Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h −0.072%

Price spread now: Reya against Binance−0.028%7-day average — · you buy dearer than you sell

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

Long on Binance Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Reya is 0.028% cheaper against Binance than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance VIRTUALUSDT	0.7179	0.0100	pay 0.0050% / 4h	2h 18m	$16.1M	$41.2M	75x
Short	Reya VIRTUALRUSDPERP	0.7177	−0.0139	pay 0.0017% / 1h	18m 17s	$24	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against Binance. 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 BinancebpFee ReyabpOrdersPrice spread, now −0.028%Rate

Funding earned: −$50.17
Price spread: −0.028% → 0.000%: −$2.76
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Reya: 3 bp × 2 orders: −$6
Net: −$68.94
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 2 min ago; Reya: 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 Binance live order book, 2 min ago	0.70 bp	10.5 bp −$10	26.3 bp −$263	119.4 bp −$11.9K	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 exchanges

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
Polymarket Perps VIRTUAL-USD	−0.0710%	1h	0.7183	+0.056%	$47K	$996K	5x	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0239%	1h	0.7186	+0.096%	$537K	$737K	50x	as long as short
Reya VIRTUALRUSDPERPshort	−0.0139%	1h	0.7177	−0.028%	$24	—	10x
Phoenix VIRTUAL	−0.0132%	1h	0.7185	+0.089%	$11K	$35K	5x	as long as short
Lighter VIRTUAL	−0.0088%	1h	0.7171	−0.107%	$327K	$384K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7179	0.000%	$25K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7174	−0.070%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.863%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	+0.0069%	4h	0.7176	−0.041%	$681K	$889K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0084%	4h	0.7178	−0.014%	$15K	$1.9M	10x	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7181	+0.027%	$92K	$297K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7175	−0.049%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDTlong	+0.0100%	4h	0.7179	long leg	$16.1M	$41.2M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7175	−0.056%	$16.5M	$18.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7178	−0.014%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7176	−0.042%	$1.6M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7177	−0.028%	$15.1M	$5.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7178	−0.014%	$3.3M	$4.6M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7184	+0.070%	$6.1M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7178	−0.014%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7173	−0.083%	$247K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7183	+0.050%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7182	+0.042%	$638K	$1.3M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7183	+0.056%	$40K	$235K	50x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7178	−0.014%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7177	−0.035%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7177	−0.030%	$54K	$309K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7177	−0.023%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0167%	1h	0.7192	+0.179%	$8.9M	$3.7M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7173	−0.088%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7172	−0.097%	$778K	$999K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7217	+0.530%	$203K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6288%	1h	0.7315	+1.895%	$2K	$53	10x	as long as short