Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0152%/8h= −16.7% APRpaid last 24h −0.063%

Price spread now: 01 Exchange against Orderly−0.028%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and 01 Exchange is 0.028% cheaper against Orderly than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7146	0.0072	pay 0.0036% / 4h	1h 05m	$16K	$1.7M	10x
Short	01 Exchange VIRTUALUSD	0.7144	−0.0080	pay 0.0010% / 1h	5m 09s	$2K	$106	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.028%Rate

Funding earned: −$32.02
Price spread: −0.028% → 0.000%: −$2.8
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$47.82
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 01 Exchange: no order-book sample. 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 01 Exchange no order-book sample	—	—	—	—	—

Orderly and 01 Exchange: 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	0.7145	−0.009%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	0.7146	−0.003%	$11K	$36K	5x	as long as short
01 Exchange VIRTUALUSDshort	−0.0080%	1h	0.7144	−0.028%	$2K	$106	10x
Variational Omni VIRTUAL	−0.0060%	4h	0.7149	+0.045%	$531K	$903K	—	as long as short
Lighter VIRTUAL	−0.0008%	1h	0.7140	−0.081%	$322K	$404K	5x	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0005%	1h	0.7149	+0.043%	$522K	$761K	50x	as long as short
Bybit VIRTUALUSDT	0.0000%	4h	0.7138	−0.112%	$16.2M	$18.9M	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7147	+0.014%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7148	+0.028%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.406%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDClong	+0.0072%	4h	0.7146	long leg	$16K	$1.7M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7148	+0.023%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7152	+0.085%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7142	−0.055%	$16.1M	$42.3M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7144	−0.028%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7150	+0.056%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7144	−0.028%	$15.9M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7150	+0.056%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7147	+0.014%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7143	−0.042%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7145	−0.014%	$236K	$176K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7148	+0.025%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7144	−0.024%	$630K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7150	+0.056%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7144	−0.029%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7146	0.000%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7143	−0.043%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7141	−0.070%	$55K	$259K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7145	−0.010%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0206%	1h	0.7155	+0.122%	$8.8M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7146	−0.001%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7144	−0.028%	$783K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7175	+0.406%	$200K	$101K	50x	as long as short