Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0408%/8h= +44.7% APRpaid last 24h +0.070%

Price spread now: OKX against Deribit−0.042%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 OKX

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. OKX is 0.042% cheaper against Deribit than usual: you would sell low and buy high (spread −0.042% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 8 hours of funding at the current rate (+$12 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7159	−0.0308	get 0.0039% / 1h	0m 11s	$15K	$40K	10x
Short	OKX VIRTUAL-USDT-SWAP	0.7156	0.0100	get 0.0050% / 4h	2h 00m	$2.9M	$10.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.042%Rate

Funding earned: $85.77
Price spread: −0.042% → 0.000%: −$4.19
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $64.58
Costs to cover: 0.170%
Break-even: 1.7 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 3 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 OKX live order book, 3 min ago	0.70 bp	14.8 bp −$15	37.4 bp −$374	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	−0.0308%	1h	0.7159	long leg	$15K	$40K	10x
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7157	−0.034%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7158	−0.014%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7172	+0.179%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	0.0000%	1h	0.7153	−0.081%	$325K	$403K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7162	+0.039%	$14K	—	150x	as long as short
Bybit VIRTUALUSDT	+0.0022%	4h	0.7155	−0.056%	$16.3M	$19.0M	50x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.587%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0074%	4h	0.7162	+0.042%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7162	+0.042%	$93K	$302K	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	0.7166	+0.093%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7157	−0.026%	$16.1M	$42.3M	75x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7156	−0.042%	$2.9M	$10.1M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7162	+0.042%	$1.5M	$3.5M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7154	−0.070%	$15.4M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7161	+0.028%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7158	−0.014%	$6.0M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7156	−0.042%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7158	−0.014%	$238K	$206K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7162	+0.044%	$533K	$914K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7168	+0.124%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7168	+0.126%	$641K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7185	+0.363%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7159	+0.003%	$51K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7160	+0.014%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7158	−0.007%	$1K	$9K	5x	as long as short
Hyperliquid VIRTUAL	+0.0102%	1h	0.7166	+0.092%	$8.8M	$4.1M	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7157	−0.030%	$54K	$303K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7156	−0.047%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0279%	1h	0.7164	+0.065%	$526K	$766K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7162	+0.040%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7164	+0.070%	$782K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7192	+0.461%	$200K	$102K	50x	as long as short