Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h −0.006%

Price spread now: Polymarket Perps against Orderly+0.091%7-day average +0.030% · you sell dearer than you buy

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)+0.113%+$11 · spread now +0.091%, 7d avg +0.030%

Together, before fees+0.030%+$3 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 Polymarket Perps is 0.061% dearer against Orderly than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.030%. Mind the row above: over the last 7 days funding on this pair cost −0.083%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7152	0.0073	pay 0.0037% / 4h	3h 48m	$15K	$1.8M	10x
Short	Polymarket Perps VIRTUAL-USD	0.7158	0.0100	get 0.0013% / 1h	48m 43s	$47K	$1.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.091%Rate

Funding earned: $5.66
Price spread: +0.091% → +0.030%: $6.07
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$2.27
Costs to cover: 0.140%
Break-even: 9.8 days

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 14 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 Polymarket Perps live order book, 14 min ago	2.80 bp	6.8 bp −$7	11.9 bp −$119	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
Kraken Futures PF_VIRTUALUSD	−0.0225%	1h	0.7155	+0.042%	$514K	$745K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7150	−0.023%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0088%	1h	0.7148	−0.059%	$323K	$400K	5x	as long as short
Variational Omni VIRTUAL	−0.0046%	4h	0.7154	+0.025%	$535K	$830K	—	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7133	−0.273%	$11K	$36K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7154	+0.028%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7155	+0.047%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.489%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0073%	4h	0.7152	long leg	$15K	$1.8M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7154	+0.028%	$93K	$302K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7152	+0.003%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7150	−0.035%	$16.0M	$42.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7143	−0.126%	$16.3M	$18.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7146	−0.084%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7153	+0.014%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7148	−0.056%	$15.5M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7150	−0.028%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7152	0.000%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7152	0.000%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7156	+0.056%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7135	−0.237%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7137	−0.208%	$640K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7136	−0.224%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USDshort	+0.0100%	1h	0.7158	+0.091%	$47K	$1.1M	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7149	−0.042%	$942	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7151	−0.010%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7146	−0.081%	$55K	$310K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7150	−0.030%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0263%	1h	0.7163	+0.158%	$8.8M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7156	+0.053%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7154	+0.028%	$784K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7168	+0.224%	$200K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6280%	1h	0.7289	+1.916%	$2K	$106	10x	as long as short