Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0372%/8h= +40.7% APRpaid last 24h +0.063%

Price spread now: Coinbase International against MEXC+0.619%7-day average +0.263% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$1151.154% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.409%+$41 on $10k

Price spread, last 3 days (all we have)−0.543%−$54 · spread now +0.619%, 7d avg +0.263%

Together, before fees−0.134%−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Coinbase International is 0.356% dearer against MEXC than usual: you sell high and buy low: +$36 more if the spread goes back to its 7-day average of +0.263%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC VIRTUAL_USDT	0.7108	0.0100	pay 0.0050% / 4h	2h 56m	$17.0M	$4.0M	100x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7152	0.0472	get 0.0059% / 1h	56m 18s	$195K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.619%Rate

Funding earned: $78.12
Price spread: +0.619% → +0.263%: $35.55
Slippage, 4 orders: −$105.4
Fee MEXC: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$1.73
Costs to cover: 1.154%
Break-even: 7.2 days

Slippage from MEXC: live order book, 2 min ago; Coinbase International: live order book, 31 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	0.70 bp	2.1 bp −$2	8.2 bp −$82	89.2 bp −$8,915	301.8 bp −$150.9K
Sell Coinbase International live order book, 31 min ago	6.32 bp	45.9 bp −$46	734.6 bp −$7,346	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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	+0.127%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7110	+0.030%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7106	−0.028%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0079%	1h	0.7136	+0.393%	$11K	$45K	5x	as long as short
Variational Omni VIRTUAL	−0.0035%	4h	0.7138	+0.417%	$518K	$872K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7114	+0.084%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7113	+0.073%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0064%	1h	0.7112	+0.055%	$324K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0080%	4h	0.7112	+0.056%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7120	+0.167%	$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	0.7114	+0.082%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7122	+0.193%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7112	+0.053%	$16.3M	$36.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7108	0.000%	$15.3M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7110	+0.028%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7112	+0.056%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDTlong	+0.0100%	4h	0.7108	long leg	$17.0M	$4.0M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7113	+0.070%	$3.1M	$4.0M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7120	+0.169%	$6.1M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7110	+0.028%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7122	+0.197%	$234K	$156K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7133	+0.355%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7120	+0.166%	$635K	$982K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7139	+0.436%	$41K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7114	+0.084%	$33K	$782K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7112	+0.056%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7114	+0.082%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7114	+0.087%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7115	+0.094%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7114	+0.083%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7115	+0.098%	$812K	$809K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0472%	1h	0.7152	+0.619%	$195K	$104K	50x
Kraken Futures PF_VIRTUALUSD	+0.0529%	1h	0.7123	+0.205%	$518K	$516K	50x	as long as short