Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.004%

Price spread now: Extended against Bybit−0.124%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$530.530% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now −0.124%, 7d avg −0.008%

Together, before fees+0.113%+ Points / potential airdropExtended: Active · farm board+$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.116% cheaper against Bybit than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7295	0.0100	pay 0.0050% / 4h	3h 44m	$16.3M	$17.0M	50x
Short	Extended VIRTUAL-USD	0.7286	0.0104	get 0.0013% / 1h	44m 07s	$58K	$249K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.124%Rate

Funding earned: $0.84
Price spread: −0.124% → −0.008%: −$11.57
Slippage, 4 orders: −$36.99
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$63.72
Costs to cover: 0.530%
Break-even: 538.0 days

Slippage from Bybit: live order book, 4 min ago; Extended: live order book, 28 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, 4 min ago	0.68 bp	10.5 bp −$11	24.9 bp −$249	doesn't fit	doesn't fit
Sell Extended live order book, 28 min ago	2.75 bp	15.6 bp −$16	152.0 bp −$1,520	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	−0.0436%	1h	0.7286	−0.123%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7286	−0.128%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7302	+0.099%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7288	−0.096%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7293	−0.025%	$9K	—	150x	as long as short
Lighter VIRTUAL	+0.0032%	1h	0.7285	−0.136%	$331K	$417K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.440%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7290	−0.069%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7291	−0.061%	$199K	$157K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7300	+0.062%	$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	0.7295	0.000%	$16.8M	$39.8M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7295	long leg	$16.3M	$17.0M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7300	+0.069%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7294	−0.014%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7287	−0.110%	$18.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7294	−0.014%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7297	+0.027%	$6.3M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7289	−0.082%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7290	−0.069%	$247K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7302	+0.094%	$546K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7314	+0.267%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7322	+0.375%	$650K	$927K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7311	+0.219%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7295	−0.004%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7286	−0.123%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7286	−0.123%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USDshort	+0.0104%	1h	0.7286	−0.124%	$58K	$249K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7289	−0.076%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0115%	1h	0.7301	+0.082%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7291	−0.061%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7295	0.000%	$825K	$847K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7366	+0.973%	$200K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0741%	1h	0.7305	+0.137%	$603K	$635K	50x	as long as short