Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.156%

Price spread now: Deribit against BloFin+0.042%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Deribit is 0.042% dearer against BloFin than usual: you sell high and buy low (spread +0.042% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin VIRTUAL-USDT	0.7132	0.0340	pay 0.0170% / 4h	2h 54m	$814K	$801K	75x
Short	Deribit VIRTUAL_USDC-PERPETUAL	0.7135	0	get 0.0000% / 1h	54m 50s	$15K	$40K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$71.4
Price spread: +0.042% → 0.000%: $4.21
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$86.19
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 32 min ago; Deribit: no order-book sample. Net counts fees only.

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, 32 min ago	4.91 bp	12.9 bp −$13	20.8 bp −$208	51.8 bp −$5,179	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.210%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7130	−0.033%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7129	−0.042%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0079%	1h	0.7119	−0.186%	$11K	$45K	5x	as long as short
Variational Omni VIRTUAL	−0.0023%	4h	0.7121	−0.148%	$518K	$872K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUALshort	0.0000%	1h	0.7135	+0.042%	$15K	$40K	10x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7134	+0.027%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0064%	1h	0.7125	−0.097%	$324K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7134	+0.028%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7129	−0.035%	$8.7M	$3.6M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7132	−0.001%	$194K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7125	−0.101%	$74K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7125	−0.094%	$16.3M	$36.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7120	−0.168%	$15.4M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7118	−0.196%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7134	+0.028%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7126	−0.084%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7134	+0.028%	$3.1M	$4.0M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7126	−0.084%	$6.1M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7123	−0.126%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7136	+0.056%	$234K	$154K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7113	−0.260%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7124	−0.112%	$635K	$982K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7119	−0.182%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7134	+0.021%	$33K	$782K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7124	−0.112%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7133	+0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7120	−0.165%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7133	+0.011%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7133	+0.019%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7132	long leg	$814K	$801K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.280%	$195K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0527%	1h	0.7140	+0.109%	$520K	$516K	50x	as long as short