Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.074%

Price spread now: Coinbase International against MEXC+0.595%7-day average +0.286% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$1101.100% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.424%+$42 on $10k

Price spread, last 3 days (all we have)−0.333%−$33 · spread now +0.595%, 7d avg +0.286%

Together, before fees+0.091%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Coinbase International is 0.309% dearer against MEXC than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of +0.286%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC VIRTUAL_USDT	0.7231	0.0100	pay 0.0050% / 4h	2h 46m	$17.7M	$4.2M	100x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7274	0.0440	get 0.0055% / 1h	46m 38s	$197K	$93K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.595%Rate

Funding earned: $71.4
Price spread: +0.595% → +0.286%: $30.86
Slippage, 4 orders: −$100.01
Fee MEXC: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$7.75
Costs to cover: 1.100%
Break-even: 7.8 days

Slippage from MEXC: live order book, 7 min ago; Coinbase International: live order book, 21 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 MEXC live order book, 7 min ago	1.38 bp	2.9 bp −$3	7.3 bp −$73	75.2 bp −$7,525	252.7 bp −$126.4K
Sell Coinbase International live order book, 21 min ago	6.75 bp	48.5 bp −$49	1007.2 bp −$10.1K	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	−0.0164%	1h	0.7243	+0.166%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7237	+0.088%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7242	+0.152%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7244	+0.175%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7255	+0.337%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.577%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0040%	1h	0.7230	−0.017%	$328K	$413K	5x	as long as short
ApeX Omni VIRTUALUSDT	+0.0070%	1h	0.7254	+0.318%	$41K	$244K	50x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7241	+0.138%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7245	+0.188%	$8.9M	$4.2M	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	0.7242	+0.159%	$172K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7236	+0.063%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7235	+0.059%	$16.6M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7229	−0.028%	$16.4M	$17.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7229	−0.028%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7238	+0.097%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDTlong	+0.0100%	4h	0.7231	long leg	$17.7M	$4.2M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7236	+0.069%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7235	+0.055%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7233	+0.028%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7243	+0.166%	$247K	$176K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7240	+0.123%	$529K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7251	+0.276%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7261	+0.415%	$643K	$878K	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7247	+0.216%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7232	+0.014%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7236	+0.075%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7229	−0.033%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7233	+0.023%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7243	+0.163%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7252	+0.290%	$826K	$858K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0440%	1h	0.7274	+0.595%	$197K	$93K	50x
Kraken Futures PF_VIRTUALUSD	+0.1019%	1h	0.7243	+0.165%	$599K	$661K	50x	as long as short