Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against OKX0.000%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on OKX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)−0.068%−$7 · spread now 0.000%, 7d avg +0.026%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.026% cheaper against OKX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX VIRTUAL-USDT-SWAP	0.7131	0.0100	pay 0.0050% / 4h	2h 18m	$2.8M	$9.9M	20x
Short	Backpack VIRTUAL_USDC_PERP	0.7131	0.0100	get 0.0013% / 1h	18m 34s	$239K	$206K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against OKX. 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 OKXbpFee BackpackbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → +0.026%: −$2.63
Slippage, 4 orders: −$27.99
Fee OKX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$50.62
Costs to cover: 0.480%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Backpack: live order book, 30 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 OKX live order book, 5 min ago	2.13 bp	14.3 bp −$14	33.3 bp −$333	doesn't fit	doesn't fit
Sell Backpack live order book, 30 min ago	2.10 bp	8.7 bp −$9	doesn't fit	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7127	−0.055%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7123	−0.112%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7054	−1.074%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0056%	1h	0.7118	−0.187%	$323K	$403K	5x	as long as short
Bybit VIRTUALUSDT	0.0000%	4h	0.7126	−0.070%	$16.3M	$19.0M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7129	−0.022%	$14K	—	150x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0030%	1h	0.7133	+0.028%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.196%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7129	−0.028%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7133	+0.028%	$8.7M	$4.1M	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	0.7131	+0.003%	$93K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7126	−0.070%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7129	−0.028%	$16.1M	$42.0M	75x	as long as short
OKX VIRTUAL-USDT-SWAPlong	+0.0100%	4h	0.7131	long leg	$2.8M	$9.9M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7128	−0.042%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7124	−0.098%	$15.4M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7126	−0.070%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7128	−0.042%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7125	−0.084%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7131	0.000%	$239K	$206K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7079	−0.733%	$527K	$914K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7082	−0.688%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7055	−1.060%	$629K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7042	−1.248%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7130	−0.017%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7133	+0.028%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7129	−0.027%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7123	−0.106%	$53K	$303K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7126	−0.066%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0280%	1h	0.7132	+0.021%	$526K	$761K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7129	−0.028%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7122	−0.126%	$782K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7136	+0.070%	$199K	$101K	50x	as long as short