Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h −0.003%

Price spread now: SoDEX against Orderly+0.143%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on SoDEX

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 $0 a day on $10k at the current rate, and SoDEX is 0.143% dearer against Orderly than usual: you sell high and buy low: +$14 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	Orderly PERP_VIRTUAL_USDC	0.7327	0.0090	pay 0.0045% / 4h	3h 16m	$14K	$1.5M	10x
Short	SoDEX VIRTUAL-USD	0.7338	0.0100	get 0.0013% / 1h	16m 33s	$1K	$9K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.143%Rate

Funding earned: $2.17
Price spread: +0.143% → 0.000%: $14.33
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: $2.5
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; SoDEX: 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 Orderly no order-book sample	—	—	—	—	—
Sell SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: 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	0.7341	+0.196%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7292	−0.476%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0048%	1h	0.7364	+0.505%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7331	+0.055%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7335	+0.115%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.866%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0090%	4h	0.7327	long leg	$14K	$1.5M	10x
Lighter VIRTUAL	+0.0096%	1h	0.7351	+0.332%	$333K	$418K	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7363	+0.497%	$201K	$156K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7357	+0.409%	$73K	$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	0.7365	+0.520%	$17.0M	$39.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7369	+0.573%	$16.7M	$17.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7367	+0.546%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7364	+0.505%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7355	+0.382%	$18.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7365	+0.519%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7369	+0.573%	$6.3M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7364	+0.505%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7354	+0.369%	$249K	$164K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7286	−0.556%	$545K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7290	−0.511%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7294	−0.456%	$649K	$890K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7289	−0.519%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7333	+0.081%	$50K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7340	+0.177%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USDshort	+0.0100%	1h	0.7338	+0.143%	$1K	$9K	5x
Extended VIRTUAL-USD	+0.0104%	1h	0.7361	+0.467%	$55K	$277K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7329	+0.026%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0218%	1h	0.7366	+0.527%	$9.2M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7334	+0.092%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7349	+0.300%	$836K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7313	−0.191%	$198K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0736%	1h	0.7350	+0.316%	$610K	$645K	50x	as long as short