Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0134%/8h= +14.6% APRpaid last 24h +0.057%

Price spread now: Aster against Phoenix−0.241%45s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Aster is 0.241% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.241% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$24 on $10k: about 6.0 days of funding at the current rate (+$4 a day). The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7173	−0.0034	get 0.0004% / 1h	6m 40s	$11K	$37K	5x
Short	Aster VIRTUALUSDT	0.7156	0.0100	get 0.0050% / 4h	6m 40s	$96K	$293K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.241%Rate

Funding earned: $28.04
Price spread: −0.241% → 0.000%: −$24.05
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$11.01
Costs to cover: 0.150%
Break-even: 9.8 days

Slippage unknown: Phoenix: no order-book sample; Aster: live order book, 50 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 Phoenix no order-book sample	—	—	—	—	—
Sell Aster live order book, 50 min ago	11.15 bp	18.7 bp −$19	144.2 bp −$1,442	doesn't fit	doesn't fit

Phoenix: 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	0.7152	−0.291%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7144	−0.404%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7147	−0.364%	$325K	$415K	5x	as long as short
Phoenix VIRTUALlong	−0.0034%	1h	0.7173	long leg	$11K	$37K	5x
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7157	−0.223%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7156	−0.243%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.781%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7156	−0.237%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7155	−0.250%	$8.7M	$4.1M	5x	as long as short
Aster VIRTUALUSDTshort	+0.0100%	4h	0.7156	−0.241%	$96K	$293K	20x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7154	−0.265%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7147	−0.366%	$16.2M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7144	−0.404%	$16.4M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7146	−0.376%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7152	−0.293%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7150	−0.321%	$17.4M	$4.5M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7156	−0.237%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7150	−0.321%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7151	−0.307%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7157	−0.223%	$239K	$208K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7165	−0.116%	$536K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7165	−0.115%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	−0.125%	$634K	$900K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7166	−0.098%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7155	−0.248%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7156	−0.237%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7157	−0.230%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7144	−0.397%	$54K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7155	−0.257%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7156	−0.242%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7156	−0.237%	$796K	$897K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	+0.153%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0801%	1h	0.7164	−0.123%	$591K	$663K	50x	as long as short