Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.051%

Price spread now: Deribit against GRVT−0.196%7-day average — · you buy dearer than you sell

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

Long on GRVT Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Deribit is 0.196% cheaper against GRVT than usual: you would sell low and buy high (−$20 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	GRVT VIRTUAL_USDT_Perp	0.7322	0.0100	pay 0.0050% / 4h	3h 46m	$650K	$927K	10x
Short	Deribit VIRTUAL_USDC-PERPETUAL	0.7308	−0.0160	pay 0.0020% / 1h	46m 25s	$15K	$40K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against GRVT. 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 GRVTbpFee DeribitbpOrdersPrice spread, now −0.196%Rate

Funding earned: −$54.66
Price spread: −0.196% → 0.000%: −$19.56
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$90.21
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 27 min ago; Deribit: no order-book sample. 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 GRVT live order book, 27 min ago	2.06 bp	11.4 bp −$11	44.1 bp −$441	doesn't fit	doesn't fit
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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-PERPETUALshort	−0.0160%	1h	0.7308	−0.196%	$15K	$40K	10x
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7282	−0.555%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7308	−0.190%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7302	−0.278%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7291	−0.426%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.804%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0064%	1h	0.7302	−0.273%	$332K	$414K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7291	−0.428%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7309	−0.186%	$200K	$141K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7306	−0.219%	$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	0.7287	−0.482%	$16.8M	$39.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7285	−0.510%	$16.3M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7288	−0.469%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7285	−0.510%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7286	−0.496%	$18.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7288	−0.469%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7294	−0.387%	$6.3M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7287	−0.482%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7317	−0.073%	$248K	$170K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7302	−0.279%	$546K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7314	−0.107%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perplong	+0.0100%	4h	0.7322	long leg	$650K	$927K	10x
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7324	+0.023%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7304	−0.249%	$50K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7311	−0.155%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7308	−0.189%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7301	−0.288%	$58K	$249K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7290	−0.436%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0120%	1h	0.7311	−0.153%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7288	−0.469%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7317	−0.073%	$825K	$850K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7366	+0.597%	$200K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0739%	1h	0.7321	−0.019%	$604K	$635K	50x	as long as short