Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h +0.034%

Price spread now: GMX against GRVT−0.174%69s7-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 GMX

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—+ Points / potential airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. GMX is 0.174% cheaper against GRVT than usual: you would sell low and buy high (spread −0.174% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 3.7 days of funding at the current rate (+$5 a day). The two prices were read 69 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	0.7144	0.0100	pay 0.0050% / 4h	1h 04m	$630K	$1.1M	10x
Short	GMX VIRTUAL/USD [WBTC.b-USDC]	0.7132	L +0.0312% / S −0.0258%	get 0.0032% / 1h	4m 00s	$32K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.174%Rate

Funding earned: $33.2
Price spread: −0.174% → 0.000%: −$17.43
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: −$5.24
Costs to cover: 0.210%
Break-even: 8.1 days

Slippage unknown: GRVT: live order book, 3 min ago; GMX: 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, 3 min ago	3.49 bp	12.4 bp −$12	39.1 bp −$391	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7131	−0.192%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	0.7146	+0.021%	$11K	$36K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7130	−0.200%	$2K	$106	10x	as long as short
Variational Omni VIRTUAL	−0.0060%	4h	0.7149	+0.069%	$531K	$903K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0030%	1h	0.7132	−0.172%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0016%	1h	0.7129	−0.217%	$322K	$404K	5x	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0005%	1h	0.7139	−0.078%	$521K	$761K	50x	as long as short
Bybit VIRTUALUSDT	−0.0004%	4h	0.7130	−0.200%	$16.2M	$18.9M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7134	−0.149%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.382%	$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	+0.0072%	4h	0.7134	−0.144%	$16K	$1.7M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7137	−0.102%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7138	−0.089%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7133	−0.158%	$16.1M	$42.3M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7136	−0.116%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7137	−0.102%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7134	−0.144%	$15.9M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7137	−0.102%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7136	−0.116%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7134	−0.144%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7136	−0.116%	$236K	$176K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7148	+0.048%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perplong	+0.0100%	4h	0.7144	long leg	$630K	$1.1M	10x
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7150	+0.080%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7130	−0.206%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7133	−0.158%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7129	−0.207%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7132	−0.166%	$55K	$259K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7131	−0.184%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0201%	1h	0.7144	−0.007%	$8.8M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]short	L +0.0312% / S −0.0258%	1h	0.7132	−0.174%	$32K	—	100x
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7144	−0.004%	$783K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7175	+0.430%	$200K	$101K	50x	as long as short