Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.060%

Price spread now: Gate against Phoenix−0.356%107s7-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 Gate

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. Gate is 0.356% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.356% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$36 on $10k: about 12 days of funding at the current rate (+$3 a day). The two prices were read 107 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	0.7155	0	get 0.0000% / 1h	57m 40s	$11K	$34K	5x
Short	Gate VIRTUAL_USDT	0.7129	0.0100	get 0.0050% / 4h	57m 40s	$1.5M	$3.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.356%Rate

Funding earned: $21
Price spread: −0.356% → 0.000%: −$35.64
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$36.64
Costs to cover: 0.220%
Break-even: 19.2 days

Slippage unknown: Phoenix: no order-book sample; Gate: live order book, 5 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 Gate live order book, 5 min ago	4.90 bp	20.8 bp −$21	68.5 bp −$685	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0449%	1h	0.7146	−0.119%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0296%	1h	0.7126	−0.405%	$324K	$412K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7126	−0.398%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7148	−0.092%	$24	—	10x	as long as short
Phoenix VIRTUALlong	0.0000%	1h	0.7155	long leg	$11K	$34K	5x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7150	−0.069%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.524%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0065%	1h	0.7146	−0.123%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7145	−0.133%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7139	−0.214%	$8.8M	$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	0.7133	−0.303%	$97K	$291K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7128	−0.368%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7127	−0.387%	$16.3M	$40.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7130	−0.342%	$16.5M	$18.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7133	−0.301%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDTshort	+0.0100%	4h	0.7129	−0.356%	$1.5M	$3.2M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7126	−0.398%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7132	−0.314%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7125	−0.412%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7124	−0.426%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7143	−0.161%	$237K	$206K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7157	+0.035%	$533K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7155	+0.002%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7165	+0.153%	$639K	$867K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7159	+0.063%	$40K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7157	+0.031%	$51K	$984K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7148	−0.091%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7121	−0.474%	$53K	$265K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7157	+0.034%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7149	−0.077%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7159	+0.063%	$816K	$894K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+0.342%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0802%	1h	0.7154	−0.007%	$595K	$665K	50x	as long as short