Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Backpack against ApeX Omni+0.696%7-day average +0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs+$21as in the Price arb table

costs, in and out, $10k−$490.490% of the position

Long on ApeX Omni Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 4 days (all we have)−0.766%−$77 · spread now +0.696%, 7d avg +0.001%

Together, before fees−0.841%−$84 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.695% dearer against ApeX Omni than usual: you sell high and buy low, +$69 on $10k if it goes back to its 7-day average of +0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni VIRTUALUSDT	0.7042	0.0100	pay 0.0013% / 1h	20m 18s	$40K	$238K	50x
Short	Backpack VIRTUAL_USDC_PERP	0.7091	0.0100	get 0.0013% / 1h	20m 18s	$238K	$206K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against ApeX Omni. 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 ApeX OmnibpFee BackpackbpOrdersPrice spread, now +0.696%Rate

Funding earned: $0
Price spread: +0.696% → +0.001%: $69.46
Slippage, 4 orders: −$28.95
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $20.51
Costs to cover: 0.490%
Break-even: from the start

Slippage from ApeX Omni: live order book, 26 min ago; Backpack: live order book, 28 min ago.

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 ApeX Omni live order book, 26 min ago	6.32 bp	15.1 bp −$15	105.7 bp −$1,057	doesn't fit	doesn't fit
Sell Backpack live order book, 28 min ago	2.10 bp	8.7 bp −$9	doesn't fit	doesn't fit	doesn't fit

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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7112	+0.988%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7108	+0.937%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7054	+0.176%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7110	+0.963%	$323K	$403K	5x	as long as short
Bybit VIRTUALUSDT	−0.0005%	4h	0.7114	+1.022%	$16.3M	$19.0M	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7117	+1.065%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7117	+1.066%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+1.065%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7116	+1.051%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7122	+1.140%	$8.7M	$4.1M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7119	+1.093%	$93K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7114	+1.017%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7117	+1.061%	$16.0M	$41.9M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7117	+1.065%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7114	+1.022%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7118	+1.079%	$15.4M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7118	+1.079%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7118	+1.079%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7115	+1.037%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7091	+0.696%	$238K	$206K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7079	+0.522%	$527K	$914K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7042	0.000%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7055	+0.191%	$629K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDTlong	+0.0100%	1h	0.7042	long leg	$40K	$238K	50x
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7115	+1.037%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7119	+1.093%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7115	+1.032%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7113	+1.012%	$56K	$299K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7114	+1.021%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0280%	1h	0.7118	+1.086%	$525K	$762K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7117	+1.072%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7085	+0.611%	$778K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7125	+1.179%	$198K	$101K	50x	as long as short