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 +0.065%

Price spread now: Coinbase International against Bitget+0.084%47s7-day average +0.226% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$720.723% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.379%+$38 on $10k

Price spread, last 3 days (all we have)−0.016%−$2 · spread now +0.084%, 7d avg +0.226%

Together, before fees+0.364%+$36 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.142% cheaper against Bitget than usual: you would sell low and buy high (spread +0.084% now, against its 7-day average of +0.226%). If the spread goes back, that is −$14 on $10k: about 31 hours of funding at the current rate (+$11 a day). At the pace of the last 7 days (+0.379% in total) that is about 2.6 days. The two prices were read 47 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	Bitget VIRTUALUSDT	0.7170	0.0100	pay 0.0050% / 4h	1h 57m	$6.1M	$5.3M	25x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7176	0.0472	get 0.0059% / 1h	57m 30s	$195K	$95K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. 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 BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now +0.084%Rate

Funding earned: $78.12
Price spread: +0.084% → +0.226%: −$14.2
Slippage, 4 orders: −$50.35
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$8.43
Costs to cover: 0.723%
Break-even: 7.8 days

Slippage from Bitget: live order book, 6 min ago; Coinbase International: live order book, 25 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 Bitget live order book, 6 min ago	3.49 bp	13.4 bp −$13	24.0 bp −$240	doesn't fit	doesn't fit
Sell Coinbase International live order book, 25 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
Lighter VIRTUAL	−0.0200%	1h	0.7165	−0.071%	$326K	$414K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0169%	1h	0.7154	−0.223%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7168	−0.031%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7163	−0.098%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7158	−0.170%	$11K	$39K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7172	+0.027%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.739%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7153	−0.237%	$14K	$1.5M	10x	as long as short
SoDEX VIRTUAL-USD	+0.0098%	1h	0.7153	−0.240%	$1K	$9K	5x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7153	−0.234%	$525K	$878K	—	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7175	+0.063%	$8.7M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7169	−0.007%	$194K	$83K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7169	−0.008%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7165	−0.068%	$16.4M	$37.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7162	−0.112%	$15.4M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7165	−0.070%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7169	−0.014%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7165	−0.070%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7166	−0.056%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDTlong	+0.0100%	4h	0.7170	long leg	$6.1M	$5.3M	25x
BingX VIRTUAL-USDT	+0.0100%	4h	0.7166	−0.056%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7160	−0.139%	$235K	$159K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7160	−0.145%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7157	−0.181%	$634K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7161	−0.126%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7171	+0.021%	$29K	$815K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7154	−0.223%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7162	−0.106%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7155	−0.210%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7172	+0.022%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7168	−0.028%	$815K	$792K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0472%	1h	0.7176	+0.084%	$195K	$95K	50x
Kraken Futures PF_VIRTUALUSD	+0.0512%	1h	0.7161	−0.122%	$536K	$544K	50x	as long as short