Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h +0.074%

Price spread now: Gate against Deribit+0.028%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 Gate

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 pays, funding is against you. Gate is 0.028% dearer against Deribit than usual: you sell high and buy low (spread +0.028% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7148	0.0170	pay 0.0021% / 1h	32m 11s	$15K	$40K	10x
Short	Gate VIRTUAL_USDT	0.7150	0.0100	get 0.0050% / 4h	32m 11s	$1.5M	$3.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.028%Rate

Funding earned: −$14.67
Price spread: +0.028% → 0.000%: $2.8
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$33.87
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Gate: live order book, 6 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 Gate live order book, 6 min ago	2.11 bp	17.7 bp −$18	86.6 bp −$866	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7143	−0.069%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7142	−0.084%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0104%	1h	0.7141	−0.094%	$325K	$415K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7103	−0.627%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7145	−0.039%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.434%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7145	−0.042%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7157	+0.122%	$8.7M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7145	−0.036%	$96K	$292K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7146	−0.025%	$70K	$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 VIRTUALUSDT	+0.0100%	4h	0.7150	+0.034%	$16.2M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7148	0.000%	$16.4M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7147	−0.014%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDTshort	+0.0100%	4h	0.7150	+0.028%	$1.5M	$3.3M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7147	−0.014%	$17.4M	$4.4M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7149	+0.014%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7151	+0.042%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7148	0.000%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7151	+0.042%	$239K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7078	−0.983%	$529K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7096	−0.723%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7103	−0.636%	$631K	$879K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7103	−0.630%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7147	−0.013%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7149	+0.014%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7147	−0.014%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7145	−0.047%	$55K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7143	−0.064%	$18K	—	3x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	+0.0170%	1h	0.7148	long leg	$15K	$40K	10x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0265%	1h	0.7145	−0.040%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7137	−0.154%	$798K	$893K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7157	+0.126%	$200K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0802%	1h	0.7150	+0.030%	$592K	$667K	50x	as long as short