Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0079%/8h= +8.6% APRpaid last 24h +0.021%

Price spread now: Orderly against gTrade (Gains Network)−0.064%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 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. Orderly is 0.064% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.064% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$6 on $10k: about 2.7 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) VIRTUAL/USD	0.7160	L +0.0007% / S −0.0006%	pay 0.0001% / 1h	53m 53s	$22K	—	150x
Short	Orderly PERP_VIRTUAL_USDC	0.7155	0.0085	get 0.0043% / 4h	1h 53m	$15K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OrderlybpOrdersPrice spread, now −0.064%Rate

Funding earned: $16.49
Price spread: −0.064% → 0.000%: −$6.37
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$5.88
Costs to cover: 0.160%
Break-even: 9.5 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Orderly: 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and Orderly: 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0448%	1h	0.7157	−0.036%	$25K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7155	−0.067%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0136%	1h	0.7154	−0.078%	$326K	$368K	5x	as long as short
Phoenix VIRTUAL	−0.0132%	1h	0.7173	+0.185%	$11K	$32K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0085%	1h	0.7157	−0.029%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USDlong	L +0.0007% / S −0.0006%	1h	0.7160	long leg	$22K	—	150x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.594%	$46	$88K	5.5x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0063%	1h	0.7169	+0.128%	$561K	$748K	50x	as long as short
Variational Omni VIRTUAL	+0.0076%	4h	0.7163	+0.043%	$680K	$816K	—	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0085%	4h	0.7155	−0.064%	$15K	$1.8M	10x

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7169	+0.133%	$8.9M	$3.6M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7165	+0.076%	$92K	$297K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7160	+0.006%	$70K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7162	+0.028%	$16.1M	$40.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7155	−0.064%	$16.6M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7154	−0.078%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7163	+0.048%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7163	+0.048%	$14.8M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7161	+0.020%	$3.4M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7161	+0.020%	$6.1M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7158	−0.022%	—	$7.8M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7161	+0.020%	$245K	$177K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7172	+0.168%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7171	+0.155%	$632K	$1.4M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7188	+0.397%	$40K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7161	+0.020%	$47K	$996K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7158	−0.022%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7161	+0.015%	$54K	$310K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7157	−0.036%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7160	+0.004%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7160	+0.006%	$777K	$959K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7193	+0.467%	$202K	$97K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6232%	1h	0.7293	+1.864%	$2K	$27	10x	as long as short