Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0272%/8h= +29.8% APRpaid last 24h +0.067%

Price spread now: OKX against Deribit−0.070%56s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. OKX is 0.070% cheaper against Deribit than usual: you would sell low and buy high (spread −0.070% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 21 hours of funding at the current rate (+$8 a day). The two prices were read 56 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	Deribit VIRTUAL_USDC-PERPETUAL	0.7103	−0.0172	get 0.0022% / 1h	27m 26s	$25K	$40K	10x
Short	OKX VIRTUAL-USDT-SWAP	0.7098	0.0100	get 0.0050% / 4h	1h 27m	$2.7M	$9.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Deribit. 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 DeribitbpFee OKXbpOrdersPrice spread, now −0.070%Rate

Funding earned: $57.16
Price spread: −0.070% → 0.000%: −$7.04
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $33.12
Costs to cover: 0.170%
Break-even: 2.9 days

Slippage unknown: Deribit: no order-book sample; OKX: live order book, 4 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell OKX live order book, 4 min ago	0.70 bp	11.3 bp −$11	36.1 bp −$361	doesn't fit	doesn't fit

Deribit: 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 exchanges

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	−0.0184%	1h	0.7095	−0.115%	$322K	$370K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	−0.0172%	1h	0.7103	long leg	$25K	$40K	10x
Polymarket Perps VIRTUAL-USD	−0.0149%	1h	0.7098	−0.069%	$33K	$1.0M	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7097	−0.087%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0111%	1h	0.7094	−0.124%	$11K	$32K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0004%	1h	0.7102	−0.020%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7106	+0.039%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.197%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	+0.0059%	4h	0.7096	−0.094%	$673K	$816K	—	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0064%	1h	0.7110	+0.102%	$557K	$742K	50x	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0084%	4h	0.7098	−0.070%	$14K	$1.8M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7110	+0.106%	$8.8M	$3.5M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7102	−0.009%	$99K	$306K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7104	+0.019%	$70K	$40K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7098	−0.070%	$15.8M	$40.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7100	−0.042%	$16.5M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7098	−0.070%	$2.7M	$9.7M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7101	−0.028%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7098	−0.070%	$14.5M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7104	+0.014%	$3.4M	$4.6M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7103	0.000%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7100	−0.042%	—	$7.7M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7107	+0.056%	$244K	$178K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7099	−0.063%	$19K	$252K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7091	−0.169%	$632K	$1.5M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7101	−0.028%	$40K	$234K	50x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7106	+0.042%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7093	−0.139%	$54K	$309K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7095	−0.106%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0311% / S −0.0258%	1h	0.7103	−0.005%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7095	−0.113%	$775K	$928K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7167	+0.901%	$201K	$96K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6224%	1h	0.7225	+1.718%	$2K	$27	10x	as long as short