Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0197%/8h= −21.5% APRpaid last 24h −0.052%

Price spread now: OKX against GMX−0.077%7-day average — · you buy dearer than you sell

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

Long on GMX Short on OKX

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 against this trade now: funding costs −$6 a day on $10k at the current rate, and OKX is 0.077% cheaper against GMX than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX VIRTUAL/USD [WBTC.b-USDC]	0.7108	L +0.0297% / S −0.0228%	pay 0.0037% / 1h	49m 21s	$30K	—	100x
Short	OKX VIRTUAL-USDT-SWAP	0.7103	0.0100	get 0.0050% / 4h	2h 49m	$2.8M	$9.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$41.27
Price spread: −0.077% → 0.000%: −$7.65
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$70.92
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: live order book, 4 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 OKX live order book, 4 min ago	0.70 bp	12.3 bp −$12	35.1 bp −$351	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	−0.0172%	1h	0.7107	−0.020%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	+0.120%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7106	−0.028%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7112	+0.044%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7109	+0.008%	$2K	$131	10x	as long as short
Variational Omni VIRTUAL	−0.0021%	4h	0.7104	−0.069%	$518K	$872K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7109	+0.007%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7106	−0.034%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7101	−0.102%	$323K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7116	+0.111%	$8.7M	$3.6M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7113	+0.066%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7112	+0.047%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7106	−0.035%	$16.3M	$36.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7102	−0.091%	$15.3M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7103	−0.077%	$2.8M	$9.0M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7110	+0.022%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7107	−0.020%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7111	+0.036%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7107	−0.020%	$6.0M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7107	−0.020%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7111	+0.036%	$237K	$157K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7112	+0.056%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7113	+0.071%	$630K	$994K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7108	−0.006%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7110	+0.025%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7108	−0.006%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7105	−0.048%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7103	−0.078%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7106	−0.034%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]long	L +0.0297% / S −0.0228%	1h	0.7108	long leg	$30K	—	100x
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7106	−0.034%	$813K	$798K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.613%	$195K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0529%	1h	0.7114	+0.080%	$521K	$520K	50x	as long as short