Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0372%/8h= +40.7% APRpaid last 24h +0.065%

Price spread now: Coinbase International against OKX+0.320%7-day average +0.248% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$67as in the Price arb table

costs, in and out, $10k−$740.740% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.432%+$43 on $10k

Price spread, last 3 days (all we have)−0.267%−$27 · spread now +0.320%, 7d avg +0.248%

Together, before fees+0.165%+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Coinbase International is 0.072% dearer against OKX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.248%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX VIRTUAL-USDT-SWAP	0.7180	0.0100	pay 0.0050% / 4h	2h 11m	$2.8M	$9.1M	20x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7203	0.0472	get 0.0059% / 1h	11m 01s	$196K	$95K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.320%Rate

Funding earned: $78.12
Price spread: +0.320% → +0.248%: $7.24
Slippage, 4 orders: −$54
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $11.35
Costs to cover: 0.740%
Break-even: 6.0 days

Slippage from OKX: live order book, 2 min ago; Coinbase International: live order book, 12 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, 2 min ago	0.70 bp	15.5 bp −$15	40.2 bp −$402	doesn't fit	doesn't fit
Sell Coinbase International live order book, 12 min ago	6.95 bp	25.7 bp −$26	569.6 bp −$5,696	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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.877%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7172	−0.106%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7184	+0.057%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7171	−0.125%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0029%	1h	0.7178	−0.028%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7179	−0.018%	$12K	—	150x	as long as short
Variational Omni VIRTUAL	+0.0079%	4h	0.7187	+0.100%	$527K	$878K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0083%	4h	0.7176	−0.056%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0088%	1h	0.7173	−0.103%	$326K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7192	+0.169%	$8.7M	$3.7M	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	0.7177	−0.045%	$194K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7170	−0.146%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7182	+0.034%	$16.4M	$37.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7178	−0.028%	$15.5M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAPlong	+0.0100%	4h	0.7180	long leg	$2.8M	$9.1M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7179	−0.014%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7177	−0.042%	$17.3M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7177	−0.042%	$3.6M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7184	+0.056%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7175	−0.070%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7186	+0.084%	$236K	$159K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7191	+0.152%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7181	+0.014%	$636K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7193	+0.181%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7176	−0.053%	$30K	$810K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7177	−0.042%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7176	−0.056%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7175	−0.075%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7176	−0.062%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7178	−0.026%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7173	−0.097%	$814K	$796K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0472%	1h	0.7203	+0.320%	$196K	$95K	50x
Kraken Futures PF_VIRTUALUSD	+0.0524%	1h	0.7188	+0.114%	$537K	$544K	50x	as long as short