Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0134%/8h= −14.6% APRpaid last 24h −0.054%

Price spread now: Phoenix against edgeX+0.050%7-day average — · you sell dearer than you buy

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

Long on edgeX Short on Phoenix

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—+ Points / potential airdropedgeX: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phoenix is 0.050% dearer against edgeX than usual: you sell high and buy low (spread +0.050% now, against zero (this spread has no 7-day history yet)): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 30 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX VIRTUALUSDC	0.7129	0.0100	pay 0.0050% / 4h	3h 51m	$19K	$257K	10x
Short	Phoenix VIRTUAL	0.7133	−0.0034	pay 0.0004% / 1h	51m 39s	$11K	$36K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.050%Rate

Funding earned: −$28.04
Price spread: +0.050% → 0.000%: $4.96
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$39.08
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 46 min ago; Phoenix: 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 edgeX live order book, 46 min ago	2.81 bp	8.1 bp −$8	20.9 bp −$209	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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
Kraken Futures PF_VIRTUALUSD	−0.0225%	1h	0.7139	+0.147%	$513K	$745K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0170%	1h	0.7136	+0.099%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7140	+0.150%	$24	—	10x	as long as short
Variational Omni VIRTUAL	−0.0034%	4h	0.7135	+0.089%	$535K	$830K	—	as long as short
Phoenix VIRTUALshort	−0.0034%	1h	0.7133	+0.050%	$11K	$36K	5x
Lighter VIRTUAL	−0.0016%	1h	0.7143	+0.190%	$322K	$400K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7133	+0.057%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.168%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7138	+0.127%	$15K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7147	+0.259%	$92K	$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	+0.239%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7147	+0.253%	$16.1M	$41.9M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7144	+0.211%	$16.3M	$18.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7147	+0.253%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7142	+0.183%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7147	+0.253%	$15.5M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7150	+0.295%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7153	+0.337%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7153	+0.337%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7142	+0.183%	$236K	$175K	10x	as long as short
edgeX VIRTUALUSDClong	+0.0100%	4h	0.7129	long leg	$19K	$257K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7145	+0.225%	$641K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7125	−0.056%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7147	+0.260%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7130	+0.015%	$841	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7133	+0.054%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7152	+0.322%	$55K	$310K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7135	+0.081%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7141	+0.168%	$32K	—	100x	as long as short
Hyperliquid VIRTUAL	+0.0326%	1h	0.7152	+0.325%	$8.8M	$3.8M	5x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7136	+0.099%	$784K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7148	+0.267%	$199K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6304%	1h	0.7279	+2.105%	$2K	$106	10x	as long as short