Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.013%

Price spread now: BloFin against Coinbase International−0.852%7-day average −0.295% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$153as in the Price arb table

costs, in and out, $10k−$970.973% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.531%+$53 · spread now −0.852%, 7d avg −0.295%

Together, before fees+0.511%+$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BloFin is 0.557% cheaper against Coinbase International than usual: you would sell low and buy high (−$56 if the spread goes back to its 7-day average of −0.295%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7162	0.0432	pay 0.0054% / 1h	43m 03s	$199K	$104K	50x
Short	BloFin VIRTUAL-USDT	0.7101	0.0340	get 0.0170% / 4h	2h 43m	$788K	$979K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.852%Rate

Funding earned: −$19.32
Price spread: −0.852% → −0.295%: −$55.66
Slippage, 4 orders: −$75.31
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$172.3
Costs to cover: 0.973%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; BloFin: live order book, 49 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, 5 min ago	7.72 bp	47.8 bp −$48	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 49 min ago	4.17 bp	13.5 bp −$13	24.7 bp −$247	66.3 bp −$6,628	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	−0.0454%	1h	0.7100	−0.866%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7099	−0.881%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7100	−0.866%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7126	−0.507%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0024%	1h	0.7097	−0.913%	$322K	$402K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7103	−0.830%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.628%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0074%	1h	0.7099	−0.885%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0076%	4h	0.7099	−0.880%	$14K	$1.4M	10x	as long as short
Bybit VIRTUALUSDT	+0.0090%	4h	0.7094	−0.949%	$16.3M	$18.8M	50x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7110	−0.722%	$8.7M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7105	−0.792%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7108	−0.754%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7096	−0.917%	$16.0M	$41.5M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7100	−0.866%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7102	−0.838%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7099	−0.880%	$15.6M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7102	−0.838%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7099	−0.880%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7099	−0.880%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7101	−0.852%	$237K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7108	−0.750%	$532K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7122	−0.558%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7115	−0.662%	$628K	$987K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7118	−0.614%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7106	−0.786%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7108	−0.754%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7096	−0.915%	$57K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7100	−0.866%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0281%	1h	0.7108	−0.748%	$580K	$676K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0317% / S −0.0269%	1h	0.7101	−0.847%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7101	−0.852%	$788K	$979K	75x
Coinbase International VIRTUAL-PERP-INTXlong	+0.0432%	1h	0.7162	long leg	$199K	$104K	50x