Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.081%

Price spread now: Deribit against Binance+0.127%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.127% dearer against Binance than usual: you sell high and buy low (spread +0.127% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 4.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance VIRTUALUSDT	0.7190	0.0100	pay 0.0050% / 4h	2h 16m	$16.4M	$37.1M	75x
Short	Deribit VIRTUAL_USDC-PERPETUAL	0.7199	0	get 0.0000% / 1h	16m 40s	$15K	$40K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.127%Rate

Funding earned: −$21
Price spread: +0.127% → 0.000%: $12.7
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$25.3
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 10 min ago; Deribit: no order-book sample. 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 Binance live order book, 10 min ago	0.70 bp	10.0 bp −$10	19.6 bp −$196	100.4 bp −$10.0K	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−1.013%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7195	+0.067%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7193	+0.041%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7195	+0.071%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUALshort	0.0000%	1h	0.7199	+0.127%	$15K	$40K	10x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7197	+0.101%	$13K	—	150x	as long as short
Variational Omni VIRTUAL	+0.0068%	4h	0.7193	+0.045%	$528K	$878K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0083%	4h	0.7197	+0.099%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7188	−0.032%	$327K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7200	+0.144%	$8.8M	$3.7M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7192	+0.024%	$195K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7194	+0.061%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDTlong	+0.0100%	4h	0.7190	long leg	$16.4M	$37.1M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7189	−0.012%	$15.6M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7187	−0.040%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7192	+0.030%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7188	−0.026%	$17.2M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7195	+0.071%	$3.4M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7192	+0.030%	$6.2M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7191	+0.016%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7198	+0.113%	$236K	$159K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7191	+0.015%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7191	+0.014%	$637K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7195	+0.071%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7200	+0.141%	$30K	$810K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7195	+0.071%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7193	+0.041%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7187	−0.038%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7196	+0.083%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7200	+0.135%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7191	+0.016%	$813K	$802K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7203	+0.183%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0522%	1h	0.7207	+0.235%	$539K	$544K	50x	as long as short