Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.052%

Price spread now: KuCoin against GMX+0.053%7-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 KuCoin

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 pays, funding is against you. KuCoin is 0.053% dearer against GMX than usual: you sell high and buy low (spread +0.053% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 21 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX VIRTUAL/USD [WBTC.b-USDC]	0.7308	L +0.0300% / S −0.0228%	pay 0.0037% / 1h	39m 26s	$31K	—	100x
Short	KuCoin VIRTUALUSDTM	0.7312	0.0100	get 0.0050% / 4h	3h 39m	$4.3M	$4.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$41.95
Price spread: +0.053% → 0.000%: $5.32
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$60.62
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 8 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 KuCoin live order book, 8 min ago	3.42 bp	16.2 bp −$16	49.4 bp −$494	doesn't fit	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	−0.0159%	1h	0.7326	+0.245%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7308	+0.004%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7327	+0.257%	$12K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7308	−0.002%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7311	+0.041%	$9K	—	150x	as long as short
Lighter VIRTUAL	+0.0032%	1h	0.7320	+0.164%	$332K	$417K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.615%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7327	+0.258%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7331	+0.313%	$200K	$157K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7326	+0.249%	$72K	$45K	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	0.7313	+0.062%	$16.9M	$39.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7311	+0.040%	$16.4M	$16.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7307	−0.015%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7324	+0.217%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7307	−0.015%	$18.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTMshort	+0.0100%	4h	0.7312	+0.053%	$4.3M	$4.2M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7318	+0.135%	$6.3M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7323	+0.204%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7335	+0.368%	$249K	$166K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7333	+0.346%	$548K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7329	+0.280%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7318	+0.130%	$650K	$916K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7330	+0.300%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7316	+0.102%	$44K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7328	+0.272%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7327	+0.252%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7314	+0.077%	$58K	$249K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7326	+0.243%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0133%	1h	0.7322	+0.196%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]long	L +0.0300% / S −0.0228%	1h	0.7308	long leg	$31K	—	100x
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7326	+0.245%	$829K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7366	+0.792%	$200K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0737%	1h	0.7342	+0.460%	$606K	$634K	50x	as long as short