Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0372%/8h= −40.7% APRpaid last 24h −0.063%

Price spread now: MEXC against Coinbase International−0.447%7-day average −0.263% · you buy dearer than you sell

Net, funding: paid 7d − costs−$156as in the Funding arb table

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$1151.151% of the position

Long on Coinbase International Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.409%−$41 on $10k

Price spread, last 3 days (all we have)+0.372%+$37 · spread now −0.447%, 7d avg −0.263%

Together, before fees−0.038%−$4 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 MEXC is 0.184% cheaper against Coinbase International than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.263%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7152	0.0472	pay 0.0059% / 1h	58m 20s	$195K	$104K	50x
Short	MEXC VIRTUAL_USDT	0.7120	0.0100	get 0.0050% / 4h	2h 58m	$17.0M	$4.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.447%Rate

Funding earned: −$78.12
Price spread: −0.447% → −0.263%: −$18.4
Slippage, 4 orders: −$105.1
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$211.61
Costs to cover: 1.151%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 29 min ago; MEXC: live order book, 5 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, 29 min ago	6.32 bp	63.2 bp −$63	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	1.40 bp	2.3 bp −$2	5.9 bp −$59	82.0 bp −$8,200	259.2 bp −$129.6K

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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0171%	1h	0.7114	−0.531%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.489%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7118	−0.474%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7121	−0.433%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0079%	1h	0.7136	−0.225%	$11K	$45K	5x	as long as short
Variational Omni VIRTUAL	−0.0035%	4h	0.7138	−0.201%	$518K	$872K	—	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7109	−0.601%	$323K	$390K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0005%	1h	0.7112	−0.562%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7118	−0.478%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0080%	4h	0.7116	−0.503%	$14K	$1.5M	10x	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	0.7128	−0.336%	$8.7M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7124	−0.392%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7126	−0.366%	$74K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7109	−0.601%	$16.2M	$36.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7112	−0.559%	$15.4M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7112	−0.559%	$2.8M	$9.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7120	−0.447%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7120	−0.447%	$17.0M	$4.0M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7123	−0.405%	$3.0M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7121	−0.433%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7115	−0.517%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7133	−0.266%	$234K	$158K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7121	−0.428%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7131	−0.293%	$636K	$982K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7126	−0.364%	$40K	$242K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7124	−0.391%	$33K	$787K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7115	−0.517%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7112	−0.564%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7115	−0.514%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7119	−0.465%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7132	−0.280%	$811K	$812K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0472%	1h	0.7152	long leg	$195K	$104K	50x
Kraken Futures PF_VIRTUALUSD	+0.0528%	1h	0.7125	−0.384%	$518K	$521K	50x	as long as short