Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against GRVT−0.160%72s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.094%+$9 on $10k

Price spread, last 4 days (all we have)−0.234%−$23 · spread now −0.160%, 7d avg −0.013%

Together, before fees−0.140%+ Points / potential airdropGRVT: Active · Extended: Active · farm board−$14 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: Extended is 0.148% cheaper against GRVT than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.013%. The two prices were read 72 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	GRVT VIRTUAL_USDT_Perp	0.7148	0.0100	pay 0.0050% / 4h	3h 40m	$641K	$1.2M	10x
Short	Extended VIRTUAL-USD	0.7137	0.0104	get 0.0013% / 1h	40m 14s	$55K	$307K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.160%Rate

Funding earned: $0.84
Price spread: −0.160% → −0.013%: −$14.77
Slippage, 4 orders: −$45.44
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$73.37
Costs to cover: 0.594%
Break-even: 618.4 days

Slippage from GRVT: live order book, 3 min ago; Extended: live order book, 57 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 GRVT live order book, 3 min ago	2.10 bp	15.4 bp −$15	42.0 bp −$420	doesn't fit	doesn't fit
Sell Extended live order book, 57 min ago	2.04 bp	15.6 bp −$16	112.4 bp −$1,124	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0590%	1h	0.7138	−0.141%	$15K	$40K	10x	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0225%	1h	0.7149	+0.013%	$515K	$739K	50x	as long as short
Bybit VIRTUALUSDT	−0.0171%	4h	0.7143	−0.071%	$16.3M	$18.7M	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7134	−0.192%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0080%	1h	0.7140	−0.108%	$322K	$400K	5x	as long as short
Variational Omni VIRTUAL	−0.0062%	4h	0.7137	−0.151%	$535K	$756K	—	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7146	−0.028%	$11K	$36K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7143	−0.070%	$22K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0033%	1h	0.7143	−0.076%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.435%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7138	−0.141%	$15K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7150	+0.021%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7147	−0.013%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7144	−0.057%	$16.0M	$41.9M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7146	−0.029%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7148	−0.001%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7145	−0.043%	$15.8M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7142	−0.085%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7145	−0.043%	$6.0M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7146	−0.029%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7149	+0.013%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7152	+0.061%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perplong	+0.0100%	4h	0.7148	long leg	$641K	$1.2M	10x
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7155	+0.097%	$40K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7143	−0.078%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7135	−0.183%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USDshort	+0.0104%	1h	0.7137	−0.160%	$55K	$307K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7136	−0.172%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0175%	1h	0.7157	+0.117%	$8.8M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7151	+0.037%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7136	−0.169%	$779K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7168	+0.278%	$200K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6264%	1h	0.7272	+1.733%	$2K	$106	10x	as long as short