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: GRVT against Phoenix−0.170%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 GRVT

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 airdropGRVT: Active · farm boardneeds both histories

Funding pays, the price is against you. GRVT is 0.170% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.170% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$17 on $10k: about 5.7 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7266	0	get 0.0000% / 1h	20m 32s	$11K	$37K	5x
Short	GRVT VIRTUAL_USDT_Perp	0.7254	0.0100	get 0.0050% / 4h	1h 20m	$641K	$868K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.170%Rate

Funding earned: $21
Price spread: −0.170% → 0.000%: −$17.02
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$12.02
Costs to cover: 0.160%
Break-even: 11.0 days

Slippage unknown: Phoenix: no order-book sample; GRVT: 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 GRVT live order book, 42 min ago	2.78 bp	10.8 bp −$11	64.2 bp −$642	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	0.7247	−0.273%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0056%	1h	0.7247	−0.267%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0025%	1h	0.7258	−0.116%	$15K	$40K	10x	as long as short
Phoenix VIRTUALlong	0.0000%	1h	0.7266	long leg	$11K	$37K	5x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7251	−0.215%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.056%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7258	−0.116%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7250	−0.222%	$329K	$413K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7257	−0.125%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7258	−0.116%	$98K	$291K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7257	−0.133%	$71K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7251	−0.212%	$16.6M	$40.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7251	−0.212%	$16.8M	$18.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7248	−0.253%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7257	−0.129%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7248	−0.253%	$17.8M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7255	−0.157%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7255	−0.157%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7256	−0.143%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7260	−0.088%	$239K	$203K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7256	−0.141%	$540K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7223	−0.598%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perpshort	+0.0100%	4h	0.7254	−0.170%	$641K	$868K	10x
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7253	−0.184%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7256	−0.145%	$52K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7256	−0.143%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7256	−0.150%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7247	−0.268%	$54K	$270K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7257	−0.128%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7250	−0.224%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7256	−0.143%	$814K	$853K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7273	+0.091%	$190K	$79K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0901%	1h	0.7266	−0.005%	$607K	$661K	50x	as long as short