Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against Gate−0.028%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on Gate Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.028%, 7d avg +0.015%

Together, before fees−0.053%−$5 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: Backpack is 0.043% cheaper against Gate than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate VIRTUAL_USDT	0.7166	0.0100	pay 0.0050% / 4h	58m 49s	$1.4M	$3.2M	75x
Short	Backpack VIRTUAL_USDC_PERP	0.7164	0.0100	get 0.0013% / 1h	58m 49s	$238K	$208K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. 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 GatebpFee BackpackbpOrdersPrice spread, now −0.028%Rate

Funding earned: $0
Price spread: −0.028% → +0.015%: −$4.27
Slippage, 4 orders: −$36.02
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$65.29
Costs to cover: 0.610%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Backpack: live order book, 64 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 Gate live order book, 4 min ago	4.90 bp	23.1 bp −$23	114.4 bp −$1,144	doesn't fit	doesn't fit
Sell Backpack live order book, 64 min ago	1.39 bp	8.7 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
Lighter VIRTUAL	−0.0352%	1h	0.7165	−0.008%	$325K	$412K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0169%	1h	0.7158	−0.112%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7152	−0.202%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7139	−0.377%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7155	−0.160%	$11K	$34K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7158	−0.108%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.684%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7160	−0.084%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7163	−0.043%	$97K	$291K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7162	−0.051%	$71K	$43K	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	0.7167	+0.014%	$16.4M	$40.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7167	+0.014%	$16.6M	$18.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7169	+0.042%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDTlong	+0.0100%	4h	0.7166	long leg	$1.4M	$3.2M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7165	−0.014%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7164	−0.028%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7166	0.000%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7164	−0.028%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7164	−0.028%	$238K	$208K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7157	−0.125%	$533K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7155	−0.159%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	−0.027%	$639K	$867K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7159	−0.098%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7157	−0.127%	$51K	$984K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7153	−0.181%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7160	−0.077%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7164	−0.030%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7161	−0.071%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0114%	1h	0.7177	+0.159%	$8.8M	$4.1M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7156	−0.134%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7159	−0.098%	$816K	$894K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+0.181%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0800%	1h	0.7172	+0.077%	$597K	$665K	50x	as long as short