Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h −0.069%

Price spread now: Reya against Bybit+0.022%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Reya is 0.022% dearer against Bybit than usual: you sell high and buy low (spread +0.022% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7296	0.0100	pay 0.0050% / 4h	30m 28s	$16.2M	$16.6M	50x
Short	Reya VIRTUALRUSDPERP	0.7298	−0.0139	pay 0.0017% / 1h	30m 28s	$24	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.022%Rate

Funding earned: −$50.22
Price spread: +0.022% → 0.000%: $2.24
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: −$64.99
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; Reya: 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 Bybit live order book, 3 min ago	1.36 bp	11.0 bp −$11	21.5 bp −$215	241.0 bp −$24.1K	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0297%	1h	0.7310	+0.192%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERPshort	−0.0139%	1h	0.7298	+0.022%	$24	—	10x
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7297	+0.014%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7326	+0.410%	$12K	$40K	5x	as long as short
Lighter VIRTUAL	0.0000%	1h	0.7288	−0.106%	$332K	$415K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7301	+0.065%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.453%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7296	0.000%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7303	+0.097%	$200K	$101K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7297	+0.012%	$73K	$44K	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	−0.012%	$16.6M	$38.4M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7296	long leg	$16.2M	$16.6M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7294	−0.027%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7301	+0.069%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7297	+0.014%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7301	+0.069%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7302	+0.082%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7297	+0.014%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7307	+0.151%	$247K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7306	+0.132%	$537K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7325	+0.400%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7322	+0.363%	$650K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7332	+0.493%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7304	+0.104%	$37K	$955K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7304	+0.110%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7307	+0.144%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7296	+0.004%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7309	+0.173%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0112%	1h	0.7311	+0.212%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7301	+0.070%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7304	+0.110%	$818K	$848K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7339	+0.589%	$199K	$97K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0860%	1h	0.7323	+0.368%	$598K	$582K	50x	as long as short