Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0179%/8h= +19.6% APRpaid last 24h +0.068%

Price spread now: MEXC against Phoenix−0.419%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 MEXC

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. MEXC is 0.419% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.419% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$42 on $10k: about 7.8 days of funding at the current rate (+$5 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	0.7136	−0.0079	get 0.0010% / 1h	57m 49s	$11K	$45K	5x
Short	MEXC VIRTUAL_USDT	0.7106	0.0100	get 0.0050% / 4h	2h 57m	$17.0M	$4.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.419%Rate

Funding earned: $37.65
Price spread: −0.419% → 0.000%: −$41.9
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$11.25
Costs to cover: 0.070%
Break-even: 9.1 days

Slippage unknown: Phoenix: no order-book sample; MEXC: live order book, 1 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 MEXC live order book, 1 min ago	0.70 bp	4.3 bp −$4	7.2 bp −$72	69.5 bp −$6,951	251.7 bp −$125.8K

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	−0.0171%	1h	0.7114	−0.307%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.265%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7118	−0.249%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7121	−0.209%	$2K	$131	10x	as long as short
Phoenix VIRTUALlong	−0.0079%	1h	0.7136	long leg	$11K	$45K	5x
Variational Omni VIRTUAL	−0.0035%	4h	0.7138	+0.024%	$518K	$872K	—	as long as short
SoDEX VIRTUAL-USD	−0.0005%	1h	0.7112	−0.338%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7118	−0.254%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0048%	1h	0.7110	−0.356%	$324K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0080%	4h	0.7116	−0.279%	$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	0.7122	−0.195%	$8.7M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7117	−0.270%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7115	−0.296%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7113	−0.314%	$16.3M	$36.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7106	−0.419%	$15.3M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7108	−0.391%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7113	−0.321%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7106	−0.419%	$17.0M	$4.0M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7114	−0.307%	$3.0M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7119	−0.237%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7114	−0.307%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7113	−0.321%	$234K	$157K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7121	−0.203%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7131	−0.068%	$636K	$982K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7126	−0.139%	$40K	$242K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7124	−0.167%	$33K	$787K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7115	−0.293%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7111	−0.343%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7115	−0.290%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7119	−0.241%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7132	−0.055%	$811K	$812K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.226%	$195K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0528%	1h	0.7125	−0.160%	$518K	$521K	50x	as long as short