Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h +0.085%

Price spread now: Coinbase International against BingX+0.225%7-day average +0.286% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$900.902% of the position

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.369%+$37 on $10k

Price spread, last 4 days (all we have)+0.025%+$3 · spread now +0.225%, 7d avg +0.286%

Together, before fees+0.394%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.061% cheaper against BingX than usual: you would sell low and buy high (spread +0.225% now, against its 7-day average of +0.286%). If the spread goes back, that is −$6 on $10k: about 15 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX VIRTUAL-USDT	0.7120	0.0100	pay 0.0050% / 4h	2h 17m	—	$7.9M	—
Short	Coinbase International VIRTUAL-PERP-INTX	0.7136	0.0432	get 0.0054% / 1h	17m 01s	$199K	$101K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. 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 BingXbpFee Coinbase InternationalbpOrdersPrice spread, now +0.225%Rate

Funding earned: $69.72
Price spread: +0.225% → +0.286%: −$6.1
Slippage, 4 orders: −$70.24
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$26.62
Costs to cover: 0.902%
Break-even: 9.7 days

Slippage from BingX: live order book, 6 min ago; Coinbase International: live order book, 31 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 BingX live order book, 6 min ago	2.13 bp	9.6 bp −$10	12.3 bp −$123	25.2 bp −$2,518	75.7 bp −$37.9K
Sell Coinbase International live order book, 31 min ago	7.72 bp	25.7 bp −$26	548.0 bp −$5,480	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7119	−0.019%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7120	0.000%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7054	−0.921%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7114	−0.079%	$323K	$403K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0031%	1h	0.7119	−0.014%	$15K	$40K	10x	as long as short
Bybit VIRTUALUSDT	−0.0003%	4h	0.7109	−0.154%	$16.2M	$19.0M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7122	+0.025%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.042%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7123	+0.042%	$13K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7128	+0.108%	$8.7M	$4.1M	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	0.7124	+0.052%	$93K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7124	+0.061%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7117	−0.042%	$16.0M	$42.0M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7114	−0.084%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7125	+0.070%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7120	0.000%	$15.4M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7122	+0.028%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7115	−0.070%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDTlong	+0.0100%	4h	0.7120	long leg	—	$7.9M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7121	+0.014%	$239K	$206K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7079	−0.579%	$527K	$914K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7082	−0.534%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7121	+0.015%	$628K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7130	+0.140%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7124	+0.056%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7122	+0.028%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7119	−0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7110	−0.135%	$53K	$303K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7119	−0.016%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0280%	1h	0.7125	+0.073%	$525K	$761K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7121	+0.015%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7118	−0.028%	$772K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0432%	1h	0.7136	+0.225%	$199K	$101K	50x