Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0209%/8h= +22.9% APRpaid last 24h +0.062%

Price spread now: BingX against Phoenix−1.444%7-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 BingX

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—needs both histories

Funding pays, the price is against you. BingX is 1.444% cheaper against Phoenix than usual: you would sell low and buy high (spread −1.444% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$144 on $10k: about 23 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7305	−0.0109	get 0.0014% / 1h	56m 55s	$11K	$37K	5x
Short	BingX VIRTUAL-USDT	0.7199	0.0100	get 0.0050% / 4h	2h 56m	—	$8.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −1.444%Rate

Funding earned: $43.97
Price spread: −1.444% → 0.000%: −$144.43
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$117.46
Costs to cover: 0.170%
Break-even: 25.7 days

Slippage unknown: Phoenix: no order-book sample; BingX: live order book, 11 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 BingX live order book, 11 min ago	2.03 bp	9.2 bp −$9	13.2 bp −$132	25.3 bp −$2,526	69.0 bp −$34.5K

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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0304%	1h	0.7218	−1.184%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0288%	1h	0.7211	−1.280%	$328K	$413K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7220	−1.155%	$24	—	10x	as long as short
Phoenix VIRTUALlong	−0.0109%	1h	0.7305	long leg	$11K	$37K	5x
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7235	−0.951%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7221	−1.144%	$4K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0015%	1h	0.7211	−1.273%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.567%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7217	−1.198%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7214	−1.240%	$8.9M	$4.1M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7217	−1.194%	$171K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7232	−0.991%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7207	−1.335%	$16.7M	$40.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7206	−1.348%	$16.3M	$17.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7204	−1.376%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7206	−1.348%	$1.4M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7198	−1.458%	$17.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7204	−1.376%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7208	−1.321%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDTshort	+0.0100%	4h	0.7199	−1.444%	—	$8.1M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7208	−1.321%	$250K	$174K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7261	−0.592%	$544K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7260	−0.609%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7261	−0.596%	$646K	$877K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7266	−0.527%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7236	−0.943%	$48K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7212	−1.266%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7199	−1.451%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7212	−1.273%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7220	−1.159%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7209	−1.307%	$831K	$851K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7288	−0.226%	$198K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1022%	1h	0.7225	−1.083%	$596K	$657K	50x	as long as short