Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Binance against Backpack−0.047%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$390.394% of the position

Long on Backpack Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 4 days (all we have)+0.051%+$5 · spread now −0.047%, 7d avg −0.046%

Together, before fees+0.144%+$14 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7234	0.0100	pay 0.0013% / 1h	53m 04s	$247K	$176K	10x
Short	Binance VIRTUALUSDT	0.7231	0.0100	get 0.0050% / 4h	2h 53m	$16.6M	$41.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.047%Rate

Funding earned: $0
Price spread: −0.047% → −0.046%: −$0.05
Slippage, 4 orders: −$19.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$39.5
Costs to cover: 0.394%
Break-even: never at this rate

Slippage from Backpack: live order book, 15 min ago; Binance: live order book, 4 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, 15 min ago	2.03 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	1.39 bp	12.2 bp −$12	29.3 bp −$293	100.7 bp −$10.1K	doesn't fit

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	−0.166%	$41K	$244K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7216	−0.243%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7209	−0.346%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7222	−0.167%	$328K	$413K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7224	−0.138%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7222	−0.163%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7198	−0.491%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.617%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7225	−0.124%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7236	+0.021%	$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	0.7218	−0.217%	$171K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7209	−0.346%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDTshort	+0.0100%	4h	0.7231	−0.047%	$16.6M	$41.0M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7232	−0.028%	$16.4M	$17.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7230	−0.055%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7227	−0.097%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7227	−0.097%	$17.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7221	−0.180%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7232	−0.028%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7229	−0.069%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7234	long leg	$247K	$176K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7183	−0.700%	$526K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7225	−0.118%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7185	−0.683%	$636K	$878K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7219	−0.210%	$49K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7224	−0.138%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7225	−0.131%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7223	−0.156%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7222	−0.163%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7222	−0.161%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7227	−0.097%	$835K	$854K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7210	−0.332%	$196K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1021%	1h	0.7232	−0.029%	$597K	$662K	50x	as long as short