Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against KuCoin−0.121%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$780.777% of the position

Long on KuCoin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 4 days (all we have)+0.185%+$19 · spread now −0.121%, 7d avg −0.057%

Together, before fees+0.217%+ Points / potential airdropExtended: Active · farm board+$22 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: Extended is 0.064% cheaper against KuCoin than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin VIRTUALUSDTM	0.7152	0.0100	pay 0.0050% / 4h	1h 53m	$4.3M	$4.2M	50x
Short	Extended VIRTUAL-USD	0.7143	0.0104	get 0.0013% / 1h	53m 09s	$53K	$246K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.121%Rate

Funding earned: $0.84
Price spread: −0.121% → −0.057%: −$6.38
Slippage, 4 orders: −$60.74
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$83.28
Costs to cover: 0.777%
Break-even: 701.0 days

Slippage from KuCoin: live order book, 4 min ago; Extended: live order book, 29 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, 4 min ago	2.09 bp	21.6 bp −$22	54.7 bp −$547	doesn't fit	doesn't fit
Sell Extended live order book, 29 min ago	1.81 bp	15.3 bp −$15	174.5 bp −$1,745	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0868%	1h	0.7147	−0.070%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0152%	1h	0.7138	−0.199%	$325K	$414K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7146	−0.084%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7151	−0.014%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7188	+0.509%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7151	−0.008%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.489%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0088%	1h	0.7144	−0.115%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7147	−0.070%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7147	−0.074%	$8.7M	$3.7M	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	0.7153	+0.013%	$193K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7167	+0.215%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7137	−0.210%	$16.3M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7135	−0.238%	$15.4M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7140	−0.168%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7142	−0.140%	$1.4M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7142	−0.140%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTMlong	+0.0100%	4h	0.7152	long leg	$4.3M	$4.2M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7142	−0.140%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7138	−0.196%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7141	−0.154%	$235K	$157K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7178	+0.369%	$526K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7185	+0.467%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7184	+0.450%	$636K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7188	+0.503%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7157	+0.067%	$29K	$818K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7146	−0.084%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USDshort	+0.0104%	1h	0.7143	−0.121%	$53K	$246K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7147	−0.071%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7152	0.000%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7145	−0.098%	$808K	$790K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	+0.336%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0512%	1h	0.7160	+0.109%	$536K	$544K	50x	as long as short