Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against Pacifica+0.085%7-day average — · you sell dearer than you buy

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

Long on Pacifica Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.149%−$15 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.085% dearer against Pacifica than usual: you sell high and buy low, +$9 on $10k if it 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	Pacifica VIRTUAL	0.7048	0.0100	pay 0.0013% / 1h	32m 49s	$69K	$43K	5x
Short	Backpack VIRTUAL_USDC_PERP	0.7054	0.0100	get 0.0013% / 1h	32m 49s	$236K	$210K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Pacifica. 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 PacificabpFee BackpackbpOrdersPrice spread, now +0.085%Rate

Funding earned: $0
Price spread: +0.085% → 0.000%: $8.51
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$9.49
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Pacifica: no order-book sample; Backpack: live order book, 15 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 Pacifica no order-book sample	—	—	—	—	—
Sell Backpack live order book, 15 min ago	2.10 bp	8.7 bp −$9	doesn't fit	doesn't fit	doesn't fit

Pacifica: 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0317%	1h	0.7047	−0.014%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7049	+0.014%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7046	−0.022%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7072	+0.345%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7054	+0.078%	$321K	$402K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7049	+0.017%	$14K	—	150x	as long as short
Bybit VIRTUALUSDT	+0.0032%	4h	0.7055	+0.099%	$16.2M	$18.9M	50x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.979%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0072%	1h	0.7047	−0.007%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7046	−0.028%	$14K	$1.4M	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	0.7069	+0.292%	$8.7M	$4.0M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7059	+0.155%	$91K	$299K	20x	as long as short
Pacifica VIRTUALlong	+0.0100%	1h	0.7048	long leg	$69K	$43K	5x
Binance VIRTUALUSDT	+0.0100%	4h	0.7059	+0.155%	$15.9M	$41.7M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7060	+0.170%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7052	+0.057%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7055	+0.099%	$15.4M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7054	+0.085%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7059	+0.156%	$6.0M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7053	+0.071%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7054	+0.085%	$236K	$210K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7068	+0.290%	$529K	$910K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7089	+0.576%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7075	+0.384%	$625K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7093	+0.638%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7049	+0.014%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7054	+0.085%	$1K	$1.4M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7053	+0.069%	$56K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7044	−0.052%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0283%	1h	0.7051	+0.047%	$521K	$763K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0259%	1h	0.7050	+0.031%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7050	+0.028%	$783K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+1.617%	$199K	$104K	50x	as long as short