Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.019%

Price spread now: Backpack against Hyperliquid−0.020%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on Hyperliquid Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 4 days (all we have)−0.158%−$16 · spread now −0.020%, 7d avg −0.056%

Together, before fees−0.304%+ Points / potential airdropHyperliquid: Season 2 · farm board−$30 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: Backpack is 0.036% dearer against Hyperliquid than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.056%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7174	0.0100	pay 0.0013% / 1h	9m 04s	$8.8M	$4.1M	5x
Short	Backpack VIRTUAL_USDC_PERP	0.7173	0.0100	get 0.0013% / 1h	9m 04s	$239K	$208K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Hyperliquid. 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 HyperliquidbpFee BackpackbpOrdersPrice spread, now −0.020%Rate

Funding earned: $0
Price spread: −0.020% → −0.056%: $3.65
Slippage, 4 orders: −$18.98
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$34.33
Costs to cover: 0.380%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Backpack: live order book, 49 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 Hyperliquid live order book, 3 min ago	0.35 bp	11.5 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 49 min ago	2.10 bp	8.8 bp −$9	doesn't fit	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7172	−0.029%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7171	−0.047%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7173	−0.020%	$11K	$37K	5x	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7165	−0.132%	$326K	$415K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7172	−0.032%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.800%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7172	−0.033%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7174	long leg	$8.8M	$4.1M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7173	−0.020%	$96K	$293K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7173	−0.020%	$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	0.7167	−0.102%	$16.3M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7162	−0.173%	$16.5M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7165	−0.131%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7171	−0.047%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7165	−0.131%	$17.5M	$4.5M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7167	−0.103%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7166	−0.117%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7169	−0.075%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7173	−0.020%	$239K	$208K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7165	−0.136%	$536K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7165	−0.134%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	−0.145%	$634K	$900K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7166	−0.117%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7176	+0.025%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7173	−0.020%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7171	−0.050%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7161	−0.180%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7169	−0.069%	$18K	—	3x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0168%	1h	0.7175	+0.008%	$15K	$40K	10x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7172	−0.036%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7167	−0.103%	$797K	$898K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	+0.134%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0799%	1h	0.7180	+0.079%	$593K	$662K	50x	as long as short