Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0372%/8h= +40.7% APRpaid last 24h +0.068%

Price spread now: Coinbase International against Binance+0.138%7-day average +0.265% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$690.689% of the position

Long on Binance Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.416%+$42 on $10k

Price spread, last 3 days (all we have)−0.015%−$2 · spread now +0.138%, 7d avg +0.265%

Together, before fees+0.401%+$40 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.127% cheaper against Binance than usual: you would sell low and buy high (spread +0.138% now, against its 7-day average of +0.265%). If the spread goes back, that is −$13 on $10k: about 27 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance VIRTUALUSDT	0.7224	0.0100	pay 0.0050% / 4h	1h 01m	$16.4M	$37.8M	75x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7234	0.0472	get 0.0059% / 1h	1m 07s	$197K	$96K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Binance. 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 BinancebpFee Coinbase InternationalbpOrdersPrice spread, now +0.138%Rate

Funding earned: $78.12
Price spread: +0.138% → +0.265%: −$12.67
Slippage, 4 orders: −$48.86
Fee Binance: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$3.41
Costs to cover: 0.689%
Break-even: 7.3 days

Slippage from Binance: live order book, 11 min ago; Coinbase International: live order book, 17 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 Binance live order book, 11 min ago	0.70 bp	12.8 bp −$13	27.7 bp −$277	107.1 bp −$10.7K	doesn't fit
Sell Coinbase International live order book, 17 min ago	6.26 bp	28.1 bp −$28	566.9 bp −$5,669	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	0.7216	−0.117%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7217	−0.097%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0120%	1h	0.7217	−0.098%	$328K	$414K	5x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7221	−0.044%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7222	−0.028%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7224	−0.003%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.481%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7221	−0.042%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7229	+0.073%	$8.8M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7225	+0.008%	$190K	$91K	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	0.7225	+0.008%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDTlong	+0.0100%	4h	0.7224	long leg	$16.4M	$37.8M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7227	+0.042%	$15.7M	$16.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7224	0.000%	$2.8M	$9.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7224	0.000%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7224	0.000%	$17.6M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7224	0.000%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7232	+0.111%	$6.2M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7229	+0.069%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7231	+0.097%	$240K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7185	−0.546%	$525K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7216	−0.112%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7210	−0.194%	$638K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7221	−0.042%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7223	−0.017%	$34K	$896K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7217	−0.097%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7221	−0.042%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7219	−0.072%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7218	−0.080%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7223	−0.017%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7220	−0.055%	$807K	$812K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0472%	1h	0.7234	+0.138%	$197K	$96K	50x
Kraken Futures PF_VIRTUALUSD	+0.0507%	1h	0.7233	+0.119%	$588K	$596K	50x	as long as short