VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0101%/8h= −11.0% APRnext payment −$0.13 per $10,000 · paid last 24h +0.017%

Price spread now: Phoenix against Deribit−0.045%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 Phoenix

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 against this trade now: funding costs −$3 a day on $10k at the current rate, and Phoenix is 0.045% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7149	0	get 0.0000% / 1h	8m 34s	$15K	$40K	10x
Short	Phoenix VIRTUAL	0.7146	−0.0101	pay 0.0013% / 1h	8m 34s	$11K	$36K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$21.11
Price spread: −0.045% → 0.000%: −$4.48
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$39.59
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Phoenix: no order-book sample. 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 Phoenix no order-book sample	—	—	—	—	—

Deribit and Phoenix: 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	0.7145	−0.055%	$24	—	10x	as long as short
Phoenix VIRTUALshort	−0.0101%	1h	0.7146	−0.045%	$11K	$36K	5x
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7140	−0.126%	$2K	$106	10x	as long as short
Variational Omni VIRTUAL	−0.0049%	4h	0.7138	−0.151%	$530K	$903K	—	as long as short
Lighter VIRTUAL	−0.0008%	1h	0.7141	−0.116%	$322K	$404K	5x	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0005%	1h	0.7152	+0.042%	$522K	$762K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	0.0000%	1h	0.7149	long leg	$15K	$40K	10x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7146	−0.043%	$14K	—	150x	as long as short
Bybit VIRTUALUSDT	+0.0012%	4h	0.7139	−0.140%	$16.2M	$18.9M	50x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.448%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0072%	4h	0.7150	+0.014%	$16K	$1.6M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7146	−0.047%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7145	−0.063%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7144	−0.077%	$16.1M	$42.3M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7143	−0.084%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7146	−0.042%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7143	−0.084%	$15.9M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7146	−0.042%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7146	−0.042%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7144	−0.070%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7150	+0.014%	$237K	$176K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7144	−0.066%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7146	−0.042%	$638K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7146	−0.042%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7145	−0.056%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7154	+0.070%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7147	−0.027%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7143	−0.084%	$55K	$259K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7148	−0.020%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0206%	1h	0.7153	+0.049%	$8.8M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7146	−0.037%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7151	+0.028%	$783K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7175	+0.364%	$200K	$101K	50x	as long as short