Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0131%/8h= −14.4% APRpaid last 24h −0.081%

Price spread now: Deribit against MEXC−0.112%52s7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Deribit

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

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Deribit is 0.112% cheaper against MEXC than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 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	MEXC VIRTUAL_USDT	0.7116	0.0100	pay 0.0050% / 4h	2h 53m	$17.0M	$4.0M	100x
Short	Deribit VIRTUAL_USDC-PERPETUAL	0.7108	−0.0031	pay 0.0004% / 1h	53m 25s	$15K	$40K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$27.57
Price spread: −0.112% → 0.000%: −$11.24
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$45.81
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 5 min ago; Deribit: 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 MEXC live order book, 5 min ago	0.70 bp	2.1 bp −$2	8.2 bp −$82	89.2 bp −$8,915	301.8 bp −$150.9K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	+0.014%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7115	−0.008%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7119	+0.038%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7112	−0.056%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUALshort	−0.0031%	1h	0.7108	−0.112%	$15K	$40K	10x
Variational Omni VIRTUAL	−0.0023%	4h	0.7121	+0.077%	$518K	$872K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7118	+0.027%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0080%	1h	0.7100	−0.223%	$323K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7115	−0.014%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7124	+0.117%	$8.7M	$3.6M	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	0.7117	+0.021%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7108	−0.115%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7116	0.000%	$16.3M	$36.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7109	−0.098%	$15.3M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7111	−0.070%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7118	+0.028%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDTlong	+0.0100%	4h	0.7116	long leg	$17.0M	$4.0M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7115	−0.014%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7117	+0.014%	$6.0M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7116	0.000%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7111	−0.070%	$237K	$157K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7127	+0.148%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7122	+0.089%	$631K	$994K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7119	+0.042%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7118	+0.027%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7107	−0.126%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7104	−0.171%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7111	−0.073%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7114	−0.024%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7118	+0.028%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7132	+0.225%	$814K	$801K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.506%	$195K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0529%	1h	0.7112	−0.058%	$518K	$518K	50x	as long as short