Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.022%

Price spread now: Bybit against Injective+0.351%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.924%−$92 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 0.351% dearer against Injective than usual: you sell high and buy low: +$35 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.924%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective VIRTUAL/USDC PERP	0.7117	0.0033	pay 0.0004% / 1h	9m 08s	$46	$88K	5.5x
Short	Bybit VIRTUALUSDT	0.7142	0.0100	get 0.0050% / 4h	3h 09m	$16.5M	$18.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +0.351%Rate

Funding earned: $14
Price spread: +0.351% → 0.000%: $35.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $38.11
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 4 min ago. 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.70 bp	9.5 bp −$10	21.6 bp −$216	140.8 bp −$14.1K	doesn't fit

Injective: 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0589%	1h	0.7146	+0.407%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0224%	1h	0.7139	+0.303%	$324K	$407K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0160%	1h	0.7149	+0.450%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7145	+0.397%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0050%	1h	0.7140	+0.330%	$1K	$9K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7175	+0.818%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7149	+0.457%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERPlong	+0.0033%	1h	0.7117	long leg	$46	$88K	5.5x
Orderly PERP_VIRTUAL_USDC	+0.0083%	4h	0.7147	+0.422%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7161	+0.614%	$8.8M	$4.1M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7148	+0.432%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7155	+0.539%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7143	+0.365%	$16.1M	$41.2M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7142	+0.351%	$16.5M	$18.6M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7145	+0.393%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7152	+0.492%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7141	+0.337%	$16.0M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7146	+0.407%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7150	+0.464%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7144	+0.379%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7152	+0.492%	$237K	$214K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7155	+0.536%	$536K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7173	+0.792%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7173	+0.788%	$637K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7181	+0.899%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7152	+0.495%	$53K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7153	+0.506%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7140	+0.325%	$57K	$259K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7142	+0.346%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0264%	1h	0.7147	+0.423%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7141	+0.337%	$792K	$947K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7200	+1.166%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0489%	1h	0.7152	+0.493%	$586K	$670K	50x	as long as short