VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Backpack against Extended−0.084%7-day average +0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$440.440% of the position

Long on Extended Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 4 days (all we have)+0.105%+$11 · spread now −0.084%, 7d avg +0.076%

Together, before fees+0.002%+ Points / potential airdropExtended: Active · farm board$0 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 0.160% cheaper against Extended than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of +0.076%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended VIRTUAL-USD	0.7250	0.0104	pay 0.0013% / 1h	56m 21s	$53K	$246K	10x
Short	Backpack VIRTUAL_USDC_PERP	0.7244	0.0100	get 0.0013% / 1h	56m 21s	$241K	$159K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Extended. 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 ExtendedbpFee BackpackbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$0.84
Price spread: −0.084% → +0.076%: −$16.03
Slippage, 4 orders: −$29.04
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$60.91
Costs to cover: 0.440%
Break-even: never at this rate

Slippage from Extended: live order book, 21 min ago; Backpack: live order book, 22 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 Extended live order book, 21 min ago	2.09 bp	14.3 bp −$14	245.2 bp −$2,452	doesn't fit	doesn't fit
Sell Backpack live order book, 22 min ago	0.69 bp	8.3 bp −$8	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	−0.0164%	1h	0.7239	−0.153%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7250	+0.005%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0056%	1h	0.7251	+0.012%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7230	−0.280%	$11K	$39K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7254	+0.050%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.836%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0040%	1h	0.7247	−0.047%	$330K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7253	+0.040%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7253	+0.039%	$191K	$91K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7250	+0.005%	$73K	$44K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7255	+0.066%	$16.5M	$37.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7252	+0.026%	$15.8M	$16.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7250	−0.001%	$2.8M	$9.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7251	+0.012%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7247	−0.043%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7253	+0.040%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7257	+0.095%	$6.2M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7256	+0.081%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7244	−0.084%	$241K	$159K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7215	−0.491%	$528K	$876K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7229	−0.297%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7227	−0.318%	$640K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7229	−0.291%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7256	+0.076%	$37K	$914K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7240	−0.139%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7238	−0.163%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USDlong	+0.0104%	1h	0.7250	long leg	$53K	$246K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7252	+0.027%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7254	+0.052%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7244	−0.084%	$809K	$822K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7244	−0.084%	$197K	$96K	50x	as long as short
Hyperliquid VIRTUAL	+0.0492%	1h	0.7263	+0.174%	$8.9M	$3.9M	5x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0868%	1h	0.7253	+0.046%	$591K	$595K	50x	as long as short