Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0268%/8h= +29.3% APRpaid last 24h +0.069%

Price spread now: Bitget against Deribit+0.042%7-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 Bitget

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 +$8 a day on $10k at the current rate, and Bitget 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).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7176	−0.0168	get 0.0021% / 1h	34m 10s	$15K	$40K	10x
Short	Bitget VIRTUALUSDT	0.7179	0.0100	get 0.0050% / 4h	3h 34m	$6.1M	$5.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.042%Rate

Funding earned: $56.26
Price spread: +0.042% → 0.000%: $4.18
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $41.44
Costs to cover: 0.190%
Break-even: 1.8 days

Slippage unknown: Deribit: no order-book sample; Bitget: live order book, 4 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 Bitget live order book, 4 min ago	2.78 bp	13.6 bp −$14	27.6 bp −$276	doesn't fit	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
Deribit VIRTUAL_USDC-PERPETUALlong	−0.0168%	1h	0.7176	long leg	$15K	$40K	10x
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7175	−0.020%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7175	−0.014%	$2K	$106	10x	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7172	−0.061%	$327K	$406K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7189	+0.180%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7180	+0.060%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.822%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7174	−0.028%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7185	+0.131%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7184	+0.115%	$94K	$294K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7185	+0.125%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7173	−0.042%	$16.2M	$41.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7173	−0.042%	$16.6M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7175	−0.014%	$2.8M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7181	+0.070%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7173	−0.042%	$16.5M	$4.6M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7182	+0.084%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDTshort	+0.0100%	4h	0.7179	+0.042%	$6.1M	$5.8M	25x
BingX VIRTUAL-USDT	+0.0100%	4h	0.7180	+0.056%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7179	+0.042%	$241K	$213K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7181	+0.073%	$537K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7193	+0.235%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7173	−0.040%	$633K	$933K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7198	+0.307%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7180	+0.063%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7175	−0.014%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7174	−0.031%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7173	−0.043%	$57K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7180	+0.053%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7179	+0.036%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7185	+0.125%	$802K	$950K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7205	+0.404%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0487%	1h	0.7183	+0.091%	$589K	$664K	50x	as long as short