Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h +0.085%

Price spread now: Coinbase International against Gate+1.474%7-day average +0.256% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs+$12as in the Price arb table

costs, in and out, $10k−$1101.097% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.414%+$41 on $10k

Price spread, last 4 days (all we have)−1.269%−$127 · spread now +1.474%, 7d avg +0.256%

Together, before fees−0.855%−$85 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 1.217% dearer against Gate than usual: you sell high and buy low: +$122 more if the spread goes back to its 7-day average of +0.256%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate VIRTUAL_USDT	0.7058	0.0100	pay 0.0050% / 4h	2h 32m	$1.5M	$3.4M	75x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7162	0.0432	get 0.0054% / 1h	32m 39s	$199K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +1.474%Rate

Funding earned: $69.72
Price spread: +1.474% → +0.256%: $121.72
Slippage, 4 orders: −$84.72
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $81.71
Costs to cover: 1.097%
Break-even: from the start

Slippage from Gate: live order book, 5 min ago; Coinbase International: live order book, 15 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, 5 min ago	3.54 bp	20.3 bp −$20	107.3 bp −$1,073	doesn't fit	doesn't fit
Sell Coinbase International live order book, 15 min ago	7.72 bp	25.7 bp −$26	548.0 bp −$5,480	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0317%	1h	0.7047	−0.156%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7055	−0.043%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7046	−0.164%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7072	+0.203%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7054	−0.064%	$321K	$402K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7049	−0.124%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.836%	$46	$88K	5.5x	as long as short
Bybit VIRTUALUSDT	+0.0042%	4h	0.7048	−0.142%	$16.2M	$18.9M	50x	as long as short
SoDEX VIRTUAL-USD	+0.0072%	1h	0.7047	−0.149%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7046	−0.170%	$14K	$1.4M	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	0.7069	+0.150%	$8.7M	$4.0M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7059	+0.011%	$91K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7059	+0.020%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7057	−0.014%	$15.9M	$41.7M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7052	−0.085%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDTlong	+0.0100%	4h	0.7058	long leg	$1.5M	$3.4M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7059	+0.014%	$15.4M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7056	−0.028%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7059	+0.014%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7057	−0.014%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7054	−0.057%	$236K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7068	+0.147%	$529K	$910K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7089	+0.433%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7075	+0.242%	$625K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7093	+0.496%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7049	−0.128%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7054	−0.057%	$1K	$1.4M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7053	−0.069%	$56K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7044	−0.193%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0283%	1h	0.7051	−0.094%	$521K	$763K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0259%	1h	0.7050	−0.111%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7050	−0.113%	$783K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0432%	1h	0.7162	+1.474%	$199K	$104K	50x