Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.055%

Price spread now: Phoenix against Binance+0.128%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 Phoenix

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. Phoenix is 0.128% dearer against Binance than usual: you sell high and buy low (spread +0.128% now, against zero (this spread has no 7-day history yet)): +$13 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance VIRTUALUSDT	0.7163	0.0100	pay 0.0050% / 4h	2h 00m	$16.1M	$42.3M	75x
Short	Phoenix VIRTUAL	0.7172	−0.0112	pay 0.0014% / 1h	0m 46s	$11K	$36K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.128%Rate

Funding earned: −$44.53
Price spread: +0.128% → 0.000%: $12.79
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$48.74
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 11 min ago; Phoenix: 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	0.70 bp	10.1 bp −$10	19.8 bp −$198	100.0 bp −$10.0K	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	0.7166	+0.041%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7165	+0.033%	$2K	$106	10x	as long as short
Phoenix VIRTUALshort	−0.0112%	1h	0.7172	+0.128%	$11K	$36K	5x
Deribit VIRTUAL_USDC-PERPETUAL	−0.0029%	1h	0.7169	+0.089%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	0.0000%	1h	0.7163	+0.005%	$325K	$403K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7168	+0.075%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.637%	$46	$88K	5.5x	as long as short
Bybit VIRTUALUSDT	+0.0037%	4h	0.7159	−0.051%	$16.3M	$19.1M	50x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0074%	4h	0.7169	+0.089%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7168	+0.077%	$93K	$302K	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	0.7171	+0.122%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDTlong	+0.0100%	4h	0.7163	long leg	$16.1M	$42.3M	75x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7163	+0.005%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7170	+0.103%	$1.5M	$3.5M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7167	+0.061%	$15.4M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7170	+0.103%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7163	+0.005%	$6.0M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7165	+0.033%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7170	+0.103%	$238K	$206K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7162	−0.006%	$533K	$914K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7168	+0.073%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7168	+0.075%	$641K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7185	+0.312%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7166	+0.047%	$51K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7170	+0.103%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7166	+0.040%	$1K	$9K	5x	as long as short
Hyperliquid VIRTUAL	+0.0104%	1h	0.7170	+0.100%	$8.8M	$4.1M	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7164	+0.016%	$54K	$303K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7167	+0.068%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0278%	1h	0.7173	+0.142%	$527K	$764K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7168	+0.076%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7164	+0.019%	$782K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7192	+0.410%	$200K	$102K	50x	as long as short