Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.073%

Price spread now: Coinbase International against OKX+1.448%7-day average +0.248% · you sell dearer than you buy

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$1291.286% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.434%+$43 on $10k

Price spread, last 3 days (all we have)−1.242%−$124 · spread now +1.448%, 7d avg +0.248%

Together, before fees−0.808%−$81 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 1.200% dearer against OKX than usual: you sell high and buy low: +$120 more if the spread goes back to its 7-day average of +0.248%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX VIRTUAL-USDT-SWAP	0.7184	0.0100	pay 0.0050% / 4h	2h 55m	$2.8M	$9.7M	20x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7288	0.0440	get 0.0055% / 1h	55m 15s	$198K	$93K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against OKX. 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 OKXbpFee Coinbase InternationalbpOrdersPrice spread, now +1.448%Rate

Funding earned: $71.4
Price spread: +1.448% → +0.248%: $120
Slippage, 4 orders: −$108.63
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $62.77
Costs to cover: 1.286%
Break-even: 0.8 days

Slippage from OKX: live order book, 3 min ago; Coinbase International: live order book, 13 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 OKX live order book, 3 min ago	0.69 bp	14.0 bp −$14	39.3 bp −$393	doesn't fit	doesn't fit
Sell Coinbase International live order book, 13 min ago	6.75 bp	48.5 bp −$49	1007.2 bp −$10.1K	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
ApeX Omni VIRTUALUSDT	−0.1153%	1h	0.7222	+0.529%	$41K	$244K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0306%	1h	0.7184	0.000%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7181	−0.036%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7182	−0.028%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7204	+0.273%	$11K	$46K	5x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7181	−0.046%	$326K	$413K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0031%	1h	0.7183	−0.014%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7186	+0.034%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.933%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7184	0.000%	$14K	$1.5M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7191	+0.102%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7186	+0.025%	$170K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7196	+0.169%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7186	+0.031%	$16.5M	$40.9M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7185	+0.014%	$16.2M	$17.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAPlong	+0.0100%	4h	0.7184	long leg	$2.8M	$9.7M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7186	+0.028%	$1.4M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7186	+0.028%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7188	+0.056%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7181	−0.042%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7185	+0.014%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7193	+0.125%	$249K	$174K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7183	−0.009%	$526K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7225	+0.578%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7205	+0.298%	$641K	$877K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7187	+0.047%	$51K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7182	−0.028%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7182	−0.027%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7182	−0.029%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7188	+0.050%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7190	+0.084%	$833K	$849K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0440%	1h	0.7288	+1.448%	$198K	$93K	50x
Kraken Futures PF_VIRTUALUSD	+0.1026%	1h	0.7196	+0.169%	$594K	$660K	50x	as long as short