Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0449%/8h= +49.2% APRpaid last 24h +0.134%

Price spread now: BloFin against Phoenix−0.189%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 BloFin

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. BloFin is 0.189% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.189% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$19 on $10k: about 34 hours of funding at the current rate (+$13 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7204	−0.0109	get 0.0014% / 1h	55m 02s	$11K	$46K	5x
Short	BloFin VIRTUAL-USDT	0.7190	0.0340	get 0.0170% / 4h	2h 55m	$833K	$849K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.189%Rate

Funding earned: $94.37
Price spread: −0.189% → 0.000%: −$18.88
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $56.49
Costs to cover: 0.190%
Break-even: 2.8 days

Slippage unknown: Phoenix: no order-book sample; BloFin: live order book, 12 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 BloFin live order book, 12 min ago	1.36 bp	8.6 bp −$9	17.3 bp −$173	63.5 bp −$6,352	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
ApeX Omni VIRTUALUSDT	−0.1153%	1h	0.7222	+0.255%	$41K	$244K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0306%	1h	0.7184	−0.272%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7181	−0.308%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7182	−0.300%	$2K	$131	10x	as long as short
Phoenix VIRTUALlong	−0.0109%	1h	0.7204	long leg	$11K	$46K	5x
Lighter VIRTUAL	−0.0048%	1h	0.7181	−0.318%	$326K	$413K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0031%	1h	0.7183	−0.286%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7186	−0.239%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.202%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7184	−0.272%	$14K	$1.5M	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	0.7191	−0.176%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7185	−0.258%	$170K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7196	−0.103%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7182	−0.300%	$16.5M	$40.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7182	−0.300%	$16.2M	$17.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7183	−0.286%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7187	−0.230%	$1.4M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7186	−0.244%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7188	−0.217%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7186	−0.244%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7181	−0.314%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7186	−0.244%	$249K	$174K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7183	−0.281%	$526K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7225	+0.304%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7205	+0.025%	$641K	$877K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7187	−0.225%	$51K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7182	−0.300%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7182	−0.299%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7182	−0.301%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7188	−0.222%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7190	−0.189%	$833K	$849K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7288	+1.172%	$198K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1026%	1h	0.7196	−0.104%	$594K	$660K	50x	as long as short