Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0017%/8h= +1.8% APRpaid last 24h +0.006%

Price spread now: Bybit against SoDEX−0.078%7-day average — · you buy dearer than you sell

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

Long on SoDEX 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—needs both histories

Funding pays, the price is against you. Bybit is 0.078% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.078% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 15 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX VIRTUAL-USD	0.7096	0.0052	pay 0.0006% / 1h	41m 56s	$1K	$9K	5x
Short	Bybit VIRTUALUSDT	0.7090	0.0069	get 0.0034% / 4h	2h 41m	$16.3M	$18.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now −0.078%Rate

Funding earned: $3.53
Price spread: −0.078% → 0.000%: −$7.75
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$23.22
Costs to cover: 0.190%
Break-even: 53.0 days

Slippage unknown: SoDEX: no order-book sample; Bybit: 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 SoDEX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.70 bp	11.6 bp −$12	21.1 bp −$211	127.4 bp −$12.7K	doesn't fit

SoDEX: 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	−0.0454%	1h	0.7095	−0.007%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7090	−0.078%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7092	−0.056%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7126	+0.426%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0040%	1h	0.7089	−0.089%	$322K	$402K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7098	+0.042%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.303%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USDlong	+0.0052%	1h	0.7096	long leg	$1K	$9K	5x
Bybit VIRTUALUSDTshort	+0.0069%	4h	0.7090	−0.078%	$16.3M	$18.8M	50x
Orderly PERP_VIRTUAL_USDC	+0.0076%	4h	0.7095	−0.007%	$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	0.7106	+0.142%	$8.7M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7101	+0.079%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7103	+0.106%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7093	−0.039%	$16.0M	$41.5M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7092	−0.049%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7096	+0.007%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7094	−0.021%	$15.6M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7098	+0.035%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7091	−0.063%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7095	−0.007%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7097	+0.021%	$237K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7108	+0.180%	$532K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7122	+0.374%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7115	+0.269%	$628K	$987K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7118	+0.317%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7097	+0.016%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7097	+0.021%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7089	−0.096%	$56K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7094	−0.026%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0281%	1h	0.7104	+0.119%	$580K	$676K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0317% / S −0.0269%	1h	0.7097	+0.014%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7101	+0.078%	$788K	$979K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+0.937%	$199K	$104K	50x	as long as short