Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0008%/8h= +0.8% APRpaid last 24h +0.028%

Price spread now: Hyperliquid against Orderly+0.148%7-day average +0.110% · you sell dearer than you buy

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

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.236%+$24 on $10k

Price spread, last 3 days (all we have)−0.055%−$6 · spread now +0.148%, 7d avg +0.110%

Together, before fees+0.181%+ Points / potential airdropHyperliquid: Season 2 · farm board+$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.039% dearer against Orderly than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.110%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7214	0.0092	pay 0.0046% / 4h	1h 03m	$14K	$1.5M	10x
Short	Hyperliquid VIRTUAL	0.7225	0.0100	get 0.0013% / 1h	3m 19s	$8.8M	$3.8M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.148%Rate

Funding earned: $1.6
Price spread: +0.148% → +0.110%: $3.88
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$9.52
Costs to cover: 0.150%
Break-even: 48.7 days

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 9 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 Hyperliquid live order book, 9 min ago	1.11 bp	9.4 bp −$9	doesn't fit	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	0.7213	−0.017%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0128%	1h	0.7218	+0.053%	$328K	$414K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7212	−0.028%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7221	+0.094%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7216	+0.028%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7217	+0.037%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.345%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0092%	4h	0.7214	long leg	$14K	$1.5M	10x
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7225	+0.148%	$8.8M	$3.8M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7219	+0.074%	$194K	$91K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7223	+0.131%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7215	+0.014%	$16.4M	$37.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7213	−0.014%	$15.7M	$16.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7213	−0.014%	$2.8M	$9.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7218	+0.055%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7215	+0.014%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7219	+0.069%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7220	+0.083%	$6.1M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7215	+0.014%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7226	+0.166%	$240K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7185	−0.409%	$525K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7201	−0.180%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7210	−0.055%	$638K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7182	−0.444%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7218	+0.062%	$34K	$896K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7214	0.000%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7214	+0.006%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7212	−0.023%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7213	−0.019%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7216	+0.026%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7211	−0.042%	$809K	$811K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7229	+0.208%	$196K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0508%	1h	0.7224	+0.145%	$588K	$596K	50x	as long as short