Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0360%/8h= −39.4% APRpaid last 24h −0.082%

Price spread now: Orderly against Coinbase International−0.720%7-day average −0.266% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Coinbase International Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.586%−$59 on $10k

Price spread, last 3 days (all we have)+0.439%+$44 · spread now −0.720%, 7d avg −0.266%

Together, before fees−0.147%−$15 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 Orderly is 0.453% cheaper against Coinbase International than usual: you would sell low and buy high (−$45 if the spread goes back to its 7-day average of −0.266%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7366	0.0448	pay 0.0056% / 1h	46m 43s	$200K	$94K	50x
Short	Orderly PERP_VIRTUAL_USDC	0.7313	0.0088	get 0.0044% / 4h	3h 46m	$14K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.720%Rate

Funding earned: −$75.56
Price spread: −0.720% → −0.266%: −$45.32
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$136.88
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 26 min ago; Orderly: no order-book sample. Net counts fees only.

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, 26 min ago	6.86 bp	51.3 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0160%	1h	0.7308	−0.787%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7306	−0.819%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7308	−0.782%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7312	−0.733%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7314	−0.711%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−3.380%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0064%	1h	0.7302	−0.865%	$332K	$414K	5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0088%	4h	0.7313	−0.720%	$14K	$1.5M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7313	−0.714%	$200K	$105K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7306	−0.811%	$72K	$45K	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	0.7304	−0.842%	$16.8M	$39.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7302	−0.869%	$16.4M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7302	−0.869%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7309	−0.774%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7310	−0.760%	$18.5M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7314	−0.706%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7313	−0.720%	$6.3M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7309	−0.774%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7317	−0.665%	$248K	$170K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7306	−0.810%	$548K	$893K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7314	−0.700%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7322	−0.593%	$650K	$927K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7324	−0.570%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7315	−0.695%	$51K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7311	−0.747%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7308	−0.781%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7307	−0.798%	$58K	$249K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7310	−0.760%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0129%	1h	0.7318	−0.650%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7309	−0.768%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7317	−0.665%	$825K	$850K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0448%	1h	0.7366	long leg	$200K	$94K	50x
Kraken Futures PF_VIRTUALUSD	+0.0739%	1h	0.7321	−0.612%	$604K	$635K	50x	as long as short