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: OKX against Backpack−0.195%46s7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as 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−$430.426% of the position

Long on Backpack Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.077%+$8 on $10k

Price spread, last 4 days (all we have)+0.271%+$27 · spread now −0.195%, 7d avg −0.022%

Together, before fees+0.348%+$35 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: OKX is 0.173% cheaper against Backpack than usual: you would sell low and buy high, −$17 on $10k if it goes back to its 7-day average of −0.022%. The two prices were read 46 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	0.7184	0.0100	pay 0.0013% / 1h	41m 27s	$236K	$157K	10x
Short	OKX VIRTUAL-USDT-SWAP	0.7170	0.0100	get 0.0050% / 4h	1h 41m	$2.8M	$9.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.195%Rate

Funding earned: $0
Price spread: −0.195% → −0.022%: −$17.32
Slippage, 4 orders: −$22.63
Fee Backpack: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$59.95
Costs to cover: 0.426%
Break-even: never at this rate

Slippage from Backpack: live order book, 42 min ago; OKX: live order book, 2 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 OKX live order book, 2 min ago	0.70 bp	14.3 bp −$14	40.5 bp −$405	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7173	−0.155%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7172	−0.167%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0064%	1h	0.7177	−0.104%	$327K	$414K	5x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7163	−0.296%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7178	−0.084%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7176	−0.116%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.933%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7172	−0.167%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7185	+0.011%	$8.7M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7183	−0.014%	$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	−0.008%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7174	−0.142%	$16.3M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7171	−0.181%	$15.5M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7170	−0.195%	$2.8M	$9.1M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7180	−0.056%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7178	−0.084%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7182	−0.028%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7178	−0.084%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7179	−0.070%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7184	long leg	$236K	$157K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7141	−0.601%	$523K	$875K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7168	−0.224%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7160	−0.334%	$634K	$960K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7164	−0.278%	$40K	$246K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7179	−0.074%	$32K	$832K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7179	−0.070%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7178	−0.077%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7177	−0.102%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7173	−0.148%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7175	−0.120%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7177	−0.097%	$812K	$791K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7189	+0.070%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0510%	1h	0.7188	+0.055%	$538K	$540K	50x	as long as short