Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.156%

Price spread now: BloFin against Deribit+0.014%57s7-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 BloFin

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$10 a day on $10k at the current rate. The two prices were read 57 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	0.7114	0	get 0.0000% / 1h	55m 56s	$15K	$40K	10x
Short	BloFin VIRTUAL-USDT	0.7115	0.0340	get 0.0170% / 4h	2h 55m	$812K	$809K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.014%Rate

Funding earned: $71.4
Price spread: +0.014% → 0.000%: $1.41
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $53.81
Costs to cover: 0.190%
Break-even: 1.7 days

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 30 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 BloFin live order book, 30 min ago	4.91 bp	11.7 bp −$12	18.6 bp −$186	49.5 bp −$4,946	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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	+0.042%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7110	−0.054%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7106	−0.112%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0079%	1h	0.7136	+0.308%	$11K	$45K	5x	as long as short
Variational Omni VIRTUAL	−0.0035%	4h	0.7138	+0.332%	$518K	$872K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	0.0000%	1h	0.7114	long leg	$15K	$40K	10x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7113	−0.011%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0064%	1h	0.7112	−0.030%	$324K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0080%	4h	0.7112	−0.028%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7124	+0.142%	$8.7M	$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	0.7119	+0.064%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7122	+0.109%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7119	+0.070%	$16.3M	$36.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7115	+0.014%	$15.4M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7116	+0.028%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7117	+0.042%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7116	+0.028%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7119	+0.070%	$3.1M	$4.0M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7123	+0.127%	$6.1M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7117	+0.042%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7119	+0.070%	$234K	$154K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7133	+0.271%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7120	+0.082%	$635K	$982K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7139	+0.351%	$41K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7114	0.000%	$33K	$782K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7112	−0.028%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7114	−0.003%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7116	+0.031%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7115	+0.010%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7114	−0.001%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7115	+0.014%	$812K	$809K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.534%	$195K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0529%	1h	0.7123	+0.121%	$518K	$516K	50x	as long as short