Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.020%

Price spread now: BloFin against GMX+0.039%51s7-day average — · you sell dearer than you buy

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

Long on GMX Short on BloFin

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

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and BloFin is 0.039% dearer against GMX than usual: you sell high and buy low: +$4 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 51 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	GMX VIRTUAL/USD [WBTC.b-USDC]	0.7301	L +0.0300% / S −0.0228%	pay 0.0037% / 1h	29m 44s	$31K	—	100x
Short	BloFin VIRTUAL-USDT	0.7304	0.0340	get 0.0170% / 4h	29m 44s	$818K	$848K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against GMX. 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 GMXbpFee BloFinbpOrdersPrice spread, now +0.039%Rate

Funding earned: $8.5
Price spread: +0.039% → 0.000%: $3.93
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$11.57
Costs to cover: 0.240%
Break-even: 16.5 days

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 47 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 GMX no order-book sample	—	—	—	—	—
Sell BloFin live order book, 47 min ago	1.39 bp	9.4 bp −$9	19.0 bp −$190	66.7 bp −$6,665	doesn't fit

GMX: 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0435%	1h	0.7297	−0.057%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7298	−0.048%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7297	−0.057%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7326	+0.339%	$12K	$40K	5x	as long as short
Lighter VIRTUAL	−0.0024%	1h	0.7293	−0.115%	$332K	$415K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7301	−0.005%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.522%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7296	−0.070%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7299	−0.029%	$200K	$101K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7300	−0.009%	$73K	$44K	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	0.7297	−0.057%	$16.6M	$38.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7300	−0.015%	$16.2M	$16.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7298	−0.043%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7294	−0.098%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7295	−0.084%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7299	−0.029%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7305	+0.053%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7300	−0.015%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7299	−0.029%	$247K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7306	+0.062%	$537K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7325	+0.329%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7322	+0.292%	$650K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7332	+0.423%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7304	+0.034%	$37K	$955K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7296	−0.070%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7296	−0.077%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7291	−0.133%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7296	−0.064%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0108%	1h	0.7309	+0.109%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]long	L +0.0300% / S −0.0228%	1h	0.7301	long leg	$31K	—	100x
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7304	+0.039%	$818K	$848K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7339	+0.519%	$199K	$97K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0861%	1h	0.7315	+0.183%	$598K	$582K	50x	as long as short