Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0359%/8h= +39.3% APRpaid last 24h +0.082%

Price spread now: Coinbase International against Orderly+0.343%7-day average +0.266% · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.586%+$59 on $10k

Price spread, last 3 days (all we have)−0.063%−$6 · spread now +0.343%, 7d avg +0.266%

Together, before fees+0.524%+$52 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 0.077% dearer against Orderly than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.266%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7288	0.0089	pay 0.0045% / 4h	3h 20m	$14K	$1.5M	10x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7313	0.0448	get 0.0056% / 1h	20m 32s	$198K	$92K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +0.343%Rate

Funding earned: $75.34
Price spread: +0.343% → +0.266%: $7.67
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $67.02
Costs to cover: 0.160%
Break-even: 0.8 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 52 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International live order book, 52 min ago	6.86 bp	52.5 bp −$52	889.1 bp −$8,891	doesn't fit	doesn't fit

Orderly: 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7301	+0.177%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7329	+0.557%	$12K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0048%	1h	0.7300	+0.165%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0024%	1h	0.7289	+0.014%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7290	+0.034%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.346%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0089%	4h	0.7288	long leg	$14K	$1.5M	10x
Lighter VIRTUAL	+0.0096%	1h	0.7294	+0.077%	$331K	$417K	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7301	+0.173%	$199K	$159K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7302	+0.195%	$72K	$45K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7301	+0.178%	$16.9M	$39.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7300	+0.165%	$16.6M	$17.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7299	+0.151%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7303	+0.206%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7303	+0.206%	$18.4M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7301	+0.178%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7305	+0.233%	$6.3M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7300	+0.165%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7290	+0.027%	$247K	$164K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7286	−0.023%	$545K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7301	+0.182%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7328	+0.548%	$651K	$889K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7302	+0.192%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7306	+0.241%	$48K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7289	+0.014%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7291	+0.048%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7299	+0.155%	$55K	$289K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7282	−0.082%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0207%	1h	0.7313	+0.349%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7289	+0.019%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7286	−0.027%	$827K	$839K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0448%	1h	0.7313	+0.343%	$198K	$92K	50x
Kraken Futures PF_VIRTUALUSD	+0.0741%	1h	0.7304	+0.221%	$605K	$644K	50x	as long as short