Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0166%/8h= +18.2% APRpaid last 24h +0.063%

Price spread now: edgeX against Phoenix−0.205%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 edgeX

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 airdropedgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.205% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.205% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 4.1 days of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7309	−0.0066	get 0.0008% / 1h	35m 17s	$11K	$40K	5x
Short	edgeX VIRTUALUSDC	0.7295	0.0100	get 0.0050% / 4h	35m 17s	$19K	$258K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.205%Rate

Funding earned: $34.94
Price spread: −0.205% → 0.000%: −$20.49
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$1.56
Costs to cover: 0.160%
Break-even: 7.3 days

Slippage unknown: Phoenix: no order-book sample; edgeX: live order book, 42 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 edgeX live order book, 42 min ago	2.09 bp	7.3 bp −$7	30.8 bp −$308	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	0.7319	+0.132%	$25	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7322	+0.171%	$2K	$131	10x	as long as short
Phoenix VIRTUALlong	−0.0066%	1h	0.7309	long leg	$11K	$40K	5x
Deribit VIRTUAL_USDC-PERPETUAL	−0.0023%	1h	0.7320	+0.144%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7324	+0.197%	$9K	—	150x	as long as short
Lighter VIRTUAL	+0.0016%	1h	0.7310	+0.011%	$333K	$415K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.634%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7318	+0.116%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7325	+0.206%	$201K	$101K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7326	+0.219%	$73K	$44K	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	0.7315	+0.073%	$16.6M	$38.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7310	+0.007%	$16.3M	$16.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7304	−0.075%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7323	+0.185%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7317	+0.103%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7324	+0.198%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7326	+0.226%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7320	+0.144%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7327	+0.239%	$248K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7305	−0.066%	$535K	$878K	—	as long as short
edgeX VIRTUALUSDCshort	+0.0100%	4h	0.7295	−0.205%	$19K	$258K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7305	−0.062%	$649K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7295	−0.198%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7326	+0.231%	$36K	$954K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7316	+0.089%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7319	+0.127%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7318	+0.114%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7319	+0.124%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0143%	1h	0.7332	+0.308%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7323	+0.182%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7323	+0.185%	$815K	$849K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7339	+0.404%	$199K	$97K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0859%	1h	0.7335	+0.344%	$600K	$582K	50x	as long as short