Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0122%/8h= +13.4% APRpaid last 24h +0.056%

Price spread now: OKX against Phoenix−0.050%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 OKX

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. OKX is 0.050% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.050% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 33 hours of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7186	−0.0022	get 0.0003% / 1h	13m 18s	$11K	$37K	5x
Short	OKX VIRTUAL-USDT-SWAP	0.7182	0.0100	get 0.0050% / 4h	3h 13m	$2.9M	$9.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $25.67
Price spread: −0.050% → 0.000%: −$5.01
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $3.66
Costs to cover: 0.170%
Break-even: 6.0 days

Slippage unknown: Phoenix: no order-book sample; OKX: 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 OKX live order book, 5 min ago	0.69 bp	12.4 bp −$12	39.7 bp −$397	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
Lighter VIRTUAL	−0.0232%	1h	0.7169	−0.225%	$327K	$406K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7175	−0.148%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7178	−0.108%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0029%	1h	0.7176	−0.135%	$1K	$9K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7179	−0.092%	$15K	$40K	10x	as long as short
Phoenix VIRTUALlong	−0.0022%	1h	0.7186	long leg	$11K	$37K	5x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7183	−0.042%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.955%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0084%	4h	0.7178	−0.106%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7187	+0.015%	$8.8M	$4.2M	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	0.7181	−0.069%	$94K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7176	−0.139%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7180	−0.078%	$16.2M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7177	−0.120%	$16.6M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7182	−0.050%	$2.9M	$9.9M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7178	−0.106%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7179	−0.092%	$16.2M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7182	−0.050%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7182	−0.050%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7179	−0.092%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7173	−0.175%	$237K	$214K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7178	−0.102%	$537K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7180	−0.074%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7179	−0.098%	$638K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7194	+0.117%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7181	−0.057%	$53K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7176	−0.134%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7175	−0.145%	$54K	$235K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7176	−0.137%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7184	−0.027%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7173	−0.175%	$797K	$951K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7200	+0.200%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0487%	1h	0.7186	+0.009%	$589K	$669K	50x	as long as short