Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.074%

Price spread now: Coinbase International against KuCoin+0.292%7-day average +0.261% · you sell dearer than you buy

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$140as in the Price arb table

costs, in and out, $10k−$1441.436% of the position

Long on KuCoin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.439%+$44 on $10k

Price spread, last 3 days (all we have)−0.065%−$7 · spread now +0.292%, 7d avg +0.261%

Together, before fees+0.374%+$37 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.031% dearer against KuCoin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.261%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin VIRTUALUSDTM	0.7195	0.0100	pay 0.0050% / 4h	2h 05m	$3.0M	$4.4M	50x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7216	0.0440	get 0.0055% / 1h	5m 31s	$189K	$86K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against KuCoin. 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 KuCoinbpFee Coinbase InternationalbpOrdersPrice spread, now +0.292%Rate

Funding earned: $71.4
Price spread: +0.292% → +0.261%: $3.11
Slippage, 4 orders: −$121.57
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$69.06
Costs to cover: 1.436%
Break-even: 13.8 days

Slippage from KuCoin: live order book, 2 min ago; Coinbase International: live order book, 62 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 KuCoin live order book, 2 min ago	2.78 bp	24.3 bp −$24	55.3 bp −$553	doesn't fit	doesn't fit
Sell Coinbase International live order book, 62 min ago	6.75 bp	48.5 bp −$49	1007.2 bp −$10.1K	doesn't fit	doesn't fit

VIRTUAL on 32 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	0.7197	+0.025%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7192	−0.042%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7193	−0.028%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7189	−0.079%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7193	−0.031%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.084%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7191	−0.056%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7193	−0.029%	$327K	$415K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7206	+0.156%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7197	+0.029%	$98K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7196	+0.012%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7195	−0.006%	$16.4M	$41.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7197	+0.028%	$16.5M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7196	+0.014%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7195	0.000%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7194	−0.014%	$17.4M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTMlong	+0.0100%	4h	0.7195	long leg	$3.0M	$4.4M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7200	+0.069%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7195	0.000%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7191	−0.056%	$243K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7185	−0.143%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7190	−0.071%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7173	−0.300%	$635K	$881K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7195	0.000%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7203	+0.117%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7192	−0.042%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7188	−0.100%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7191	−0.062%	$54K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7190	−0.071%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7188	−0.100%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0440%	1h	0.7216	+0.292%	$189K	$86K	50x
Kraken Futures PF_VIRTUALUSD	+0.1025%	1h	0.7201	+0.078%	$594K	$670K	50x	as long as short