Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.079%

Price spread now: Binance against Coinbase International+0.129%7-day average −0.285% · you sell dearer than you buy

Net, funding: paid 7d − costs−$112as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$690.693% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

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

Price spread, last 4 days (all we have)−0.258%−$26 · spread now +0.129%, 7d avg −0.285%

Together, before fees−0.689%−$69 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.414% dearer against Coinbase International than usual: you sell high and buy low (spread +0.129% now, against its 7-day average of −0.285%): +$41 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 4.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7157	0.0416	pay 0.0052% / 1h	31m 43s	$200K	$105K	50x
Short	Binance VIRTUALUSDT	0.7166	0.0100	get 0.0050% / 4h	31m 43s	$16.2M	$40.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BinancebpOrdersPrice spread, now +0.129%Rate

Funding earned: −$66.36
Price spread: +0.129% → −0.285%: $41.36
Slippage, 4 orders: −$49.33
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$94.33
Costs to cover: 0.693%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 26 min ago; Binance: live order book, 10 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, 26 min ago	9.12 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.70 bp	12.6 bp −$13	28.1 bp −$281	101.5 bp −$10.2K	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7143	−0.195%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7142	−0.210%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0104%	1h	0.7159	+0.024%	$326K	$415K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7103	−0.752%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7145	−0.165%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.559%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7145	−0.168%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7165	+0.113%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7154	−0.042%	$96K	$292K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7146	−0.150%	$70K	$43K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDTshort	+0.0100%	4h	0.7166	+0.129%	$16.2M	$40.6M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7163	+0.084%	$16.4M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7163	+0.084%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7149	−0.112%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7152	−0.070%	$17.4M	$4.4M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7154	−0.042%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7159	+0.028%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7157	0.000%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7151	−0.084%	$239K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7078	−1.107%	$529K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7096	−0.848%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7103	−0.761%	$631K	$879K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7103	−0.755%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7147	−0.138%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7149	−0.112%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7147	−0.140%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7151	−0.089%	$55K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7143	−0.189%	$18K	—	3x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0170%	1h	0.7148	−0.126%	$15K	$40K	10x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0265%	1h	0.7145	−0.166%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7137	−0.279%	$798K	$893K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0416%	1h	0.7157	long leg	$200K	$105K	50x
Kraken Futures PF_VIRTUALUSD	+0.0802%	1h	0.7150	−0.095%	$592K	$667K	50x	as long as short