Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h −0.007%

Price spread now: Orderly against Backpack−0.070%7-day average −0.053% · you buy dearer than you sell

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

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now −0.070%, 7d avg −0.053%

Together, before fees−0.105%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.053%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7117	0.0100	pay 0.0013% / 1h	37m 28s	$236K	$178K	10x
Short	Orderly PERP_VIRTUAL_USDC	0.7112	0.0072	get 0.0036% / 4h	1h 37m	$15K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.070%Rate

Funding earned: −$5.96
Price spread: −0.070% → −0.053%: −$1.74
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$23.7
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 6 min ago; Orderly: 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 Backpack live order book, 6 min ago	0.70 bp	8.1 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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
Lighter VIRTUAL	−0.0200%	1h	0.7110	−0.097%	$323K	$402K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7120	+0.037%	$24	—	10x	as long as short
Bybit VIRTUALUSDT	−0.0127%	4h	0.7117	0.000%	$16.2M	$19.0M	50x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7120	+0.042%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	0.7132	+0.207%	$11K	$36K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0031%	1h	0.7114	−0.042%	$15K	$40K	10x	as long as short
Variational Omni VIRTUAL	−0.0008%	4h	0.7125	+0.116%	$530K	$907K	—	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0005%	1h	0.7118	+0.016%	$520K	$763K	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7113	−0.052%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	0.000%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni VIRTUALUSDT	+0.0035%	1h	0.7132	+0.211%	$40K	$236K	50x	as long as short
SoDEX VIRTUAL-USD	+0.0064%	1h	0.7116	−0.021%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0072%	4h	0.7112	−0.070%	$15K	$1.6M	10x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7133	+0.218%	$8.8M	$4.0M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7122	+0.072%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7117	+0.007%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7122	+0.070%	$16.0M	$42.3M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7123	+0.084%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7116	−0.014%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7116	−0.014%	$15.9M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7118	+0.014%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7123	+0.084%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7117	0.000%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7117	long leg	$236K	$178K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7115	−0.030%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7129	+0.169%	$627K	$1.1M	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7120	+0.048%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7120	+0.042%	$1K	$1.4M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7117	0.000%	$55K	$286K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7113	−0.062%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7122	+0.067%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7122	+0.070%	$785K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7144	+0.379%	$199K	$101K	50x	as long as short