Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0239%/8h= +26.2% APRpaid last 24h +0.072%

Price spread now: OKX against Reya−0.103%47s7-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 OKX

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. OKX is 0.103% cheaper against Reya than usual: you would sell low and buy high (spread −0.103% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 35 hours of funding at the current rate (+$7 a day). The two prices were read 47 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	Reya VIRTUALRUSDPERP	0.7127	−0.0139	get 0.0017% / 1h	50m 43s	$24	—	10x
Short	OKX VIRTUAL-USDT-SWAP	0.7120	0.0100	get 0.0050% / 4h	50m 43s	$2.8M	$9.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.103%Rate

Funding earned: $50.21
Price spread: −0.103% → 0.000%: −$10.31
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee OKX: 5 bp × 2 orders: −$10
Net: $23.89
Costs to cover: 0.160%
Break-even: 3.7 days

Slippage unknown: Reya: no order-book sample; OKX: live order book, 2 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 OKX live order book, 2 min ago	0.70 bp	13.1 bp −$13	40.6 bp −$406	doesn't fit	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0171%	1h	0.7128	+0.009%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERPlong	−0.0139%	1h	0.7127	long leg	$24	—	10x
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7131	+0.051%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0064%	1h	0.7121	−0.093%	$324K	$413K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7162	+0.481%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7129	+0.025%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.145%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7126	−0.019%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7148	+0.284%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7141	+0.191%	$97K	$292K	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	0.7132	+0.071%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7125	−0.033%	$16.2M	$40.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7124	−0.047%	$16.5M	$18.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7120	−0.103%	$2.8M	$9.7M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7136	+0.121%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7135	+0.107%	$17.8M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7135	+0.107%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7142	+0.206%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7136	+0.121%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7131	+0.051%	$237K	$205K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7124	−0.050%	$531K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7153	+0.357%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7148	+0.283%	$634K	$868K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7149	+0.304%	$40K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7136	+0.127%	$51K	$984K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7135	+0.107%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7128	+0.006%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7137	+0.136%	$55K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7124	−0.042%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0266%	1h	0.7130	+0.041%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7128	+0.009%	$805K	$890K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+0.725%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0804%	1h	0.7138	+0.148%	$594K	$663K	50x	as long as short