Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.018%

Price spread now: Variational Omni against Backpack+0.107%7-day average −0.065% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.053%−$5 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now +0.107%, 7d avg −0.065%

Together, before fees−0.009%+ Points / potential airdropVariational Omni: Active · farm board−$1 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: Variational Omni is 0.172% dearer against Backpack than usual: you sell high and buy low, +$17 on $10k if it goes back to its 7-day average of −0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7157	0.0100	pay 0.0013% / 1h	7m 02s	$239K	$208K	10x
Short	Variational Omni VIRTUAL	0.7165	0.0100	get 0.0050% / 4h	7m 02s	$536K	$913K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.107%Rate

Funding earned: $0
Price spread: +0.107% → −0.065%: $17.21
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $7.21
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Backpack: live order book, 51 min ago; Variational Omni: RFQ quote, 52 min ago. Net counts fees only.

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, 51 min ago	2.10 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 52 min ago	4.20 bp	doesn't fit	19.6 bp −$196	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	0.7152	−0.069%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7152	−0.070%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7173	+0.224%	$11K	$37K	5x	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7152	−0.071%	$325K	$415K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7157	0.000%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7156	−0.020%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.559%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7156	−0.014%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7163	+0.082%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7159	+0.030%	$96K	$293K	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	0.7160	+0.038%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7156	−0.018%	$16.3M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7151	−0.084%	$16.5M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7152	−0.070%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7159	+0.028%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7155	−0.028%	$17.5M	$4.5M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7160	+0.042%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7157	0.000%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7158	+0.014%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7157	long leg	$239K	$208K	10x
Variational Omni VIRTUALshort	+0.0100%	4h	0.7165	+0.107%	$536K	$913K	—
edgeX VIRTUALUSDC	+0.0100%	4h	0.7165	+0.109%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	+0.098%	$634K	$900K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7166	+0.126%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7155	−0.025%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7156	−0.014%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7157	−0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7149	−0.112%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7155	−0.034%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7156	−0.019%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7156	−0.014%	$796K	$897K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	+0.377%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0801%	1h	0.7164	+0.100%	$591K	$663K	50x	as long as short