Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0128%/8h= +14.0% APRpaid last 24h +0.081%

Price spread now: BingX against Deribit+0.042%54s7-day average — · you sell dearer than you buy

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

Long on Deribit Short on BingX

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

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and BingX is 0.042% dearer against Deribit than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7191	−0.0028	get 0.0004% / 1h	17m 30s	$15K	$40K	10x
Short	BingX VIRTUAL-USDT	0.7194	0.0100	get 0.0050% / 4h	2h 17m	—	$8.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now +0.042%Rate

Funding earned: $26.89
Price spread: +0.042% → 0.000%: $4.17
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: $14.06
Costs to cover: 0.170%
Break-even: 3.3 days

Slippage unknown: Deribit: no order-book sample; BingX: 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 Deribit no order-book sample	—	—	—	—	—
Sell BingX live order book, 5 min ago	0.69 bp	8.0 bp −$8	9.7 bp −$97	19.1 bp −$1,907	65.0 bp −$32.5K

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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−1.029%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7195	+0.051%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7193	+0.025%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7195	+0.056%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	−0.0028%	1h	0.7191	long leg	$15K	$40K	10x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7197	+0.085%	$13K	—	150x	as long as short
Variational Omni VIRTUAL	+0.0068%	4h	0.7193	+0.029%	$528K	$878K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0083%	4h	0.7197	+0.083%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7192	+0.017%	$327K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7205	+0.188%	$8.8M	$3.7M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7195	+0.061%	$195K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7195	+0.061%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7196	+0.072%	$16.4M	$37.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7195	+0.056%	$15.6M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7196	+0.070%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7194	+0.042%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7193	+0.028%	$17.3M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7196	+0.070%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7200	+0.125%	$6.2M	$5.3M	25x	as long as short
BingX VIRTUAL-USDTshort	+0.0100%	4h	0.7194	+0.042%	—	$8.1M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7191	0.000%	$236K	$159K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7191	−0.001%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7191	−0.002%	$637K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7195	+0.056%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7200	+0.125%	$30K	$810K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7190	−0.014%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7188	−0.035%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7195	+0.054%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7189	−0.032%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7200	+0.119%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7194	+0.042%	$816K	$804K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7203	+0.167%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0523%	1h	0.7201	+0.133%	$538K	$543K	50x	as long as short