Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0539%/8h= −59.0% APRpaid last 24h −0.075%

Price spread now: Deribit against MEXC−0.055%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 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 −$16 a day on $10k at the current rate, and Deribit is 0.055% cheaper against MEXC than usual: you would sell low and buy high (−$6 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	MEXC VIRTUAL_USDT	0.7261	0.0100	pay 0.0050% / 4h	24m 16s	$18.1M	$4.3M	100x
Short	Deribit VIRTUAL_USDC-PERPETUAL	0.7257	−0.0439	pay 0.0055% / 1h	24m 16s	$15K	$40K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$113.09
Price spread: −0.055% → 0.000%: −$5.51
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$125.6
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 min ago; Deribit: 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 MEXC live order book, 4 min ago	1.37 bp	3.3 bp −$3	9.6 bp −$96	84.8 bp −$8,477	278.1 bp −$139.1K
Sell Deribit no order-book sample	—	—	—	—	—

Deribit: 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-PERPETUALshort	−0.0439%	1h	0.7257	−0.055%	$15K	$40K	10x
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7259	−0.028%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7257	−0.056%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0080%	1h	0.7261	+0.001%	$330K	$415K	5x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7304	+0.594%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7264	+0.037%	$8K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0022%	1h	0.7254	−0.103%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.983%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7257	−0.055%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7273	+0.161%	$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	0.7269	+0.114%	$200K	$102K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7268	+0.091%	$73K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7261	+0.004%	$16.5M	$38.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7258	−0.041%	$16.1M	$16.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7255	−0.083%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7261	0.000%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDTlong	+0.0100%	4h	0.7261	long leg	$18.1M	$4.3M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7265	+0.055%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7260	−0.014%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7263	+0.028%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7271	+0.138%	$246K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7281	+0.271%	$533K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7291	+0.420%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7296	+0.479%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7291	+0.413%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7265	+0.052%	$37K	$957K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7257	−0.055%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7252	−0.131%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7257	−0.056%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7263	+0.028%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7274	+0.179%	$820K	$847K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7305	+0.606%	$198K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0867%	1h	0.7269	+0.105%	$594K	$581K	50x	as long as short