Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0128%/8h= +14.0% APRpaid last 24h +0.034%

Price spread now: GMX against OKX+0.216%7-day average — · you sell dearer than you buy

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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 for this trade now. Funding pays +$4 a day on $10k at the current rate, and GMX is 0.216% dearer against OKX than usual: you sell high and buy low: +$22 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX VIRTUAL-USDT-SWAP	0.7118	0.0100	pay 0.0050% / 4h	2h 54m	$2.8M	$9.1M	20x
Short	GMX VIRTUAL/USD [WBTC.b-USDC]	0.7133	L +0.0297% / S −0.0228%	get 0.0029% / 1h	54m 48s	$30K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now +0.216%Rate

Funding earned: $26.92
Price spread: +0.216% → 0.000%: $21.55
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $26.47
Costs to cover: 0.220%
Break-even: 0.1 days

Slippage unknown: OKX: live order book, 3 min ago; GMX: 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 OKX live order book, 3 min ago	0.70 bp	13.7 bp −$14	35.8 bp −$358	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	0.7130	+0.163%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7129	+0.155%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0079%	1h	0.7119	+0.010%	$11K	$45K	5x	as long as short
Variational Omni VIRTUAL	−0.0023%	4h	0.7121	+0.049%	$518K	$872K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7135	+0.239%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7134	+0.224%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0064%	1h	0.7125	+0.100%	$324K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7134	+0.225%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7129	+0.162%	$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	0.7132	+0.196%	$194K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7125	+0.095%	$74K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7125	+0.103%	$16.3M	$36.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7120	+0.028%	$15.4M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAPlong	+0.0100%	4h	0.7118	long leg	$2.8M	$9.1M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7134	+0.225%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7126	+0.112%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7134	+0.225%	$3.1M	$4.0M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7126	+0.112%	$6.1M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7123	+0.070%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7136	+0.253%	$234K	$154K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7113	−0.063%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7124	+0.084%	$635K	$982K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7119	+0.014%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7134	+0.218%	$33K	$782K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7124	+0.084%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7133	+0.204%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7120	+0.031%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7133	+0.207%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]short	L +0.0297% / S −0.0228%	1h	0.7133	+0.216%	$30K	—	100x
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7132	+0.197%	$814K	$801K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.478%	$195K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0527%	1h	0.7140	+0.306%	$520K	$516K	50x	as long as short