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 BingX+0.293%7-day average +0.263% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$640.637% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.356%+$36 on $10k

Price spread, last 3 days (all we have)−0.187%−$19 · spread now +0.293%, 7d avg +0.263%

Together, before fees+0.169%+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Coinbase International is 0.030% dearer against BingX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.263%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX VIRTUAL-USDT	0.7168	0.0100	pay 0.0050% / 4h	1h 39m	—	$8.1M	—
Short	Coinbase International VIRTUAL-PERP-INTX	0.7189	0.0472	get 0.0059% / 1h	39m 04s	$196K	$95K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.293%Rate

Funding earned: $78.12
Price spread: +0.293% → +0.263%: $2.98
Slippage, 4 orders: −$43.73
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $17.37
Costs to cover: 0.637%
Break-even: 5.4 days

Slippage from BingX: live order book, 14 min ago; Coinbase International: live order book, 44 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 BingX live order book, 14 min ago	2.10 bp	9.7 bp −$10	12.6 bp −$126	23.7 bp −$2,365	107.7 bp −$53.8K
Sell Coinbase International live order book, 44 min ago	6.95 bp	25.7 bp −$26	569.6 bp −$5,696	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	0.7172	+0.059%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7169	+0.014%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7167	−0.018%	$326K	$414K	5x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7175	+0.099%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7174	+0.084%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7175	+0.098%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.711%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7171	+0.042%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7180	+0.169%	$8.7M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7174	+0.079%	$194K	$82K	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	0.7178	+0.137%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7171	+0.042%	$16.3M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7169	+0.014%	$15.5M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7174	+0.084%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7173	+0.070%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7172	+0.056%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7176	+0.112%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7173	+0.070%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDTlong	+0.0100%	4h	0.7168	long leg	—	$8.1M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7175	+0.098%	$238K	$158K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7174	+0.086%	$526K	$875K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7174	+0.079%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7171	+0.038%	$635K	$960K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7180	+0.167%	$40K	$246K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7176	+0.106%	$32K	$832K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7172	+0.056%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7170	+0.025%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7169	+0.015%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7169	+0.018%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7174	+0.082%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7167	−0.014%	$806K	$790K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0472%	1h	0.7189	+0.293%	$196K	$95K	50x
Kraken Futures PF_VIRTUALUSD	+0.0511%	1h	0.7182	+0.189%	$538K	$540K	50x	as long as short