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: MEXC against Backpack−0.084%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.096%+$10 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now −0.084%, 7d avg −0.046%

Together, before fees+0.129%+$13 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: MEXC is 0.038% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7175	0.0100	pay 0.0013% / 1h	40m 50s	$236K	$157K	10x
Short	MEXC VIRTUAL_USDT	0.7169	0.0100	get 0.0050% / 4h	1h 40m	$17.3M	$4.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.084%Rate

Funding earned: $0
Price spread: −0.084% → −0.046%: −$3.78
Slippage, 4 orders: −$12.82
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$26.6
Costs to cover: 0.228%
Break-even: never at this rate

Slippage from Backpack: live order book, 42 min ago; MEXC: 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, 42 min ago	0.70 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.70 bp	3.3 bp −$3	6.9 bp −$69	59.0 bp −$5,902	248.9 bp −$124.5K

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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0168%	1h	0.7171	−0.056%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7173	−0.030%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7172	−0.042%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0080%	1h	0.7170	−0.071%	$326K	$414K	5x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7163	−0.171%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7176	+0.010%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.808%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7172	−0.042%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7182	+0.093%	$8.7M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7180	+0.063%	$194K	$82K	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	0.7183	+0.117%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7171	−0.056%	$16.3M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7170	−0.070%	$15.5M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7170	−0.070%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7179	+0.056%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7169	−0.084%	$17.3M	$4.1M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7179	+0.056%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7175	0.000%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7178	+0.042%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7175	long leg	$236K	$157K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7141	−0.476%	$523K	$875K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7168	−0.099%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7160	−0.209%	$634K	$960K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7164	−0.153%	$40K	$246K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7179	+0.052%	$32K	$832K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7173	−0.028%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7170	−0.067%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7170	−0.075%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7173	−0.023%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7175	+0.006%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7168	−0.098%	$807K	$790K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7189	+0.195%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0511%	1h	0.7182	+0.094%	$538K	$540K	50x	as long as short