Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0082%/8h= +9.0% APRpaid last 24h +0.018%

Price spread now: Orderly against gTrade (Gains Network)−0.003%7-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 Orderly

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) VIRTUAL/USD	0.7175	L +0.0007% / S −0.0005%	pay 0.0001% / 1h	29m 00s	$14K	—	150x
Short	Orderly PERP_VIRTUAL_USDC	0.7175	0.0089	get 0.0044% / 4h	29m 00s	$14K	$1.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.003%Rate

Funding earned: $17.21
Price spread: −0.003% → 0.000%: −$0.28
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $0.93
Costs to cover: 0.160%
Break-even: 6.6 days

Slippage unknown: gTrade (Gains Network): no order-book sample; 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7176	+0.016%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0128%	1h	0.7164	−0.157%	$326K	$415K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7171	−0.059%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7165	−0.148%	$11K	$37K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7175	−0.003%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USDlong	L +0.0007% / S −0.0005%	1h	0.7175	long leg	$14K	—	150x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.811%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0089%	4h	0.7175	−0.003%	$14K	$1.4M	10x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7170	−0.077%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7184	+0.123%	$97K	$292K	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	0.7182	+0.095%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7156	−0.268%	$16.2M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7155	−0.282%	$16.4M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7159	−0.226%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7170	−0.072%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7167	−0.114%	$17.5M	$4.4M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7178	+0.039%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7167	−0.114%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7167	−0.114%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7167	−0.114%	$239K	$209K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7158	−0.243%	$535K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7157	−0.249%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7166	−0.128%	$637K	$879K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7131	−0.616%	$40K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7180	+0.064%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7174	−0.017%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7175	−0.006%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7172	−0.050%	$54K	$270K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7176	+0.011%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7175	−0.002%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7175	−0.003%	$794K	$898K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	+0.123%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0799%	1h	0.7183	+0.103%	$594K	$664K	50x	as long as short