Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0016%/8h= −1.7% APRpaid last 24h −0.010%

Price spread now: Orderly against Extended+0.079%7-day average +0.028% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Extended Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.171%−$17 on $10k

Price spread, last 3 days (all we have)−0.066%−$7 · spread now +0.079%, 7d avg +0.028%

Together, before fees−0.237%+ Points / potential airdropExtended: Active · farm board−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.051% dearer against Extended than usual: you sell high and buy low (spread +0.079% now, against its 7-day average of +0.028%): +$5 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 11 days. At the pace of the last 7 days (−0.171% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended VIRTUAL-USD	0.7307	0.0104	pay 0.0013% / 1h	46m 40s	$58K	$249K	10x
Short	Orderly PERP_VIRTUAL_USDC	0.7313	0.0088	get 0.0044% / 4h	3h 46m	$14K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Extended. 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 ExtendedbpFee OrderlybpOrdersPrice spread, now +0.079%Rate

Funding earned: −$3.32
Price spread: +0.079% → +0.028%: $5.05
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$9.27
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 26 min ago; Orderly: 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 Extended live order book, 26 min ago	2.75 bp	14.4 bp −$14	132.9 bp −$1,329	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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-PERPETUAL	−0.0160%	1h	0.7308	+0.010%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7306	−0.022%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7308	+0.016%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7312	+0.065%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7314	+0.087%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.604%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0064%	1h	0.7302	−0.068%	$332K	$414K	5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0088%	4h	0.7313	+0.079%	$14K	$1.5M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7313	+0.085%	$200K	$105K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7306	−0.014%	$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	0.7304	−0.044%	$16.8M	$39.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7302	−0.072%	$16.4M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7302	−0.072%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7309	+0.024%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7310	+0.038%	$18.5M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7314	+0.092%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7313	+0.079%	$6.3M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7309	+0.024%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7317	+0.133%	$248K	$170K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7306	−0.012%	$548K	$893K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7314	+0.099%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7322	+0.206%	$650K	$927K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7324	+0.229%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7315	+0.103%	$51K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7311	+0.051%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7308	+0.017%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USDlong	+0.0104%	1h	0.7307	long leg	$58K	$249K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7310	+0.038%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0129%	1h	0.7318	+0.148%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7309	+0.030%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7317	+0.133%	$825K	$850K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7366	+0.804%	$200K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0739%	1h	0.7321	+0.187%	$604K	$635K	50x	as long as short