Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against Bybit+0.206%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$410.411% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)−0.213%−$21 · spread now +0.206%, 7d avg +0.067%

Together, before fees−0.283%−$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.138% dearer against Bybit than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7298	0.0100	pay 0.0050% / 4h	2m 48s	$16.3M	$16.8M	50x
Short	Backpack VIRTUAL_USDC_PERP	0.7313	0.0100	get 0.0013% / 1h	2m 48s	$248K	$168K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.206%Rate

Funding earned: $0
Price spread: +0.206% → +0.067%: $13.83
Slippage, 4 orders: −$20.13
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$27.31
Costs to cover: 0.411%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; Backpack: live order book, 10 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 Bybit live order book, 6 min ago	0.69 bp	10.3 bp −$10	22.6 bp −$226	doesn't fit	doesn't fit
Sell Backpack live order book, 10 min ago	2.06 bp	9.6 bp −$10	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
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7303	+0.069%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0160%	1h	0.7308	+0.137%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0152%	1h	0.7296	−0.025%	$331K	$416K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7305	+0.092%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7285	−0.175%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7307	+0.120%	$9K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0010%	1h	0.7308	+0.130%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.480%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7308	+0.137%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7310	+0.167%	$200K	$104K	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	0.7305	+0.099%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7300	+0.030%	$16.6M	$38.9M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7298	long leg	$16.3M	$16.8M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7295	−0.041%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7311	+0.178%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7302	+0.055%	$18.3M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7311	+0.178%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7312	+0.192%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7306	+0.110%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7313	+0.206%	$248K	$168K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7273	−0.349%	$541K	$890K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7277	−0.294%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7297	−0.013%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7285	−0.178%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7311	+0.173%	$38K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7301	+0.041%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7305	+0.091%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7309	+0.156%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0122%	1h	0.7317	+0.263%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7306	+0.103%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7304	+0.082%	$817K	$851K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7327	+0.397%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0860%	1h	0.7323	+0.341%	$601K	$585K	50x	as long as short