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 +0.045%

Price spread now: Variational Omni against Phoenix−0.026%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.026% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.026% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 13 hours 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	0.7311	−0.0066	get 0.0008% / 1h	36m 38s	$11K	$40K	5x
Short	Variational Omni VIRTUAL	0.7310	0.0100	get 0.0050% / 4h	36m 38s	$535K	$878K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.026%Rate

Funding earned: $34.94
Price spread: −0.026% → 0.000%: −$2.62
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $25.32
Costs to cover: 0.070%
Break-even: 1.9 days

Slippage unknown: Phoenix: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 42 min ago	5.55 bp	doesn't fit	22.2 bp −$222	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	−0.0298%	1h	0.7292	−0.267%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7298	−0.183%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7298	−0.185%	$2K	$131	10x	as long as short
Phoenix VIRTUALlong	−0.0066%	1h	0.7311	long leg	$11K	$40K	5x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7297	−0.195%	$9K	—	150x	as long as short
Lighter VIRTUAL	+0.0016%	1h	0.7301	−0.146%	$332K	$415K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.660%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7291	−0.280%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7307	−0.062%	$200K	$101K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7308	−0.051%	$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	0.7305	−0.089%	$16.6M	$38.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7306	−0.075%	$16.2M	$16.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7305	−0.089%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7304	−0.103%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7302	−0.130%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7305	−0.089%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7312	+0.007%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7304	−0.103%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7293	−0.253%	$247K	$169K	10x	as long as short
Variational Omni VIRTUALshort	+0.0100%	4h	0.7310	−0.026%	$535K	$878K	—
edgeX VIRTUALUSDC	+0.0100%	4h	0.7312	+0.008%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7318	+0.093%	$650K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7308	−0.048%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7304	−0.107%	$36K	$954K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7287	−0.335%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7290	−0.297%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7308	−0.055%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7291	−0.279%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0153%	1h	0.7318	+0.085%	$9.1M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7299	−0.172%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7294	−0.239%	$813K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7310	−0.021%	$199K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0862%	1h	0.7307	−0.064%	$595K	$578K	50x	as long as short