Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0033%/8hnext payment +$0.17 per $10,000 · paid last 24h +0.014%

Price spread now: MEXC against Orderly−0.085%7-day average +0.011% · you buy dearer than you sell

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

Long on Orderly Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.180%+$18 on $10k

Price spread, last 3 days (all we have)+0.113%+$11 · spread now −0.085%, 7d avg +0.011%

Together, before fees+0.293%+$29 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.096% cheaper against Orderly than usual: you would sell low and buy high (spread −0.085% now, against its 7-day average of +0.011%). If the spread goes back, that is −$10 on $10k: about 9.6 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.180% in total) that is about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7026	0.0067	pay 0.0033% / 4h	39m 51s	$14K	$1.5M	10x
Short	MEXC VIRTUAL_USDT	0.7020	0.0100	get 0.0050% / 4h	39m 51s	$16.2M	$3.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.085%Rate

Funding earned: $7.02
Price spread: −0.085% → +0.011%: −$9.64
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee MEXC: 0 bp × 2 orders: $0
Net: −$8.62
Costs to cover: 0.060%
Break-even: 15.6 days

Slippage unknown: Orderly: no order-book sample; MEXC: live order book, 1 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 MEXC live order book, 1 min ago	2.13 bp	5.2 bp −$5	11.4 bp −$114	52.3 bp −$5,229	238.0 bp −$119.0K

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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7030	+0.056%	$24	—	10x	as long as short
Variational Omni VIRTUAL	−0.0130%	4h	0.7025	−0.011%	$528K	$847K	—	as long as short
Lighter VIRTUAL	−0.0120%	1h	0.7021	−0.074%	$319K	$388K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7031	+0.071%	$2K	$131	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0086%	1h	0.6992	−0.484%	$45	$28K	5.5x	as long as short
Phoenix VIRTUAL	−0.0080%	1h	0.7000	−0.367%	$11K	$45K	5x	as long as short
Bybit VIRTUALUSDT	−0.0054%	4h	0.7022	−0.057%	$15.2M	$15.4M	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0034%	1h	0.7029	+0.043%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7032	+0.080%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0067%	4h	0.7026	long leg	$14K	$1.5M	10x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7031	+0.068%	$8.6M	$3.6M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7028	+0.031%	$191K	$77K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7029	+0.044%	$72K	$40K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7025	−0.014%	$16.1M	$35.9M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7024	−0.028%	$2.7M	$9.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7025	−0.014%	$1.4M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7020	−0.085%	$16.2M	$3.9M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7027	+0.014%	$3.0M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7027	+0.014%	$6.0M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7024	−0.028%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7026	0.000%	$231K	$162K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7028	+0.022%	$18K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7027	+0.015%	$622K	$912K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7029	+0.043%	$40K	$241K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7033	+0.105%	$33K	$764K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7026	0.000%	$2K	$1.2M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7025	−0.021%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7020	−0.087%	$55K	$243K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7028	+0.022%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7033	+0.095%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7020	−0.085%	$818K	$744K	75x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0389%	1h	0.7036	+0.149%	$511K	$490K	50x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7040	+0.199%	$191K	$106K	50x	as long as short