Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0129%/8h= +14.1% APRpaid last 24h +0.077%

Price spread now: Binance against Deribit−0.039%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Binance is 0.039% cheaper against Deribit than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 24 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7169	−0.0029	get 0.0004% / 1h	54m 51s	$15K	$40K	10x
Short	Binance VIRTUALUSDT	0.7166	0.0100	get 0.0050% / 4h	54m 51s	$16.3M	$40.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now −0.039%Rate

Funding earned: $27.07
Price spread: −0.039% → 0.000%: −$3.87
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $6.2
Costs to cover: 0.170%
Break-even: 5.4 days

Slippage unknown: Deribit: no order-book sample; Binance: live order book, 2 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 Deribit no order-book sample	—	—	—	—	—
Sell Binance live order book, 2 min ago	0.70 bp	12.9 bp −$13	30.0 bp −$300	107.6 bp −$10.8K	doesn't fit

Deribit: 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7167	−0.027%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7169	0.000%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0064%	1h	0.7165	−0.052%	$326K	$413K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	−0.0029%	1h	0.7169	long leg	$15K	$40K	10x
Phoenix VIRTUAL	0.0000%	1h	0.7167	−0.028%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7172	+0.038%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.725%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7171	+0.028%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7173	+0.063%	$97K	$292K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7171	+0.033%	$71K	$43K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDTshort	+0.0100%	4h	0.7166	−0.039%	$16.3M	$40.4M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7167	−0.028%	$16.6M	$18.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7168	−0.014%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7172	+0.042%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7169	0.000%	$17.8M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7173	+0.056%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7174	+0.070%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7171	+0.028%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7173	+0.056%	$238K	$205K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7175	+0.088%	$534K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7135	−0.475%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	−0.065%	$639K	$867K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7138	−0.432%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7174	+0.066%	$51K	$984K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7164	−0.070%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7167	−0.024%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7168	−0.009%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7171	+0.033%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0113%	1h	0.7179	+0.144%	$8.8M	$4.1M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7170	+0.018%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7164	−0.070%	$812K	$895K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+0.139%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0799%	1h	0.7176	+0.096%	$597K	$663K	50x	as long as short