Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.072%

Price spread now: BloFin against Backpack−0.068%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$420.421% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.502%+$50 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now −0.068%, 7d avg −0.045%

Together, before fees+0.458%+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.023% cheaper against Backpack than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.045%). If the spread goes back, that is −$2 on $10k: about 8 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7381	0.0100	pay 0.0013% / 1h	11m 04s	$250K	$165K	10x
Short	BloFin VIRTUAL-USDT	0.7376	0.0340	get 0.0170% / 4h	3h 11m	$830K	$859K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.068%Rate

Funding earned: $50.4
Price spread: −0.068% → −0.045%: −$2.28
Slippage, 4 orders: −$20.13
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $5.98
Costs to cover: 0.421%
Break-even: 6.2 days

Slippage from Backpack: live order book, 62 min ago; BloFin: live order book, 61 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, 62 min ago	2.06 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 61 min ago	1.38 bp	10.0 bp −$10	15.9 bp −$159	47.7 bp −$4,769	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	0.7368	−0.171%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7384	+0.045%	$12K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0048%	1h	0.7371	−0.135%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0021%	1h	0.7371	−0.135%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7374	−0.089%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−3.577%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7370	−0.149%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7373	−0.107%	$334K	$419K	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7377	−0.054%	$201K	$159K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7373	−0.109%	$73K	$45K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7382	+0.010%	$17.2M	$39.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7386	+0.068%	$16.8M	$17.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7387	+0.081%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7373	−0.108%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7371	−0.135%	$18.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7374	−0.095%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7389	+0.108%	$6.4M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7379	−0.027%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7381	long leg	$250K	$165K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7369	−0.166%	$552K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7368	−0.182%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7375	−0.082%	$656K	$890K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7371	−0.135%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7378	−0.042%	$51K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7368	−0.176%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7369	−0.156%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7390	+0.126%	$55K	$277K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7371	−0.139%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0208%	1h	0.7388	+0.098%	$9.2M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0301% / S −0.0228%	1h	0.7373	−0.114%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7376	−0.068%	$830K	$859K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7373	−0.108%	$200K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0733%	1h	0.7380	−0.020%	$612K	$651K	50x	as long as short