Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.060%

Price spread now: Phoenix against GRVT+0.021%7-day average — · you sell dearer than you buy

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

Long on GRVT Short on Phoenix

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

The price spread pays, funding is against you. Phoenix is 0.021% dearer against GRVT than usual: you sell high and buy low (spread +0.021% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 17 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT VIRTUAL_USDT_Perp	0.7165	0.0100	pay 0.0050% / 4h	55m 56s	$639K	$867K	10x
Short	Phoenix VIRTUAL	0.7167	0	get 0.0000% / 1h	55m 56s	$11K	$37K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.021%Rate

Funding earned: −$21
Price spread: +0.021% → 0.000%: $2.14
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$34.86
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GRVT: live order book, 2 min ago; Phoenix: 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, 2 min ago	4.21 bp	17.0 bp −$17	59.2 bp −$592	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	0.7178	+0.173%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7172	+0.091%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0064%	1h	0.7172	+0.091%	$326K	$413K	5x	as long as short
Phoenix VIRTUALshort	0.0000%	1h	0.7167	+0.021%	$11K	$37K	5x
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7179	+0.189%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7177	+0.164%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.676%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7176	+0.147%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7177	+0.157%	$97K	$291K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7169	+0.052%	$71K	$43K	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	0.7179	+0.195%	$16.3M	$40.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7178	+0.175%	$16.6M	$18.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7178	+0.175%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7181	+0.217%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7177	+0.161%	$17.8M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7181	+0.217%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7180	+0.203%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7182	+0.231%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7184	+0.259%	$238K	$205K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7175	+0.137%	$534K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7155	−0.151%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perplong	+0.0100%	4h	0.7165	long leg	$639K	$867K	10x
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7159	−0.090%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7180	+0.200%	$52K	$984K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7177	+0.161%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7177	+0.168%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7174	+0.125%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7207	+0.581%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0135%	1h	0.7191	+0.354%	$8.8M	$4.1M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7178	+0.173%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7145	−0.286%	$810K	$893K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+0.189%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0799%	1h	0.7183	+0.250%	$598K	$662K	50x	as long as short