Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h −0.017%

Price spread now: Binance against Hyperliquid−0.172%7-day average −0.077% · 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−$53as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 7 days+0.129%+$13 · spread now −0.172%, 7d avg −0.077%

Together, before fees+0.066%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.094% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.077%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7312	0.0117	pay 0.0015% / 1h	16m 29s	$9.1M	$4.0M	5x
Short	Binance VIRTUALUSDT	0.7300	0.0100	get 0.0050% / 4h	16m 29s	$16.6M	$38.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.172%Rate

Funding earned: −$3.58
Price spread: −0.172% → −0.077%: −$9.42
Slippage, 4 orders: −$24.2
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$56.2
Costs to cover: 0.432%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Binance: live order book, 10 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, 6 min ago	0.07 bp	10.4 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 10 min ago	0.69 bp	9.3 bp −$9	20.1 bp −$201	87.9 bp −$8,792	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	−0.0161%	1h	0.7291	−0.291%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7296	−0.223%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7296	−0.224%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7294	−0.248%	$331K	$416K	5x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7256	−0.764%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7301	−0.152%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.671%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0038%	1h	0.7298	−0.202%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7290	−0.305%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7305	−0.100%	$201K	$102K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7304	−0.113%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDTshort	+0.0100%	4h	0.7300	−0.172%	$16.6M	$38.8M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7301	−0.155%	$16.3M	$16.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7295	−0.237%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7305	−0.100%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7290	−0.305%	$18.3M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7305	−0.100%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7307	−0.072%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7300	−0.168%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7302	−0.141%	$247K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7274	−0.524%	$544K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7272	−0.551%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7271	−0.565%	$646K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7272	−0.551%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7305	−0.103%	$38K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7284	−0.387%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7295	−0.235%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7291	−0.291%	$18K	$505	3x	as long as short
Hyperliquid VIRTUALlong	+0.0117%	1h	0.7312	long leg	$9.1M	$4.0M	5x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7289	−0.319%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7295	−0.237%	$825K	$850K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7289	−0.319%	$198K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0861%	1h	0.7313	+0.003%	$597K	$581K	50x	as long as short