Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.004%

Price spread now: Extended against Bybit−0.001%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on Bybit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.023%+$2 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now −0.001%, 7d avg −0.010%

Together, before fees−0.009%+ Points / potential airdropExtended: Active · farm board−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7154	0.0100	pay 0.0050% / 4h	3h 51m	$16.3M	$18.9M	50x
Short	Extended VIRTUAL-USD	0.7154	0.0104	get 0.0013% / 1h	51m 14s	$55K	$310K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.001%Rate

Funding earned: $0.84
Price spread: −0.001% → −0.010%: $0.88
Slippage, 4 orders: −$37.14
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$51.42
Costs to cover: 0.531%
Break-even: 435.5 days

Slippage from Bybit: live order book, 2 min ago; Extended: live order book, 46 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, 2 min ago	1.40 bp	11.4 bp −$11	23.6 bp −$236	doesn't fit	doesn't fit
Sell Extended live order book, 46 min ago	2.04 bp	15.6 bp −$16	112.4 bp −$1,124	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
Kraken Futures PF_VIRTUALUSD	−0.0225%	1h	0.7158	+0.061%	$515K	$745K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7153	−0.009%	$24	—	10x	as long as short
Variational Omni VIRTUAL	−0.0034%	4h	0.7135	−0.261%	$535K	$830K	—	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7133	−0.301%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0008%	1h	0.7151	−0.046%	$323K	$400K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7156	+0.028%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7158	+0.062%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.517%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7156	+0.028%	$15K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7154	0.000%	$93K	$302K	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	0.7146	−0.112%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7155	+0.013%	$16.1M	$42.0M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7154	long leg	$16.3M	$18.9M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7157	+0.042%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7153	−0.014%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7152	−0.028%	$15.5M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7153	−0.014%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7159	+0.070%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7157	+0.042%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7142	−0.168%	$236K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7135	−0.264%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7137	−0.236%	$640K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7136	−0.252%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7158	+0.063%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7145	−0.126%	$971	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7154	+0.004%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USDshort	+0.0104%	1h	0.7154	−0.001%	$55K	$310K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7154	+0.007%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7157	+0.047%	$32K	—	100x	as long as short
Hyperliquid VIRTUAL	+0.0329%	1h	0.7165	+0.155%	$8.8M	$3.8M	5x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7154	0.000%	$786K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7168	+0.196%	$200K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6296%	1h	0.7292	+1.929%	$2K	$106	10x	as long as short