Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.088%

Price spread now: SunX against Coinbase International−0.739%7-day average −0.275% · you buy dearer than you sell

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

Long on Coinbase International Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.369%−$37 on $10k

Price spread, last 4 days (all we have)+0.422%+$42 · spread now −0.739%, 7d avg −0.275%

Together, before fees+0.053%+$5 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 SunX is 0.464% cheaper against Coinbase International than usual: you would sell low and buy high (−$46 if the spread goes back to its 7-day average of −0.275%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7175	0.0480	pay 0.0060% / 1h	59m 06s	$200K	$101K	50x
Short	SunX VIRTUAL-USDT	0.7122	0.0100	get 0.0050% / 4h	59m 06s	$1K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.739%Rate

Funding earned: −$79.8
Price spread: −0.739% → −0.275%: −$46.36
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$144.16
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Coinbase International: live order book, 44 min ago; SunX: live order book, 5 min ago. 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, 44 min ago	7.01 bp	51.1 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 5 min ago	500.52 bp	doesn't fit	doesn't fit	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
Kraken Futures PF_VIRTUALUSD	−0.0337%	1h	0.7123	−0.729%	$520K	$747K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0171%	1h	0.7119	−0.780%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7116	−0.822%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7117	−0.803%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	0.7124	−0.714%	$11K	$36K	5x	as long as short
Variational Omni VIRTUAL	−0.0077%	4h	0.7111	−0.895%	$528K	$903K	—	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7115	−0.831%	$321K	$403K	5x	as long as short
Bybit VIRTUALUSDT	−0.0025%	4h	0.7114	−0.850%	$16.1M	$18.9M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7121	−0.751%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.808%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7118	−0.794%	$16K	$1.7M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7124	−0.715%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7122	−0.743%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7118	−0.794%	$16.0M	$42.3M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7118	−0.794%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7123	−0.725%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7118	−0.794%	$15.8M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7121	−0.753%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7121	−0.753%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7118	−0.794%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7121	−0.753%	$236K	$176K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7115	−0.837%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7117	−0.813%	$627K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7118	−0.794%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7116	−0.828%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDTshort	+0.0100%	4h	0.7122	−0.739%	$1K	$1.4M	20x
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7118	−0.787%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7117	−0.808%	$55K	$259K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7117	−0.810%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0158%	1h	0.7126	−0.682%	$8.8M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7120	−0.763%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7120	−0.767%	$784K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0480%	1h	0.7175	long leg	$200K	$101K	50x