1M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7192	−0.111%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7200	long leg	$243K	$170K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7195	−0.067%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7199	−0.014%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7202	+0.029%	$639K	$881K	10x	as long as short
ApeX Omni VIRTUALUSDTshort	+0.0100%	1h	0.7203	+0.042%	$41K	$240K	50x
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7203	+0.044%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7203	+0.042%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7198	−0.032%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7191	−0.125%	$54K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7198	−0.024%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7199	−0.009%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7216	+0.222%	$189K	$101K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1024%	1h	0.7211	+0.154%	$596K	$668K	50x	as long as short