Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.017%

Price spread now: Hyperliquid against BingX+0.237%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$390.389% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 7 days−0.192%−$19 · spread now +0.237%, 7d avg +0.075%

Together, before fees−0.189%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.162% dearer against BingX than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.075%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX VIRTUAL-USDT	0.7300	0.0100	pay 0.0050% / 4h	16m 40s	—	$8.2M	—
Short	Hyperliquid VIRTUAL	0.7317	0.0117	get 0.0015% / 1h	16m 40s	$9.1M	$4.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.237%Rate

Funding earned: $3.63
Price spread: +0.237% → +0.075%: $16.23
Slippage, 4 orders: −$19.89
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$19.03
Costs to cover: 0.389%
Break-even: 43.7 days

Slippage from BingX: live order book, 6 min ago; Hyperliquid: live order book, 6 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, 6 min ago	1.38 bp	9.9 bp −$10	13.2 bp −$132	22.7 bp −$2,267	70.4 bp −$35.2K
Sell Hyperliquid live order book, 6 min ago	0.07 bp	11.4 bp −$11	doesn't fit	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0161%	1h	0.7291	−0.123%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7296	−0.055%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7282	−0.247%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7294	−0.079%	$331K	$416K	5x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7256	−0.597%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7293	−0.100%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.507%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0038%	1h	0.7298	−0.034%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7290	−0.137%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7305	+0.068%	$201K	$102K	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	0.7304	+0.055%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7303	+0.038%	$16.7M	$38.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7301	+0.014%	$16.3M	$16.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7299	−0.014%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7305	+0.068%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7300	0.000%	$18.3M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7305	+0.068%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7308	+0.110%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDTlong	+0.0100%	4h	0.7300	long leg	—	$8.2M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7302	+0.027%	$247K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7274	−0.356%	$544K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7272	−0.384%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7271	−0.397%	$646K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7272	−0.384%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7289	−0.144%	$41K	$987K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7284	−0.219%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7295	−0.067%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7291	−0.123%	$18K	$505	3x	as long as short
Hyperliquid VIRTUALshort	+0.0117%	1h	0.7317	+0.237%	$9.1M	$4.0M	5x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7289	−0.151%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7295	−0.068%	$825K	$850K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7289	−0.151%	$198K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0861%	1h	0.7313	+0.172%	$597K	$581K	50x	as long as short