Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: BingX against Backpack−0.042%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$320.315% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.157%+$16 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now −0.042%, 7d avg −0.039%

Together, before fees+0.204%+$20 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	0.7208	0.0100	pay 0.0013% / 1h	24m 52s	$239K	$159K	10x
Short	BingX VIRTUAL-USDT	0.7205	0.0100	get 0.0050% / 4h	1h 24m	—	$8.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.042%Rate

Funding earned: $0
Price spread: −0.042% → −0.039%: −$0.31
Slippage, 4 orders: −$11.54
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$31.85
Costs to cover: 0.315%
Break-even: never at this rate

Slippage from Backpack: live order book, 58 min ago; BingX: live order book, 3 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, 58 min ago	0.70 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 3 min ago	0.70 bp	7.5 bp −$8	11.3 bp −$113	25.4 bp −$2,542	79.5 bp −$39.8K

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	0.7191	−0.242%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0120%	1h	0.7192	−0.226%	$327K	$414K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7189	−0.264%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7181	−0.372%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7198	−0.139%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7196	−0.170%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.262%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7194	−0.194%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7213	+0.068%	$8.8M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7206	−0.021%	$196K	$84K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7184	−0.334%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7206	−0.024%	$16.4M	$37.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7202	−0.083%	$15.6M	$15.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7208	0.000%	$2.8M	$9.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7204	−0.055%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7202	−0.083%	$17.3M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7206	−0.028%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7212	+0.055%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDTshort	+0.0100%	4h	0.7205	−0.042%	—	$8.1M	—
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7208	long leg	$239K	$159K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7170	−0.533%	$525K	$877K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7146	−0.854%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7162	−0.641%	$634K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7149	−0.819%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7197	−0.148%	$31K	$869K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7188	−0.277%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7196	−0.173%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7205	−0.046%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7195	−0.181%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7195	−0.175%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7197	−0.153%	$810K	$794K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7187	−0.291%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0509%	1h	0.7209	+0.010%	$585K	$596K	50x	as long as short