Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0348%/8h= +38.1% APRpaid last 24h +0.073%

Price spread now: Coinbase International against Gate+0.149%7-day average +0.229% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$157as in the Price arb table

costs, in and out, $10k−$1491.489% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.409%+$41 on $10k

Price spread, last 3 days (all we have)+0.051%+$5 · spread now +0.149%, 7d avg +0.229%

Together, before fees+0.460%+$46 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.079% cheaper against Gate than usual: you would sell low and buy high (spread +0.149% now, against its 7-day average of +0.229%). If the spread goes back, that is −$8 on $10k: about 18 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate VIRTUAL_USDT	0.7369	0.0100	pay 0.0050% / 4h	3h 11m	$1.5M	$3.1M	75x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7380	0.0448	get 0.0056% / 1h	11m 36s	$200K	$93K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Gate. 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 GatebpFee Coinbase InternationalbpOrdersPrice spread, now +0.149%Rate

Funding earned: $73.08
Price spread: +0.149% → +0.229%: −$7.95
Slippage, 4 orders: −$123.87
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$83.74
Costs to cover: 1.489%
Break-even: 15.0 days

Slippage from Gate: live order book, 1 min ago; Coinbase International: live order book, 61 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 Gate live order book, 1 min ago	4.75 bp	20.5 bp −$21	47.1 bp −$471	doesn't fit	doesn't fit
Sell Coinbase International live order book, 61 min ago	6.86 bp	52.5 bp −$52	889.1 bp −$8,891	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	−0.0158%	1h	0.7359	−0.136%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7356	−0.175%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7292	−1.044%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0048%	1h	0.7371	+0.027%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7363	−0.083%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−3.420%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7361	−0.109%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7366	−0.037%	$334K	$419K	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7377	+0.109%	$201K	$159K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7373	+0.054%	$73K	$45K	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	0.7373	+0.061%	$17.2M	$39.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7370	+0.014%	$16.7M	$17.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7369	0.000%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDTlong	+0.0100%	4h	0.7369	long leg	$1.5M	$3.1M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7373	+0.054%	$18.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7369	0.000%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7377	+0.109%	$6.3M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7371	+0.027%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7364	−0.068%	$250K	$166K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7364	−0.063%	$551K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7368	−0.020%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7375	+0.081%	$656K	$890K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7371	+0.027%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7371	+0.022%	$49K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7357	−0.163%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7361	−0.113%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7369	+0.005%	$55K	$277K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7360	−0.118%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0211%	1h	0.7382	+0.179%	$9.2M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0301% / S −0.0228%	1h	0.7360	−0.120%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7379	+0.136%	$831K	$860K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0448%	1h	0.7380	+0.149%	$200K	$93K	50x
Kraken Futures PF_VIRTUALUSD	+0.0734%	1h	0.7371	+0.024%	$611K	$651K	50x	as long as short