Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.091%

Price spread now: BingX against Coinbase International−0.976%7-day average −0.294% · you buy dearer than you sell

Net, funding: paid 7d − costs−$150as in the Funding arb table

Net, price: spread back to 7d avg − costs−$180as in the Price arb table

costs, in and out, $10k−$1121.123% of the position

Long on Coinbase International Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.378%−$38 on $10k

Price spread, last 4 days (all we have)+0.730%+$73 · spread now −0.976%, 7d avg −0.294%

Together, before fees+0.352%+$35 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 BingX is 0.682% cheaper against Coinbase International than usual: you would sell low and buy high (−$68 if the spread goes back to its 7-day average of −0.294%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7170	0.0480	pay 0.0060% / 1h	24m 18s	$200K	$100K	50x
Short	BingX VIRTUAL-USDT	0.7100	0.0100	get 0.0050% / 4h	24m 18s	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.976%Rate

Funding earned: −$79.8
Price spread: −0.976% → −0.294%: −$68.18
Slippage, 4 orders: −$92.26
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$260.24
Costs to cover: 1.123%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 14 min ago; BingX: live order book, 4 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, 14 min ago	7.71 bp	73.7 bp −$74	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	0.70 bp	7.3 bp −$7	9.9 bp −$99	19.4 bp −$1,943	87.2 bp −$43.6K

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
Kraken Futures PF_VIRTUALUSD	−0.0338%	1h	0.7106	−0.898%	$516K	$741K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0313%	1h	0.7098	−1.004%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7097	−1.016%	$24	—	10x	as long as short
Variational Omni VIRTUAL	−0.0115%	4h	0.7103	−0.939%	$533K	$837K	—	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7098	−1.004%	$2K	$106	10x	as long as short
Lighter VIRTUAL	−0.0080%	1h	0.7099	−0.990%	$320K	$403K	5x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7119	−0.713%	$11K	$36K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7112	−0.808%	$14K	—	150x	as long as short
Bybit VIRTUALUSDT	+0.0028%	4h	0.7096	−1.032%	$16.1M	$18.9M	50x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.739%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7097	−1.018%	$16K	$1.7M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7100	−0.980%	$92K	$303K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7104	−0.915%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7096	−1.032%	$16.0M	$42.2M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7100	−0.976%	$2.8M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7100	−0.976%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7098	−1.004%	$15.6M	$5.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7100	−0.976%	$3.0M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7097	−1.018%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDTshort	+0.0100%	4h	0.7100	−0.976%	—	$7.9M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7108	−0.865%	$235K	$174K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7128	−0.589%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7122	−0.663%	$632K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7121	−0.683%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7095	−1.042%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7100	−0.976%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7097	−1.011%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7097	−1.016%	$53K	$309K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7097	−1.025%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0278%	1h	0.7109	−0.848%	$8.8M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7113	−0.801%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7101	−0.962%	$785K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0480%	1h	0.7170	long leg	$200K	$100K	50x