Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: BingX against Backpack+0.028%7-day average −0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$340.344% of the position

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.160%+$16 on $10k

Price spread, last 4 days (all we have)+0.002%$0 · spread now +0.028%, 7d avg −0.037%

Together, before fees+0.162%+$16 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: BingX is 0.065% dearer against Backpack than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7109	0.0100	pay 0.0013% / 1h	43m 36s	$237K	$155K	10x
Short	BingX VIRTUAL-USDT	0.7111	0.0100	get 0.0050% / 4h	2h 43m	—	$8.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now +0.028%Rate

Funding earned: $0
Price spread: +0.028% → −0.037%: $6.49
Slippage, 4 orders: −$14.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$27.95
Costs to cover: 0.344%
Break-even: never at this rate

Slippage from Backpack: live order book, 44 min ago; BingX: live order book, 9 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 Backpack live order book, 44 min ago	2.10 bp	10.6 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	1.41 bp	8.6 bp −$9	12.4 bp −$124	25.6 bp −$2,564	100.5 bp −$50.2K

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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	+0.113%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7110	+0.011%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7112	+0.037%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7114	+0.070%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0031%	1h	0.7108	−0.014%	$15K	$40K	10x	as long as short
Variational Omni VIRTUAL	−0.0011%	4h	0.7104	−0.077%	$518K	$872K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7109	+0.003%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7107	−0.028%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7108	−0.015%	$323K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7123	+0.190%	$8.7M	$3.6M	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	0.7116	+0.092%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7113	+0.062%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7117	+0.106%	$16.3M	$36.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7113	+0.056%	$15.3M	$15.3M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7113	+0.056%	$2.8M	$9.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7111	+0.028%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7113	+0.056%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7112	+0.042%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7119	+0.141%	$6.0M	$5.2M	25x	as long as short
BingX VIRTUAL-USDTshort	+0.0100%	4h	0.7111	+0.028%	—	$8.1M	—
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7109	long leg	$237K	$155K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7104	−0.070%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7099	−0.140%	$629K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7105	−0.056%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7117	+0.108%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7107	−0.028%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7106	−0.048%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7111	+0.031%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7107	−0.034%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7109	−0.004%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7100	−0.127%	$814K	$793K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.605%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0529%	1h	0.7115	+0.087%	$521K	$522K	50x	as long as short