Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0178%/8h= +19.4% APRpaid last 24h +0.069%

Price spread now: Bybit against Reya−0.056%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Bybit

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 airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Bybit is 0.056% cheaper against Reya than usual: you would sell low and buy high (spread −0.056% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 25 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	Reya VIRTUALRUSDPERP	0.7052	−0.0139	get 0.0017% / 1h	39m 14s	$24	—	10x
Short	Bybit VIRTUALUSDT	0.7048	0.0039	get 0.0019% / 4h	2h 39m	$16.2M	$19.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. 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 ReyabpFee BybitbpOrdersPrice spread, now −0.056%Rate

Funding earned: $37.29
Price spread: −0.056% → 0.000%: −$5.63
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $14.66
Costs to cover: 0.170%
Break-even: 4.2 days

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 4 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 Reya no order-book sample	—	—	—	—	—
Sell Bybit live order book, 4 min ago	0.70 bp	11.6 bp −$12	21.1 bp −$211	127.4 bp −$12.7K	doesn't fit

Reya: 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
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7035	−0.241%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERPlong	−0.0139%	1h	0.7052	long leg	$24	—	10x
Phoenix VIRTUAL	−0.0112%	1h	0.7092	+0.562%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7047	−0.068%	$320K	$402K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0033%	1h	0.7058	+0.086%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7059	+0.106%	$14K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0022%	1h	0.7054	+0.026%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.922%	$46	$88K	5.5x	as long as short
Bybit VIRTUALUSDTshort	+0.0039%	4h	0.7048	−0.056%	$16.2M	$19.0M	50x
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7056	+0.057%	$14K	$1.4M	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	0.7066	+0.198%	$8.7M	$4.0M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7058	+0.087%	$92K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7056	+0.057%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7052	+0.006%	$15.9M	$41.6M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7055	+0.043%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7052	0.000%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7052	0.000%	$15.4M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7057	+0.071%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7059	+0.100%	$6.0M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7055	+0.043%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7056	+0.057%	$236K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7080	+0.402%	$530K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7101	+0.692%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7065	+0.189%	$630K	$998K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7086	+0.483%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7053	+0.009%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7063	+0.156%	$1K	$1.4M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7055	+0.049%	$56K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7054	+0.034%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0283%	1h	0.7065	+0.178%	$576K	$676K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0269%	1h	0.7057	+0.077%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7052	0.000%	$784K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+1.560%	$199K	$104K	50x	as long as short