Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against MEXC+0.041%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$220.219% of the position

Long on MEXC Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now +0.041%, 7d avg +0.048%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC VIRTUAL_USDT	0.7298	0.0100	pay 0.0050% / 4h	16m 10s	$18.3M	$4.3M	100x
Short	Backpack VIRTUAL_USDC_PERP	0.7301	0.0100	get 0.0013% / 1h	16m 10s	$247K	$169K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against MEXC. 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 MEXCbpFee BackpackbpOrdersPrice spread, now +0.041%Rate

Funding earned: $0
Price spread: +0.041% → +0.048%: −$0.67
Slippage, 4 orders: −$11.91
Fee MEXC: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$22.58
Costs to cover: 0.219%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Backpack: 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 MEXC live order book, 2 min ago	0.69 bp	3.6 bp −$4	6.4 bp −$64	58.5 bp −$5,852	241.7 bp −$120.9K
Sell Backpack live order book, 62 min ago	0.69 bp	8.3 bp −$8	doesn't fit	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	−0.0298%	1h	0.7297	−0.014%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7296	−0.027%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7296	−0.028%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7294	−0.060%	$331K	$416K	5x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7256	−0.570%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7301	+0.044%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.480%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0041%	1h	0.7297	−0.021%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7295	−0.041%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7303	+0.063%	$201K	$102K	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	0.7304	+0.083%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7293	−0.065%	$16.6M	$38.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7300	+0.027%	$16.3M	$16.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7296	−0.027%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7303	+0.069%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDTlong	+0.0100%	4h	0.7298	long leg	$18.3M	$4.3M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7304	+0.082%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7303	+0.069%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7299	+0.014%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7301	+0.041%	$247K	$169K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7298	−0.001%	$544K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7272	−0.356%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7271	−0.370%	$646K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7272	−0.356%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7305	+0.093%	$38K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7294	−0.055%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7296	−0.032%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7297	−0.011%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0116%	1h	0.7310	+0.170%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7300	+0.022%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7295	−0.041%	$825K	$850K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7311	+0.178%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0861%	1h	0.7313	+0.210%	$597K	$581K	50x	as long as short