Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.027%

Price spread now: SoDEX against Hyperliquid−0.156%7-day average — · you buy dearer than you sell

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

Long on Hyperliquid Short on SoDEX

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—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.156% cheaper against Hyperliquid than usual: you would sell low and buy high, −$16 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7111	0.0100	pay 0.0013% / 1h	34m 32s	$8.7M	$4.0M	5x
Short	SoDEX VIRTUAL-USD	0.7100	0.0100	get 0.0013% / 1h	34m 32s	$1K	$9K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX against Hyperliquid. 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 HyperliquidbpFee SoDEXbpOrdersPrice spread, now −0.156%Rate

Funding earned: $0
Price spread: −0.156% → 0.000%: −$15.61
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$32.61
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; SoDEX: 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 Hyperliquid live order book, 8 min ago	0.56 bp	8.2 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell SoDEX no order-book sample	—	—	—	—	—

SoDEX: 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
Lighter VIRTUAL	−0.0168%	1h	0.7095	−0.225%	$323K	$402K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7100	−0.161%	$24	—	10x	as long as short
Bybit VIRTUALUSDT	−0.0123%	4h	0.7093	−0.255%	$16.1M	$19.0M	50x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7098	−0.184%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	0.7113	+0.021%	$11K	$36K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0031%	1h	0.7103	−0.114%	$15K	$40K	10x	as long as short
Variational Omni VIRTUAL	−0.0031%	4h	0.7100	−0.152%	$528K	$908K	—	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0005%	1h	0.7105	−0.080%	$519K	$763K	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7106	−0.068%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.083%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0072%	4h	0.7101	−0.142%	$15K	$1.6M	10x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7111	long leg	$8.7M	$4.0M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7104	−0.102%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7104	−0.102%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7099	−0.170%	$16.0M	$42.3M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7100	−0.156%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7104	−0.100%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7099	−0.170%	$15.9M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7105	−0.086%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7101	−0.142%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7101	−0.142%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7106	−0.072%	$235K	$178K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7117	+0.083%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7111	−0.006%	$634K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7117	+0.083%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7103	−0.115%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7104	−0.100%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USDshort	+0.0100%	1h	0.7100	−0.156%	$1K	$9K	5x
Extended VIRTUAL-USD	+0.0104%	1h	0.7098	−0.190%	$55K	$277K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7102	−0.125%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7105	−0.086%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7102	−0.128%	$782K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7144	+0.463%	$199K	$101K	50x	as long as short