Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0186%/8hpaid last 24h −0.023%

Price spread now: Injective against BingX−0.157%102s7-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 Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+1.185%+$119 on $10k

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 −$6 a day on $10k at the current rate, and Injective is 0.157% cheaper against BingX than usual: you would sell low and buy high (−$16 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.185%, so the current rate has only just turned against you. The two prices were read 102 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	BingX VIRTUAL-USDT	0.7003	0.0100	pay 0.0050% / 4h	33m 41s	—	$8.2M	—
Short	Injective VIRTUAL/USDC PERP	0.6992	−0.0086	pay 0.0011% / 1h	33m 41s	$45	$28K	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpOrdersPrice spread, now −0.157%Rate

Funding earned: −$39.02
Price spread: −0.157% → 0.000%: −$15.71
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$64.75
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 6 min ago; Injective: 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, 6 min ago	2.13 bp	9.6 bp −$10	12.4 bp −$124	22.6 bp −$2,257	80.6 bp −$40.3K
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
Variational Omni VIRTUAL	−0.0152%	4h	0.6994	−0.135%	$508K	$867K	—	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7000	−0.048%	$23	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.6998	−0.071%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0088%	1h	0.6998	−0.069%	$318K	$389K	5x	as long as short
Injective VIRTUAL/USDC PERPshort	−0.0086%	1h	0.6992	−0.157%	$45	$28K	5.5x
Phoenix VIRTUAL	−0.0080%	1h	0.7003	−0.003%	$11K	$45K	5x	as long as short
Bybit VIRTUALUSDT	−0.0067%	4h	0.7002	−0.014%	$15.2M	$15.3M	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0035%	1h	0.7004	+0.014%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7004	+0.008%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0067%	4h	0.7000	−0.043%	$14K	$1.5M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX VIRTUAL-USD	+0.0071%	1h	0.6997	−0.079%	$1K	$9K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7012	+0.130%	$8.6M	$3.6M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7007	+0.056%	$190K	$77K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7008	+0.073%	$72K	$40K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7006	+0.043%	$16.0M	$35.9M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7004	+0.014%	$2.7M	$9.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7003	0.000%	$1.4M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7004	+0.014%	$16.3M	$3.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7003	0.000%	$3.0M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7007	+0.057%	$5.9M	$5.2M	25x	as long as short
BingX VIRTUAL-USDTlong	+0.0100%	4h	0.7003	long leg	—	$8.2M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7007	+0.057%	$230K	$162K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7013	+0.148%	$18K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7006	+0.045%	$620K	$912K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7018	+0.214%	$40K	$241K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7005	+0.031%	$33K	$764K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7002	−0.014%	$1K	$1.2M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7002	−0.011%	$55K	$243K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7003	+0.003%	$17K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0295% / S −0.0228%	1h	0.7005	+0.024%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7002	−0.014%	$817K	$744K	75x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0390%	1h	0.7015	+0.174%	$511K	$491K	50x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7040	+0.528%	$191K	$106K	50x	as long as short