Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.025%

Price spread now: Injective against Binance−0.822%107s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.001%+$100 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 0.822% cheaper against Binance than usual: you would sell low and buy high (−$82 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.001%, so the current rate has only just turned against you. The two prices were read 107 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	Binance VIRTUALUSDT	0.7176	0.0100	pay 0.0050% / 4h	1h 45m	$16.4M	$40.7M	75x
Short	Injective VIRTUAL/USDC PERP	0.7117	0.0033	get 0.0004% / 1h	45m 27s	$46	$88K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.822%Rate

Funding earned: −$14
Price spread: −0.822% → 0.000%: −$82.22
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$106.24
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 11 min ago; Injective: 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, 11 min ago	0.69 bp	9.5 bp −$9	21.3 bp −$213	101.2 bp −$10.1K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7178	+0.029%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7174	−0.028%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7165	−0.156%	$11K	$37K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7167	−0.125%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7166	−0.143%	$4K	—	150x	as long as short
Lighter VIRTUAL	+0.0016%	1h	0.7163	−0.181%	$325K	$413K	5x	as long as short
Injective VIRTUAL/USDC PERPshort	+0.0033%	1h	0.7117	−0.822%	$46	$88K	5.5x
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7166	−0.139%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7189	+0.180%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7163	−0.188%	$97K	$291K	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	0.7168	−0.114%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDTlong	+0.0100%	4h	0.7176	long leg	$16.4M	$40.7M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7177	+0.014%	$16.6M	$18.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7179	+0.042%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7171	−0.070%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7184	+0.111%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7177	+0.014%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7179	+0.042%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7173	−0.042%	—	$8.0M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7165	−0.153%	$239K	$160K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7162	−0.192%	$532K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7159	−0.236%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7157	−0.265%	$635K	$867K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7179	+0.042%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7184	+0.111%	$52K	$999K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7168	−0.111%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7165	−0.160%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7173	−0.036%	$54K	$277K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7164	−0.161%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7165	−0.151%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7155	−0.293%	—	$841K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7170	−0.084%	$187K	$82K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0912%	1h	0.7175	−0.012%	$596K	$688K	50x	as long as short