Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.077%

Price spread now: GRVT against Coinbase International−0.261%7-day average −0.329% · you buy dearer than you sell

Net, funding: paid 7d − costs−$230as in the Funding arb table

Net, price: spread back to 7d avg − costs−$170as in the Price arb table

costs, in and out, $10k−$1771.773% of the position

Long on Coinbase International Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.524%−$52 on $10k

Price spread, last 4 days (all we have)+0.276%+$28 · spread now −0.261%, 7d avg −0.329%

Together, before fees−0.248%+ Points / potential airdropGRVT: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.069% dearer against Coinbase International than usual: you sell high and buy low (spread −0.261% now, against its 7-day average of −0.329%): +$7 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7273	0.0440	pay 0.0055% / 1h	19m 31s	$190K	$79K	50x
Short	GRVT VIRTUAL_USDT_Perp	0.7254	0.0100	get 0.0050% / 4h	1h 19m	$641K	$868K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.261%Rate

Funding earned: −$71.4
Price spread: −0.261% → −0.329%: $6.86
Slippage, 4 orders: −$158.3
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$241.84
Costs to cover: 1.773%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 43 min ago; GRVT: live order book, 43 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, 43 min ago	6.93 bp	44.3 bp −$44	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 43 min ago	2.78 bp	10.8 bp −$11	64.2 bp −$642	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	−0.0302%	1h	0.7247	−0.357%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7247	−0.363%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0056%	1h	0.7247	−0.357%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7266	−0.091%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7251	−0.306%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.145%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7249	−0.330%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7247	−0.352%	$329K	$413K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7256	−0.236%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7253	−0.273%	$98K	$291K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7254	−0.260%	$71K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7248	−0.339%	$16.6M	$40.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7249	−0.330%	$16.8M	$18.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7248	−0.344%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7252	−0.289%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7248	−0.344%	$17.8M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7252	−0.289%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7250	−0.316%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7250	−0.316%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7249	−0.330%	$239K	$203K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7256	−0.232%	$540K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7258	−0.204%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perpshort	+0.0100%	4h	0.7254	−0.261%	$641K	$868K	10x
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7261	−0.165%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7256	−0.235%	$52K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7247	−0.357%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7245	−0.388%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7247	−0.352%	$54K	$270K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7244	−0.400%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7250	−0.315%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7256	−0.234%	$814K	$853K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0440%	1h	0.7273	long leg	$190K	$79K	50x
Kraken Futures PF_VIRTUALUSD	+0.0902%	1h	0.7257	−0.219%	$606K	$661K	50x	as long as short