VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0372%/8h= −40.7% APRnext payment −$0.46 per $10,000 · paid last 24h −0.065%

Price spread now: Backpack against Coinbase International−0.475%52s7-day average −0.222% · you buy dearer than you sell

Net, funding: paid 7d − costs−$180as 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−$1281.284% of the position

Long on Coinbase International Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.512%−$51 on $10k

Price spread, last 3 days (all we have)+0.438%+$44 · spread now −0.475%, 7d avg −0.222%

Together, before fees−0.075%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Backpack is 0.253% cheaper against Coinbase International than usual: you would sell low and buy high (−$25 if the spread goes back to its 7-day average of −0.222%). Swap the legs. The two prices were read 52 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	Coinbase International VIRTUAL-PERP-INTX	0.7152	0.0472	pay 0.0059% / 1h	42m 22s	$195K	$95K	50x
Short	Backpack VIRTUAL_USDC_PERP	0.7118	0.0100	get 0.0013% / 1h	42m 22s	$237K	$155K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Coinbase International. 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 Coinbase InternationalbpFee BackpackbpOrdersPrice spread, now −0.475%Rate

Funding earned: −$78.12
Price spread: −0.475% → −0.222%: −$25.33
Slippage, 4 orders: −$108.44
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$231.89
Costs to cover: 1.284%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 45 min ago; Backpack: live order book, 45 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 Coinbase International live order book, 45 min ago	6.32 bp	63.2 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 45 min ago	2.10 bp	8.9 bp −$9	doesn't fit	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	−0.0310%	1h	0.7144	−0.112%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.489%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7141	−0.150%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7108	−0.612%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7138	−0.196%	$2K	$131	10x	as long as short
Variational Omni VIRTUAL	−0.0011%	4h	0.7104	−0.678%	$518K	$872K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7145	−0.099%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0082%	4h	0.7141	−0.154%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7138	−0.199%	$325K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7150	−0.021%	$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	0.7145	−0.104%	$194K	$80K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7145	−0.093%	$74K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7140	−0.164%	$16.4M	$36.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7140	−0.168%	$15.4M	$15.3M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7139	−0.182%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7146	−0.084%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7143	−0.126%	$17.1M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7145	−0.098%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7145	−0.098%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7142	−0.140%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7118	−0.475%	$237K	$155K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7104	−0.671%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7099	−0.741%	$629K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7105	−0.657%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7145	−0.101%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7142	−0.140%	$1K	$1.2M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7141	−0.158%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7138	−0.190%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7145	−0.100%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7145	−0.100%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7115	−0.517%	$816K	$795K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0472%	1h	0.7152	long leg	$195K	$95K	50x
Kraken Futures PF_VIRTUALUSD	+0.0527%	1h	0.7149	−0.045%	$524K	$530K	50x	as long as short