Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0348%/8h= −38.1% APRpaid last 24h −0.073%

Price spread now: Bybit against Coinbase International−0.055%7-day average −0.289% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$700.703% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.445%−$45 on $10k

Price spread, last 3 days (all we have)−0.203%−$20 · spread now −0.055%, 7d avg −0.289%

Together, before fees−0.648%−$65 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.234% dearer against Coinbase International than usual: you sell high and buy low (spread −0.055% now, against its 7-day average of −0.289%): +$23 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7310	0.0448	pay 0.0056% / 1h	36m 38s	$199K	$96K	50x
Short	Bybit VIRTUALUSDT	0.7306	0.0100	get 0.0050% / 4h	36m 38s	$16.2M	$16.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$73.08
Price spread: −0.055% → −0.289%: $23.43
Slippage, 4 orders: −$49.29
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$119.94
Costs to cover: 0.703%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 41 min ago; Bybit: live order book, 2 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, 41 min ago	6.26 bp	19.3 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.69 bp	10.1 bp −$10	23.3 bp −$233	135.8 bp −$13.6K	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	−0.0298%	1h	0.7292	−0.246%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7298	−0.162%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7298	−0.164%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7311	+0.021%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7297	−0.174%	$9K	—	150x	as long as short
Lighter VIRTUAL	+0.0016%	1h	0.7301	−0.126%	$332K	$415K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.640%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7291	−0.260%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7307	−0.041%	$200K	$101K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7308	−0.030%	$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	0.7305	−0.068%	$16.6M	$38.3M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7306	−0.055%	$16.2M	$16.4M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7305	−0.068%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7304	−0.082%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7302	−0.109%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7305	−0.068%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7312	+0.027%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7304	−0.082%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7293	−0.233%	$247K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7310	−0.006%	$535K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7312	+0.029%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7318	+0.114%	$650K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7308	−0.027%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7304	−0.086%	$36K	$954K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7287	−0.315%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7290	−0.276%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7308	−0.034%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7291	−0.259%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0153%	1h	0.7318	+0.105%	$9.1M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7299	−0.151%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7294	−0.219%	$813K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0448%	1h	0.7310	long leg	$199K	$96K	50x
Kraken Futures PF_VIRTUALUSD	+0.0862%	1h	0.7307	−0.043%	$595K	$578K	50x	as long as short