Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h +0.007%

Price spread now: Backpack against Orderly+0.128%7-day average +0.053% · you sell dearer than you buy

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now +0.128%, 7d avg +0.053%

Together, before fees+0.061%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Backpack is 0.075% dearer against Orderly than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.053%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7042	0.0075	pay 0.0038% / 4h	2h 23m	$14K	$1.5M	10x
Short	Backpack VIRTUAL_USDC_PERP	0.7051	0.0100	get 0.0013% / 1h	23m 06s	$237K	$207K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now +0.128%Rate

Funding earned: $5.17
Price spread: +0.128% → +0.053%: $7.46
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$3.37
Costs to cover: 0.160%
Break-even: 11.6 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 25 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack live order book, 25 min ago	2.10 bp	8.7 bp −$9	doesn't fit	doesn't fit	doesn't fit

Orderly: 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-PERPETUAL	−0.0176%	1h	0.7042	0.000%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7039	−0.045%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7036	−0.085%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7046	+0.062%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0056%	1h	0.7040	−0.030%	$320K	$403K	5x	as long as short
Bybit VIRTUALUSDT	−0.0034%	4h	0.7041	−0.014%	$16.1M	$19.0M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7045	+0.045%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+1.065%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0075%	4h	0.7042	long leg	$14K	$1.5M	10x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7059	+0.236%	$8.6M	$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	0.7046	+0.057%	$91K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7050	+0.114%	$69K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7052	+0.145%	$15.9M	$41.9M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7050	+0.114%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7044	+0.028%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7044	+0.028%	$15.3M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7046	+0.057%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7046	+0.057%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7049	+0.099%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7051	+0.128%	$237K	$207K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7023	−0.265%	$523K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7022	−0.283%	$18K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7038	−0.057%	$627K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7024	−0.256%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7045	+0.037%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7047	+0.071%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7042	+0.001%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7040	−0.028%	$56K	$299K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7040	−0.030%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0283%	1h	0.7047	+0.065%	$520K	$764K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0311% / S −0.0258%	1h	0.7042	−0.006%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7045	+0.043%	$779K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7057	+0.213%	$196K	$100K	50x	as long as short