Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h +0.041%

Price spread now: GMX against KuCoin+0.115%104s7-day average — · you sell dearer than you buy

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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 +$5 a day on $10k at the current rate, and GMX is 0.115% dearer against KuCoin than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 104 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin VIRTUALUSDTM	0.7177	0.0100	pay 0.0050% / 4h	1h 57m	$3.4M	$4.5M	50x
Short	GMX VIRTUAL/USD [WBTC.b-USDC]	0.7185	L +0.0312% / S −0.0258%	get 0.0032% / 1h	57m 38s	$32K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.115%Rate

Funding earned: $33.2
Price spread: +0.115% → 0.000%: $11.45
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $20.65
Costs to cover: 0.240%
Break-even: 2.6 days

Slippage unknown: KuCoin: live order book, 3 min ago; GMX: no order-book sample. 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 KuCoin live order book, 3 min ago	3.47 bp	20.6 bp −$21	53.3 bp −$533	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 exchanges

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	−0.0307%	1h	0.7179	+0.028%	$25K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7173	−0.052%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0132%	1h	0.7188	+0.148%	$11K	$32K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0122%	1h	0.7177	−0.003%	$1K	$9K	5x	as long as short
Lighter VIRTUAL	−0.0120%	1h	0.7170	−0.096%	$326K	$368K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7180	+0.038%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.836%	$46	$88K	5.5x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0063%	1h	0.7190	+0.186%	$562K	$749K	50x	as long as short
Variational Omni VIRTUAL	+0.0072%	4h	0.7173	−0.051%	$681K	$816K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0085%	4h	0.7178	+0.014%	$15K	$1.8M	10x	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7183	+0.085%	$8.9M	$3.6M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7179	+0.030%	$92K	$297K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7177	+0.004%	$71K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7174	−0.042%	$16.1M	$40.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7174	−0.042%	$16.7M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7175	−0.028%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7178	+0.014%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7172	−0.070%	$14.9M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTMlong	+0.0100%	4h	0.7177	long leg	$3.4M	$4.5M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7179	+0.028%	$6.1M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7174	−0.042%	—	$7.8M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7182	+0.070%	$246K	$177K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7174	−0.037%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7185	+0.115%	$638K	$1.4M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7188	+0.153%	$40K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7182	+0.070%	$47K	$996K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7177	0.000%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7172	−0.071%	$54K	$312K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7182	+0.075%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]short	L +0.0312% / S −0.0258%	1h	0.7185	+0.115%	$32K	—	100x
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7181	+0.056%	$779K	$974K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7193	+0.223%	$202K	$99K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6224%	1h	0.7310	+1.853%	$2K	$27	10x	as long as short