Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.075%

Price spread now: Coinbase International against Bybit+0.794%7-day average +0.290% · 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−$76as in the Price arb table

costs, in and out, $10k−$1271.268% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.431%+$43 on $10k

Price spread, last 3 days (all we have)−0.533%−$53 · spread now +0.794%, 7d avg +0.290%

Together, before fees−0.102%−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.504% dearer against Bybit than usual: you sell high and buy low: +$50 more if the spread goes back to its 7-day average of +0.290%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7308	0.0100	pay 0.0050% / 4h	3h 46m	$16.4M	$17.0M	50x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7366	0.0448	get 0.0056% / 1h	46m 55s	$200K	$94K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.794%Rate

Funding earned: $73.08
Price spread: +0.794% → +0.290%: $50.41
Slippage, 4 orders: −$105.77
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$3.27
Costs to cover: 1.268%
Break-even: 7.3 days

Slippage from Bybit: live order book, 2 min ago; Coinbase International: live order book, 26 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 Bybit live order book, 2 min ago	0.68 bp	10.5 bp −$11	24.9 bp −$249	doesn't fit	doesn't fit
Sell Coinbase International live order book, 26 min ago	6.86 bp	52.5 bp −$52	889.1 bp −$8,891	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	−0.0160%	1h	0.7308	0.000%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7306	−0.032%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7308	+0.005%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7312	+0.055%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7314	+0.077%	$9K	—	150x	as long as short
Lighter VIRTUAL	+0.0024%	1h	0.7307	−0.010%	$332K	$414K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.614%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7313	+0.068%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7320	+0.159%	$200K	$105K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7316	+0.116%	$72K	$45K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7309	+0.020%	$16.8M	$39.6M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7308	long leg	$16.4M	$17.0M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7309	+0.014%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7309	+0.014%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7310	+0.027%	$18.5M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7314	+0.082%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7313	+0.068%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7309	+0.014%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7317	+0.123%	$248K	$170K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7306	−0.022%	$548K	$893K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7314	+0.089%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7322	+0.196%	$650K	$927K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7324	+0.219%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7315	+0.093%	$51K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7311	+0.041%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7308	+0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7307	−0.010%	$58K	$249K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7310	+0.028%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0137%	1h	0.7324	+0.222%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7309	+0.020%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7317	+0.123%	$825K	$850K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0448%	1h	0.7366	+0.794%	$200K	$94K	50x
Kraken Futures PF_VIRTUALUSD	+0.0739%	1h	0.7321	+0.177%	$604K	$635K	50x	as long as short