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 +0.019%

Price spread now: Hyperliquid against Gate+0.138%7-day average +0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$590.594% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 7 days−0.117%−$12 · spread now +0.138%, 7d avg +0.042%

Together, before fees−0.063%+ Points / potential airdropHyperliquid: Season 2 · farm board−$6 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: Hyperliquid is 0.096% dearer against Gate than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.042%.

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	8m 51s	$1.5M	$3.3M	75x
Short	Hyperliquid VIRTUAL	0.7176	0.0100	get 0.0013% / 1h	8m 51s	$8.8M	$4.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.138%Rate

Funding earned: $0
Price spread: +0.138% → +0.042%: $9.64
Slippage, 4 orders: −$35.43
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$49.79
Costs to cover: 0.594%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Hyperliquid: live order book, 3 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	3.49 bp	18.6 bp −$19	83.0 bp −$830	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.35 bp	8.6 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7172	+0.088%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7171	+0.070%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7173	+0.098%	$11K	$37K	5x	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7164	−0.027%	$326K	$415K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7172	+0.086%	$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	+0.0091%	4h	0.7172	+0.084%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7176	+0.138%	$8.8M	$4.1M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7170	+0.060%	$96K	$293K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7173	+0.098%	$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	+0.009%	$16.3M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7164	−0.028%	$16.5M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7167	+0.014%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDTlong	+0.0100%	4h	0.7166	long leg	$1.5M	$3.3M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7165	−0.014%	$17.5M	$4.5M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7167	+0.014%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7167	+0.014%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7167	+0.014%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7173	+0.098%	$239K	$208K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7165	−0.018%	$536K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7165	−0.017%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	−0.028%	$634K	$900K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7166	0.000%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7176	+0.142%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7173	+0.098%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7171	+0.067%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7161	−0.063%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7169	+0.048%	$18K	—	3x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0168%	1h	0.7175	+0.126%	$15K	$40K	10x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7172	+0.081%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7167	+0.014%	$797K	$898K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	+0.251%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0799%	1h	0.7180	+0.197%	$593K	$662K	50x	as long as short