Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: Backpack against BloFin+0.042%66s7-day average +0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.444% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.492%−$49 on $10k

Price spread, last 4 days (all we have)+0.124%+$12 · spread now +0.042%, 7d avg +0.046%

Together, before fees−0.367%−$37 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.046%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. The two prices were read 66 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	BloFin VIRTUAL-USDT	0.7173	0.0340	pay 0.0170% / 4h	1h 38m	$808K	$844K	75x
Short	Backpack VIRTUAL_USDC_PERP	0.7176	0.0100	get 0.0013% / 1h	38m 17s	$240K	$160K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$50.4
Price spread: +0.042% → +0.046%: −$0.44
Slippage, 4 orders: −$22.42
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$95.27
Costs to cover: 0.444%
Break-even: never at this rate

Slippage from BloFin: live order book, 4 min ago; Backpack: live order book, 25 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 BloFin live order book, 4 min ago	2.09 bp	13.4 bp −$13	24.0 bp −$240	79.8 bp −$7,976	doesn't fit
Sell Backpack live order book, 25 min ago	1.39 bp	8.7 bp −$9	doesn't fit	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	0.7176	+0.035%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7180	+0.098%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0029%	1h	0.7178	+0.070%	$15K	$40K	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7197	+0.332%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7181	+0.106%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.781%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0080%	1h	0.7174	+0.020%	$326K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7177	+0.056%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7186	+0.185%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7184	+0.149%	$97K	$291K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7186	+0.183%	$71K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7172	−0.010%	$16.4M	$40.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7171	−0.028%	$16.6M	$18.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7172	−0.014%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7183	+0.139%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7174	+0.014%	$17.3M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7175	+0.028%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7173	0.000%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7174	+0.014%	—	$8.0M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7176	+0.042%	$240K	$160K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7192	+0.266%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7191	+0.255%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7213	+0.560%	$640K	$867K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7208	+0.488%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7183	+0.134%	$52K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7187	+0.195%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7177	+0.049%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7176	+0.035%	$54K	$274K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7176	+0.040%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7179	+0.081%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7173	long leg	$808K	$844K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7204	+0.432%	$188K	$79K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0911%	1h	0.7186	+0.183%	$597K	$663K	50x	as long as short