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 −0.070%

Price spread now: KuCoin against Coinbase International−0.763%7-day average −0.239% · you buy dearer than you sell

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$146as in the Price arb table

costs, in and out, $10k−$940.936% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.446%−$45 on $10k

Price spread, last 3 days (all we have)+0.536%+$54 · spread now −0.763%, 7d avg −0.239%

Together, before fees+0.090%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and KuCoin is 0.524% cheaper against Coinbase International than usual: you would sell low and buy high (−$52 if the spread goes back to its 7-day average of −0.239%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7339	0.0448	pay 0.0056% / 1h	27m 29s	$199K	$94K	50x
Short	KuCoin VIRTUALUSDTM	0.7283	0.0100	get 0.0050% / 4h	27m 29s	$4.3M	$4.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.763%Rate

Funding earned: −$73.08
Price spread: −0.763% → −0.239%: −$52.42
Slippage, 4 orders: −$71.56
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$219.06
Costs to cover: 0.936%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 50 min ago; KuCoin: live order book, just now.

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, 50 min ago	6.26 bp	19.3 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, just now	1.37 bp	24.9 bp −$25	57.9 bp −$579	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	−0.0435%	1h	0.7293	−0.627%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7277	−0.845%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7272	−0.908%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7304	−0.476%	$11K	$40K	5x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7278	−0.835%	$331K	$415K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7298	−0.563%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−3.025%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0072%	1h	0.7288	−0.702%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7292	−0.640%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7284	−0.750%	$200K	$102K	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	0.7282	−0.776%	$73K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7279	−0.818%	$16.6M	$38.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7278	−0.831%	$16.2M	$16.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7276	−0.858%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7280	−0.804%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7280	−0.804%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTMshort	+0.0100%	4h	0.7283	−0.763%	$4.3M	$4.2M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7283	−0.763%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7276	−0.858%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7287	−0.709%	$246K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7306	−0.454%	$537K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7291	−0.648%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7300	−0.531%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7291	−0.654%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7279	−0.812%	$36K	$955K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7285	−0.736%	$2K	$1.3M	20x	as long as short
Hyperliquid VIRTUAL	+0.0102%	1h	0.7292	−0.638%	$9.1M	$4.0M	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7276	−0.864%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7290	−0.661%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7297	−0.571%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7291	−0.654%	$816K	$847K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0448%	1h	0.7339	long leg	$199K	$94K	50x
Kraken Futures PF_VIRTUALUSD	+0.0862%	1h	0.7306	−0.456%	$597K	$582K	50x	as long as short