Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.017%

Price spread now: Hyperliquid against edgeX+0.329%7-day average +0.128% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on edgeX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 3 days (all we have)−0.407%−$41 · spread now +0.329%, 7d avg +0.128%

Together, before fees−0.343%+ Points / potential airdropedgeX: Active · Hyperliquid: Season 2 · farm board−$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.201% dearer against edgeX than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of +0.128%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX VIRTUALUSDC	0.7201	0.0100	pay 0.0050% / 4h	1h 03m	$19K	$258K	10x
Short	Hyperliquid VIRTUAL	0.7225	0.0100	get 0.0013% / 1h	3m 21s	$8.8M	$3.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against edgeX. 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 edgeXbpFee HyperliquidbpOrdersPrice spread, now +0.329%Rate

Funding earned: $0
Price spread: +0.329% → +0.128%: $20.14
Slippage, 4 orders: −$16.3
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$14.16
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from edgeX: live order book, 14 min ago; Hyperliquid: live order book, 9 min ago.

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 edgeX live order book, 14 min ago	2.09 bp	7.3 bp −$7	19.7 bp −$197	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.11 bp	9.4 bp −$9	doesn't fit	doesn't fit	doesn't fit

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	0.7213	+0.164%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0128%	1h	0.7218	+0.234%	$328K	$414K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7212	+0.153%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7221	+0.275%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7216	+0.209%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7217	+0.218%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.166%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7214	+0.181%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7225	+0.329%	$8.8M	$3.8M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7219	+0.255%	$194K	$91K	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	0.7223	+0.312%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7215	+0.195%	$16.4M	$37.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7213	+0.167%	$15.7M	$16.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7213	+0.167%	$2.8M	$9.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7218	+0.236%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7215	+0.195%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7219	+0.250%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7220	+0.264%	$6.1M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7215	+0.195%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7226	+0.347%	$240K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7185	−0.228%	$525K	$878K	—	as long as short
edgeX VIRTUALUSDClong	+0.0100%	4h	0.7201	long leg	$19K	$258K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7210	+0.125%	$638K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7182	−0.264%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7218	+0.243%	$34K	$896K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7214	+0.181%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7214	+0.186%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7212	+0.158%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7213	+0.162%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7216	+0.206%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7211	+0.139%	$809K	$811K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7229	+0.389%	$196K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0508%	1h	0.7224	+0.326%	$588K	$596K	50x	as long as short