Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0166%/8h= −18.2% APRpaid last 24h −0.063%

Price spread now: Phoenix against KuCoin+0.088%7-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 Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. Phoenix is 0.088% dearer against KuCoin than usual: you sell high and buy low (spread +0.088% now, against zero (this spread has no 7-day history yet)): +$9 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 42 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin VIRTUALUSDTM	0.7282	0.0100	pay 0.0050% / 4h	7m 13s	$4.3M	$4.2M	50x
Short	Phoenix VIRTUAL	0.7288	−0.0066	pay 0.0008% / 1h	7m 13s	$11K	$40K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$34.94
Price spread: +0.088% → 0.000%: $8.79
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$45.15
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, just now; Phoenix: 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, just now	2.06 bp	22.3 bp −$22	59.5 bp −$595	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7265	−0.233%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0162%	1h	0.7279	−0.041%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7274	−0.110%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0136%	1h	0.7278	−0.051%	$331K	$416K	5x	as long as short
Phoenix VIRTUALshort	−0.0066%	1h	0.7288	+0.088%	$11K	$40K	5x
SoDEX VIRTUAL-USD	−0.0003%	1h	0.7282	+0.001%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7280	−0.032%	$8K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.266%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7278	−0.055%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7278	−0.051%	$200K	$104K	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	0.7286	+0.057%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7283	+0.014%	$16.6M	$38.9M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7281	−0.014%	$16.2M	$16.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7279	−0.041%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7278	−0.055%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7283	+0.014%	$18.3M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTMlong	+0.0100%	4h	0.7282	long leg	$4.3M	$4.2M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7282	0.000%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7276	−0.082%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7293	+0.151%	$247K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7266	−0.220%	$543K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7282	−0.007%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7295	+0.179%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7281	−0.014%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7278	−0.060%	$37K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7274	−0.110%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7279	−0.040%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7281	−0.015%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0117%	1h	0.7287	+0.065%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7279	−0.045%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7281	−0.014%	$818K	$849K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7311	+0.398%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0863%	1h	0.7297	+0.199%	$597K	$583K	50x	as long as short