Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h −0.052%

Price spread now: SunX against GMX−0.074%7-day average — · you buy dearer than you sell

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 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

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and SunX is 0.074% cheaper against GMX than usual: you would sell low and buy high (−$7 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX VIRTUAL/USD [WBTC.b-USDC]	0.7259	L +0.0299% / S −0.0228%	pay 0.0037% / 1h	23m 09s	$31K	—	100x
Short	SunX VIRTUAL-USDT	0.7254	0.0100	get 0.0050% / 4h	23m 09s	$2K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against GMX. 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 GMXbpFee SunXbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$41.81
Price spread: −0.074% → 0.000%: −$7.42
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$69.23
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 11 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell SunX live order book, 11 min ago	500.58 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

GMX: 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0301%	1h	0.7262	+0.036%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7254	−0.074%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7256	−0.040%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0088%	1h	0.7263	+0.046%	$330K	$415K	5x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7264	+0.066%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7261	+0.025%	$8K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0016%	1h	0.7264	+0.057%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.961%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7261	+0.022%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7279	+0.266%	$9.1M	$4.0M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7267	+0.099%	$199K	$102K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7260	+0.008%	$73K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7262	+0.043%	$16.5M	$38.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7260	+0.008%	$16.2M	$16.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7261	+0.022%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7264	+0.064%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7261	+0.022%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7266	+0.091%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7267	+0.105%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7265	+0.077%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7269	+0.132%	$246K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7281	+0.293%	$533K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7264	+0.061%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7296	+0.502%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7268	+0.119%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7265	+0.075%	$37K	$957K	5x	as long as short
SunX VIRTUAL-USDTshort	+0.0100%	4h	0.7254	−0.074%	$2K	$1.3M	20x
Extended VIRTUAL-USD	+0.0104%	1h	0.7260	+0.015%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7260	+0.007%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]long	L +0.0299% / S −0.0228%	1h	0.7259	long leg	$31K	—	100x
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7266	+0.091%	$819K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7265	+0.077%	$197K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0865%	1h	0.7279	+0.269%	$595K	$581K	50x	as long as short