Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.013%

Price spread now: Coinbase International against BloFin+0.859%58s7-day average +0.295% · you sell dearer than you buy

Net, funding: paid 7d − costs−$95as 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−$970.973% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 4 days (all we have)−0.539%−$54 · spread now +0.859%, 7d avg +0.295%

Together, before fees−0.518%−$52 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Coinbase International is 0.564% dearer against BloFin than usual: you sell high and buy low: +$56 more if the spread goes back to its 7-day average of +0.295%. The two prices were read 58 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	BloFin VIRTUAL-USDT	0.7101	0.0340	pay 0.0170% / 4h	2h 41m	$788K	$979K	75x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7162	0.0432	get 0.0054% / 1h	41m 56s	$199K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.859%Rate

Funding earned: $19.32
Price spread: +0.859% → +0.295%: $56.4
Slippage, 4 orders: −$75.31
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$21.6
Costs to cover: 0.973%
Break-even: 14.8 days

Slippage from BloFin: live order book, 50 min ago; Coinbase International: 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 BloFin live order book, 50 min ago	4.17 bp	10.4 bp −$10	15.4 bp −$154	62.8 bp −$6,279	doesn't fit
Sell Coinbase International live order book, 6 min ago	7.72 bp	25.7 bp −$26	548.0 bp −$5,480	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	−0.0454%	1h	0.7095	−0.084%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7090	−0.155%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7092	−0.133%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7126	+0.348%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0040%	1h	0.7089	−0.166%	$322K	$402K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7098	−0.035%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.225%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0052%	1h	0.7096	−0.077%	$1K	$9K	5x	as long as short
Bybit VIRTUALUSDT	+0.0069%	4h	0.7090	−0.155%	$16.3M	$18.8M	50x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0076%	4h	0.7095	−0.084%	$14K	$1.4M	10x	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	0.7106	+0.065%	$8.7M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7101	+0.002%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7103	+0.028%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7093	−0.117%	$16.0M	$41.5M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7092	−0.127%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7096	−0.070%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7094	−0.099%	$15.6M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7098	−0.042%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7091	−0.141%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7095	−0.084%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7097	−0.056%	$237K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7108	+0.102%	$532K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7122	+0.296%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7115	+0.192%	$628K	$987K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7118	+0.239%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7097	−0.062%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7097	−0.056%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7089	−0.173%	$56K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7094	−0.104%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0281%	1h	0.7104	+0.041%	$580K	$676K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0317% / S −0.0269%	1h	0.7097	−0.063%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7101	long leg	$788K	$979K	75x
Coinbase International VIRTUAL-PERP-INTXshort	+0.0432%	1h	0.7162	+0.859%	$199K	$104K	50x