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% APRpaid last 24h −0.019%

Price spread now: BingX against Hyperliquid−0.068%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$390.390% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 7 days+0.017%+$2 · spread now −0.068%, 7d avg −0.076%

Together, before fees+0.014%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7163	0.0100	pay 0.0013% / 1h	6m 58s	$8.8M	$4.1M	5x
Short	BingX VIRTUAL-USDT	0.7158	0.0100	get 0.0050% / 4h	6m 58s	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.068%Rate

Funding earned: $0
Price spread: −0.068% → −0.076%: $0.78
Slippage, 4 orders: −$19.95
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$38.17
Costs to cover: 0.390%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; BingX: live order book, 6 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, 5 min ago	0.35 bp	11.5 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	2.09 bp	9.1 bp −$9	14.8 bp −$148	30.3 bp −$3,031	86.0 bp −$43.0K

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	0.7152	−0.151%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7152	−0.152%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7173	+0.141%	$11K	$37K	5x	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7152	−0.154%	$325K	$415K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7157	−0.082%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7156	−0.102%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.641%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7156	−0.096%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7163	long leg	$8.8M	$4.1M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7159	−0.052%	$96K	$293K	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	0.7160	−0.045%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7156	−0.101%	$16.3M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7151	−0.166%	$16.5M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7152	−0.152%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7159	−0.054%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7155	−0.110%	$17.5M	$4.5M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7160	−0.040%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7157	−0.082%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDTshort	+0.0100%	4h	0.7158	−0.068%	—	$7.9M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7157	−0.082%	$239K	$208K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7165	+0.025%	$536K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7165	+0.026%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	+0.016%	$634K	$900K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7166	+0.043%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7155	−0.107%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7156	−0.096%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7157	−0.089%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7149	−0.194%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7155	−0.116%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7156	−0.101%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7156	−0.096%	$796K	$897K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	+0.295%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0801%	1h	0.7164	+0.017%	$591K	$663K	50x	as long as short