Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.025%

Price spread now: Bybit against gTrade (Gains Network)−0.142%52s7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 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. Bybit is 0.142% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.142% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$14 on $10k: about 5.1 days of funding at the current rate (+$3 a day). The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) VIRTUAL/USD	0.7192	L +0.0007% / S −0.0001%	pay 0.0001% / 1h	55m 33s	$4K	—	150x
Short	Bybit VIRTUALUSDT	0.7182	0.0100	get 0.0050% / 4h	2h 55m	$16.2M	$17.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BybitbpOrdersPrice spread, now −0.142%Rate

Funding earned: $19.6
Price spread: −0.142% → 0.000%: −$14.18
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$15.58
Costs to cover: 0.210%
Break-even: 12.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Bybit: 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Bybit live order book, 3 min ago	1.38 bp	15.5 bp −$16	28.6 bp −$286	142.7 bp −$14.3K	doesn't fit

gTrade (Gains Network): 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
ApeX Omni VIRTUALUSDT	−0.1153%	1h	0.7222	+0.414%	$41K	$244K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0306%	1h	0.7191	−0.017%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7192	−0.005%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7182	−0.142%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7305	+1.561%	$11K	$37K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0051%	1h	0.7189	−0.038%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USDlong	L +0.0007% / S −0.0001%	1h	0.7192	long leg	$4K	—	150x
Lighter VIRTUAL	+0.0016%	1h	0.7188	−0.061%	$326K	$413K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.046%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7190	−0.031%	$14K	$1.5M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7201	+0.118%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7196	+0.055%	$171K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7196	+0.055%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7189	−0.041%	$16.5M	$40.8M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7182	−0.142%	$16.2M	$17.7M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7187	−0.072%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7196	+0.053%	$1.4M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7194	+0.025%	$17.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7196	+0.053%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7193	+0.011%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7189	−0.044%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7193	+0.011%	$249K	$174K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7183	−0.123%	$526K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7225	+0.463%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7205	+0.184%	$641K	$877K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7199	+0.089%	$51K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7186	−0.086%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7192	−0.009%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7190	−0.033%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7190	−0.036%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7209	+0.234%	$831K	$851K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7288	+1.332%	$198K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1026%	1h	0.7198	+0.084%	$595K	$659K	50x	as long as short