Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.071%

Price spread now: MEXC against Deribit−0.123%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 MEXC

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. MEXC is 0.123% cheaper against Deribit than usual: you would sell low and buy high (spread −0.123% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$12 on $10k: about 4.1 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7329	0	get 0.0000% / 1h	41m 47s	$15K	$40K	10x
Short	MEXC VIRTUAL_USDT	0.7320	0.0100	get 0.0050% / 4h	3h 41m	$18.5M	$4.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.123%Rate

Funding earned: $21
Price spread: −0.123% → 0.000%: −$12.28
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: $1.72
Costs to cover: 0.070%
Break-even: 6.4 days

Slippage unknown: Deribit: no order-book sample; MEXC: 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 MEXC live order book, 2 min ago	0.68 bp	2.5 bp −$2	8.6 bp −$86	100.8 bp −$10.1K	269.4 bp −$134.7K

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	0.7326	−0.039%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7302	−0.366%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7331	+0.027%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	0.0000%	1h	0.7329	long leg	$15K	$40K	10x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7330	+0.009%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.893%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0056%	1h	0.7327	−0.034%	$332K	$417K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7328	−0.014%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7331	+0.024%	$200K	$158K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7329	+0.002%	$72K	$45K	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	0.7328	−0.014%	$16.9M	$39.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7331	+0.027%	$16.4M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7323	−0.082%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7326	−0.041%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7320	−0.123%	$18.5M	$4.1M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7329	0.000%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7335	+0.082%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7331	+0.027%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7334	+0.068%	$249K	$166K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7302	−0.370%	$546K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7295	−0.461%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7303	−0.354%	$648K	$916K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7299	−0.409%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7336	+0.101%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7327	−0.027%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7329	+0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7320	−0.123%	$58K	$249K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7328	−0.010%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0138%	1h	0.7344	+0.205%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7329	+0.002%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7310	−0.259%	$827K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7366	+0.505%	$200K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0737%	1h	0.7341	+0.168%	$606K	$634K	50x	as long as short