Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.025%

Price spread now: Binance against Injective+2.122%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−1.112%−$111 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Binance is 2.122% dearer against Injective than usual: you sell high and buy low: +$212 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −1.112%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective VIRTUAL/USDC PERP	0.7117	0.0033	pay 0.0004% / 1h	50m 47s	$46	$88K	5.5x
Short	Binance VIRTUALUSDT	0.7268	0.0100	get 0.0050% / 4h	50m 47s	$16.5M	$38.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now +2.122%Rate

Funding earned: $14
Price spread: +2.122% → 0.000%: $212.22
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $216.2
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 6 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 6 min ago	0.69 bp	9.3 bp −$9	23.1 bp −$231	97.0 bp −$9,699	doesn't fit

Injective: 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7261	+2.021%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7262	+2.037%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7269	+2.134%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0025%	1h	0.7262	+2.037%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7264	+2.061%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERPlong	+0.0033%	1h	0.7117	long leg	$46	$88K	5.5x
Lighter VIRTUAL	+0.0072%	1h	0.7255	+1.936%	$330K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7263	+2.051%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7270	+2.155%	$191K	$95K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7263	+2.047%	$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 VIRTUALUSDTshort	+0.0100%	4h	0.7268	+2.122%	$16.5M	$38.0M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7267	+2.108%	$15.9M	$16.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7268	+2.122%	$2.9M	$9.4M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7267	+2.108%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7267	+2.108%	$17.8M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7269	+2.136%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7273	+2.192%	$6.2M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7267	+2.108%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7271	+2.164%	$241K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7246	+1.806%	$529K	$876K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7252	+1.896%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7253	+1.911%	$642K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7266	+2.094%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7268	+2.116%	$32K	$943K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7260	+2.009%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7260	+2.016%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7265	+2.081%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7260	+2.015%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0237%	1h	0.7278	+2.265%	$9.0M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7264	+2.066%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7257	+1.967%	$808K	$844K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7278	+2.262%	$198K	$97K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0866%	1h	0.7274	+2.207%	$592K	$595K	50x	as long as short