Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h −0.072%

Price spread now: Reya against SunX−0.112%50s7-day average — · you buy dearer than you sell

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

Long on SunX Short on Reya

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

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Reya is 0.112% cheaper against SunX than usual: you would sell low and buy high (−$11 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 50 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	SunX VIRTUAL-USDT	0.7221	0.0100	pay 0.0050% / 4h	2h 31m	$2K	$1.4M	20x
Short	Reya VIRTUALRUSDPERP	0.7213	−0.0139	pay 0.0017% / 1h	31m 24s	$24	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against SunX. 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 SunXbpFee ReyabpOrdersPrice spread, now −0.112%Rate

Funding earned: −$50.21
Price spread: −0.112% → 0.000%: −$11.21
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Reya: 3 bp × 2 orders: −$6
Net: −$75.42
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 3 min ago; Reya: no order-book sample. 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 SunX live order book, 3 min ago	500.73 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

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 32 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
Reya VIRTUALRUSDPERPshort	−0.0139%	1h	0.7213	−0.112%	$24	—	10x
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7211	−0.138%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7225	+0.055%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7218	−0.043%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7219	−0.026%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.440%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7215	−0.083%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7210	−0.152%	$327K	$414K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7224	+0.039%	$8.9M	$4.2M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7218	−0.037%	$99K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7216	−0.076%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7217	−0.055%	$16.6M	$41.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7213	−0.111%	$16.4M	$18.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7215	−0.083%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7215	−0.083%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7214	−0.097%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7219	−0.028%	$4.2M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7215	−0.083%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7215	−0.083%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7225	+0.055%	$244K	$173K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7202	−0.265%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7195	−0.356%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7199	−0.305%	$639K	$888K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7203	−0.249%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7220	−0.019%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDTlong	+0.0100%	4h	0.7221	long leg	$2K	$1.4M	20x
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7220	−0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7211	−0.133%	$56K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7222	+0.008%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7227	+0.083%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7232	+0.152%	$196K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1021%	1h	0.7233	+0.172%	$597K	$666K	50x	as long as short