Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0127%/8h= −13.9% APRpaid last 24h −0.069%

Price spread now: Deribit against BingX−0.042%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Deribit is 0.042% cheaper against BingX than usual: you would sell low and buy high (−$4 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	BingX VIRTUAL-USDT	0.7215	0.0100	pay 0.0050% / 4h	3h 12m	—	$7.9M	—
Short	Deribit VIRTUAL_USDC-PERPETUAL	0.7212	−0.0027	pay 0.0003% / 1h	12m 46s	$15K	$30K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$26.72
Price spread: −0.042% → 0.000%: −$4.16
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$47.88
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 10 min ago; Deribit: 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 BingX live order book, 10 min ago	1.39 bp	8.7 bp −$9	12.1 bp −$121	22.0 bp −$2,200	152.3 bp −$76.2K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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
Kraken Futures PF_VIRTUALUSD	−0.0223%	1h	0.7216	+0.014%	$519K	$732K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7213	−0.023%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0056%	1h	0.7217	+0.021%	$329K	$405K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7227	+0.162%	$11K	$36K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUALshort	−0.0027%	1h	0.7212	−0.042%	$15K	$30K	10x
Variational Omni VIRTUAL	−0.0006%	4h	0.7234	+0.270%	$542K	$754K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7211	−0.054%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.358%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0070%	1h	0.7210	−0.062%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0077%	4h	0.7212	−0.042%	$15K	$1.9M	10x	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	0.7222	+0.104%	$93K	$303K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7223	+0.105%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7222	+0.104%	$16.1M	$41.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7221	+0.083%	$16.5M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7222	+0.097%	$2.9M	$10.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7214	−0.014%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7221	+0.083%	$15.4M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7221	+0.083%	$3.4M	$4.6M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7222	+0.097%	$6.1M	$5.6M	25x	as long as short
BingX VIRTUAL-USDTlong	+0.0100%	4h	0.7215	long leg	—	$7.9M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7216	+0.014%	$245K	$172K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7226	+0.149%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7221	+0.079%	$640K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7225	+0.139%	$41K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7222	+0.097%	$48K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7213	−0.028%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7213	−0.026%	$54K	$308K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7210	−0.073%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0152%	1h	0.7232	+0.238%	$8.9M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7211	−0.052%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7209	−0.083%	$775K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7251	+0.499%	$202K	$102K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6256%	1h	0.7358	+1.982%	$2K	$106	10x	as long as short