VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0348%/8h= +38.1% APRnext payment +$0.43 per $10,000 · paid last 24h +0.070%

Price spread now: Coinbase International against Backpack+0.191%52s7-day average +0.217% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1241.236% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.515%+$51 on $10k

Price spread, last 3 days (all we have)+0.005%+$1 · spread now +0.191%, 7d avg +0.217%

Together, before fees+0.520%+$52 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.025% cheaper against Backpack than usual: you would sell low and buy high (spread +0.191% now, against its 7-day average of +0.217%). If the spread goes back, that is −$3 on $10k: about 6 hours of funding at the current rate (+$10 a day). The two prices were read 52 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	Backpack VIRTUAL_USDC_PERP	0.7313	0.0100	pay 0.0013% / 1h	2m 18s	$248K	$168K	10x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7327	0.0448	get 0.0056% / 1h	2m 18s	$199K	$94K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.191%Rate

Funding earned: $73.08
Price spread: +0.191% → +0.217%: −$2.53
Slippage, 4 orders: −$103.62
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$53.07
Costs to cover: 1.236%
Break-even: 12.1 days

Slippage from Backpack: live order book, 11 min ago; Coinbase International: live order book, 11 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, 11 min ago	2.06 bp	10.2 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 11 min ago	6.86 bp	52.5 bp −$52	889.1 bp −$8,891	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
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7287	−0.356%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0160%	1h	0.7306	−0.096%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0152%	1h	0.7305	−0.115%	$332K	$416K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7297	−0.212%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7285	−0.380%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7306	−0.100%	$9K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0017%	1h	0.7306	−0.093%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.680%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7304	−0.123%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7306	−0.092%	$200K	$104K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7305	−0.107%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7307	−0.078%	$16.6M	$39.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7309	−0.055%	$16.3M	$16.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7307	−0.082%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7299	−0.191%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7308	−0.068%	$18.3M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7305	−0.109%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7317	+0.055%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7303	−0.137%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7313	long leg	$248K	$168K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7273	−0.554%	$541K	$890K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7277	−0.499%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7297	−0.219%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7285	−0.383%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7304	−0.118%	$38K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7306	−0.096%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7305	−0.115%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7304	−0.125%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0122%	1h	0.7313	0.000%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7306	−0.097%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7304	−0.123%	$817K	$851K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0448%	1h	0.7327	+0.191%	$199K	$94K	50x
Kraken Futures PF_VIRTUALUSD	+0.0861%	1h	0.7318	+0.071%	$601K	$585K	50x	as long as short