Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against Binance−0.004%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$490.489% of the position

Long on Binance Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now −0.004%, 7d avg −0.035%

Together, before fees−0.008%+ Points / potential airdropExtended: 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: Extended is 0.031% dearer against Binance than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance VIRTUALUSDT	0.7195	0.0100	pay 0.0050% / 4h	2h 17m	$16.4M	$37.1M	75x
Short	Extended VIRTUAL-USD	0.7195	0.0104	get 0.0013% / 1h	17m 36s	$53K	$246K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.004%Rate

Funding earned: $0.84
Price spread: −0.004% → −0.035%: $3.1
Slippage, 4 orders: −$33.86
Fee Binance: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$44.92
Costs to cover: 0.489%
Break-even: 381.4 days

Slippage from Binance: live order book, 9 min ago; Extended: live order book, 5 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, 9 min ago	0.70 bp	10.0 bp −$10	19.6 bp −$196	100.4 bp −$10.0K	doesn't fit
Sell Extended live order book, 5 min ago	1.81 bp	15.3 bp −$15	174.5 bp −$1,745	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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−1.086%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7187	−0.117%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7196	+0.012%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7195	−0.002%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7191	−0.058%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7191	−0.056%	$13K	—	150x	as long as short
Variational Omni VIRTUAL	+0.0068%	4h	0.7193	−0.029%	$528K	$878K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0083%	4h	0.7189	−0.086%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7192	−0.041%	$327K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7203	+0.110%	$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	0.7195	−0.006%	$195K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7195	+0.003%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDTlong	+0.0100%	4h	0.7195	long leg	$16.4M	$37.1M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7195	−0.002%	$15.6M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7197	+0.025%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7193	−0.030%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7193	−0.030%	$17.3M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7196	+0.012%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7200	+0.067%	$6.2M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7194	−0.016%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7191	−0.058%	$236K	$159K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7191	−0.059%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7191	−0.060%	$637K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7195	−0.002%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7192	−0.047%	$30K	$810K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7190	−0.072%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7188	−0.093%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USDshort	+0.0104%	1h	0.7195	−0.004%	$53K	$246K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7189	−0.090%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7191	−0.054%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7194	−0.016%	$816K	$804K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7203	+0.109%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0523%	1h	0.7201	+0.075%	$538K	$543K	50x	as long as short