Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.074%

Price spread now: OKX against Coinbase International−0.180%7-day average −0.271% · you buy dearer than you sell

Net, funding: paid 7d − costs−$172as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$1281.281% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.438%−$44 on $10k

Price spread, last 3 days (all we have)−0.049%−$5 · spread now −0.180%, 7d avg −0.271%

Together, before fees−0.488%−$49 on $10k · with fees, hour by hour

The price spread pays, funding is against you. OKX is 0.091% dearer against Coinbase International than usual: you sell high and buy low (spread −0.180% now, against its 7-day average of −0.271%): +$9 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7232	0.0440	pay 0.0055% / 1h	32m 08s	$196K	$93K	50x
Short	OKX VIRTUAL-USDT-SWAP	0.7219	0.0100	get 0.0050% / 4h	2h 32m	$2.9M	$9.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OKXbpOrdersPrice spread, now −0.180%Rate

Funding earned: −$71.4
Price spread: −0.180% → −0.271%: $9.12
Slippage, 4 orders: −$108.12
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$190.4
Costs to cover: 1.281%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 36 min ago; OKX: live order book, 6 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, 36 min ago	6.75 bp	53.0 bp −$53	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 6 min ago	1.39 bp	16.4 bp −$16	48.0 bp −$480	doesn't fit	doesn't fit

VIRTUAL on 32 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7227	−0.064%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7225	−0.097%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7225	−0.097%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7227	−0.073%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7219	−0.178%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.590%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7222	−0.138%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7215	−0.241%	$328K	$414K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7229	−0.043%	$8.9M	$4.2M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7228	−0.057%	$171K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7222	−0.132%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7225	−0.104%	$16.6M	$41.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7216	−0.221%	$16.4M	$18.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7219	−0.180%	$2.9M	$9.9M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7226	−0.083%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7217	−0.207%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7225	−0.097%	$4.2M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7225	−0.097%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7222	−0.138%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7225	−0.097%	$244K	$173K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7202	−0.416%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7195	−0.508%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7203	−0.401%	$639K	$888K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7203	−0.401%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7231	−0.012%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7221	−0.152%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7220	−0.159%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7219	−0.175%	$56K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7222	−0.144%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7227	−0.069%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0440%	1h	0.7232	long leg	$196K	$93K	50x
Kraken Futures PF_VIRTUALUSD	+0.1021%	1h	0.7233	+0.020%	$597K	$666K	50x	as long as short