Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: Backpack against BloFin+0.096%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$340.340% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.499%−$50 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now +0.096%, 7d avg +0.044%

Together, before fees−0.470%−$47 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Backpack is 0.052% dearer against BloFin than usual: you sell high and buy low (spread +0.096% now, against its 7-day average of +0.044%): +$5 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin VIRTUAL-USDT	0.7295	0.0340	pay 0.0170% / 4h	16m 16s	$825K	$850K	75x
Short	Backpack VIRTUAL_USDC_PERP	0.7302	0.0100	get 0.0013% / 1h	16m 16s	$247K	$169K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.096%Rate

Funding earned: −$50.4
Price spread: +0.096% → +0.044%: $5.22
Slippage, 4 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$79.18
Costs to cover: 0.340%
Break-even: never at this rate

Slippage from BloFin: live order book, 61 min ago; Backpack: live order book, 62 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 BloFin live order book, 61 min ago	1.39 bp	8.6 bp −$9	18.9 bp −$189	53.9 bp −$5,392	doesn't fit
Sell Backpack live order book, 62 min ago	0.69 bp	8.3 bp −$8	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	−0.0298%	1h	0.7297	+0.027%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7296	+0.014%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7296	+0.013%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7294	−0.019%	$331K	$416K	5x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7256	−0.529%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7301	+0.085%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.440%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0041%	1h	0.7297	+0.021%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7295	0.000%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7304	+0.118%	$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	+0.124%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7296	+0.015%	$16.6M	$38.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7299	+0.055%	$16.3M	$16.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7292	−0.041%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7304	+0.123%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7290	−0.069%	$18.3M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7305	+0.137%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7305	+0.137%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7299	+0.055%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7302	+0.096%	$247K	$169K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7298	+0.040%	$544K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7272	−0.315%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7271	−0.329%	$646K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7272	−0.315%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7305	+0.134%	$38K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7294	−0.014%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7296	+0.009%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7297	+0.030%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0117%	1h	0.7312	+0.237%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7300	+0.063%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7295	long leg	$825K	$850K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7311	+0.219%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0861%	1h	0.7313	+0.251%	$597K	$581K	50x	as long as short