Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h −0.069%

Price spread now: Reya against Bybit−0.041%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Reya is 0.041% cheaper against Bybit 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	Bybit VIRTUALUSDT	0.7190	0.0100	pay 0.0050% / 4h	1h 14m	$15.6M	$15.8M	50x
Short	Reya VIRTUALRUSDPERP	0.7187	−0.0139	pay 0.0017% / 1h	14m 52s	$24	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.041%Rate

Funding earned: −$50.23
Price spread: −0.041% → 0.000%: −$4.12
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: −$71.35
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Reya: 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 Bybit live order book, 4 min ago	0.70 bp	9.8 bp −$10	23.9 bp −$239	234.9 bp −$23.5K	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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
Lighter VIRTUAL	−0.0152%	1h	0.7189	−0.011%	$327K	$414K	5x	as long as short
Reya VIRTUALRUSDPERPshort	−0.0139%	1h	0.7187	−0.041%	$24	—	10x
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7184	−0.083%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7194	+0.053%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7189	−0.014%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7190	−0.006%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.015%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7187	−0.042%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7204	+0.191%	$8.8M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7196	+0.083%	$196K	$88K	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	0.7190	0.000%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7192	+0.028%	$16.4M	$37.7M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7190	long leg	$15.6M	$15.8M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7195	+0.070%	$2.8M	$9.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7194	+0.056%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7191	+0.014%	$17.2M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7195	+0.070%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7197	+0.097%	$6.1M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7191	+0.014%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7197	+0.097%	$239K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7182	−0.117%	$525K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7182	−0.105%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7183	−0.104%	$636K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7187	−0.042%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7191	+0.018%	$29K	$882K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7187	−0.042%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7191	+0.014%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7191	+0.014%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7185	−0.069%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7191	+0.012%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7185	−0.070%	$807K	$822K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7192	+0.028%	$195K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0509%	1h	0.7208	+0.253%	$586K	$596K	50x	as long as short