Funding arb · Price arb /

VIRTUAL

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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: edgeX against Backpack−0.037%85s7-day average −0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as 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−$330.328% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 3 days (all we have)+0.154%+$15 · spread now −0.037%, 7d avg −0.071%

Together, before fees+0.253%+ Points / potential airdropedgeX: Active · farm board+$25 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: edgeX is 0.034% dearer against Backpack than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.071%. 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	Backpack VIRTUAL_USDC_PERP	0.7160	0.0100	pay 0.0013% / 1h	57m 45s	$235K	$159K	10x
Short	edgeX VIRTUALUSDC	0.7157	0.0100	get 0.0050% / 4h	1h 57m	$19K	$257K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.037%Rate

Funding earned: $0
Price spread: −0.037% → −0.071%: $3.44
Slippage, 4 orders: −$13.78
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$29.33
Costs to cover: 0.328%
Break-even: never at this rate

Slippage from Backpack: live order book, 25 min ago; edgeX: live order book, 25 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, 25 min ago	0.70 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 25 min ago	2.78 bp	8.1 bp −$8	21.0 bp −$210	doesn't fit	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
Lighter VIRTUAL	−0.0200%	1h	0.7150	−0.144%	$325K	$414K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0169%	1h	0.7154	−0.084%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7157	−0.049%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7158	−0.031%	$11K	$39K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7154	−0.084%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7162	+0.027%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.601%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7153	−0.098%	$14K	$1.5M	10x	as long as short
SoDEX VIRTUAL-USD	+0.0098%	1h	0.7153	−0.101%	$1K	$9K	5x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7153	−0.094%	$525K	$878K	—	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7177	+0.230%	$8.7M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7161	+0.010%	$194K	$83K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7165	+0.069%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7162	+0.028%	$16.4M	$37.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7163	+0.042%	$15.4M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7166	+0.084%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7160	0.000%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7157	−0.042%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7162	+0.028%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7170	+0.140%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7159	−0.014%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7160	long leg	$235K	$159K	10x
edgeX VIRTUALUSDCshort	+0.0100%	4h	0.7157	−0.037%	$19K	$257K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7157	−0.042%	$634K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7161	+0.014%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7161	+0.017%	$27K	$815K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7154	−0.084%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7159	−0.008%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7155	−0.071%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7161	+0.015%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7168	+0.112%	$815K	$792K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	+0.223%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0512%	1h	0.7161	+0.018%	$536K	$544K	50x	as long as short