Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against edgeX−0.305%7-day average +0.068% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$360.363% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)+0.188%+$19 · spread now −0.305%, 7d avg +0.068%

Together, before fees+0.105%+ Points / potential airdropedgeX: Active · farm board+$11 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 0.373% cheaper against edgeX than usual: you would sell low and buy high, −$37 on $10k if it goes back to its 7-day average of +0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX VIRTUALUSDC	0.7153	0.0100	pay 0.0050% / 4h	50m 40s	$19K	$260K	10x
Short	Backpack VIRTUAL_USDC_PERP	0.7131	0.0100	get 0.0013% / 1h	50m 40s	$237K	$205K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now −0.305%Rate

Funding earned: $0
Price spread: −0.305% → +0.068%: −$37.33
Slippage, 4 orders: −$17.25
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$73.59
Costs to cover: 0.363%
Break-even: never at this rate

Slippage from edgeX: live order book, 7 min ago; Backpack: live order book, 8 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 edgeX live order book, 7 min ago	3.50 bp	9.1 bp −$9	32.1 bp −$321	doesn't fit	doesn't fit
Sell Backpack live order book, 8 min ago	2.10 bp	8.8 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0171%	1h	0.7128	−0.347%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7127	−0.356%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7123	−0.417%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0064%	1h	0.7121	−0.449%	$324K	$413K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7162	+0.123%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7129	−0.331%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.501%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7126	−0.375%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7148	−0.073%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7141	−0.165%	$97K	$292K	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	0.7132	−0.291%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7125	−0.389%	$16.2M	$40.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7124	−0.403%	$16.5M	$18.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7128	−0.347%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7129	−0.333%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7132	−0.291%	$17.8M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7139	−0.193%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7129	−0.333%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7127	−0.361%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7131	−0.305%	$237K	$205K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7124	−0.406%	$531K	$909K	—	as long as short
edgeX VIRTUALUSDClong	+0.0100%	4h	0.7153	long leg	$19K	$260K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7148	−0.074%	$634K	$868K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7149	−0.053%	$40K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7136	−0.229%	$51K	$984K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7135	−0.249%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7128	−0.350%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7121	−0.443%	$55K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7124	−0.398%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0266%	1h	0.7130	−0.315%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7128	−0.347%	$805K	$890K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+0.366%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0804%	1h	0.7138	−0.209%	$594K	$663K	50x	as long as short