Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0209%/8h= +22.9% APRpaid last 24h +0.062%

Price spread now: Aster against Phoenix+1.391%7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Aster is 1.391% dearer against Phoenix than usual: you sell high and buy low: +$139 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7292	−0.0109	get 0.0014% / 1h	13m 16s	$11K	$40K	5x
Short	Aster VIRTUALUSDT	0.7394	0.0100	get 0.0050% / 4h	3h 13m	$201K	$157K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now +1.391%Rate

Funding earned: $43.97
Price spread: +1.391% → 0.000%: $139.12
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: $168.09
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Aster: live order book, 58 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 Phoenix no order-book sample	—	—	—	—	—
Sell Aster live order book, 58 min ago	8.94 bp	16.9 bp −$17	doesn't fit	doesn't fit	doesn't fit

Phoenix: 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	0.7377	+1.170%	$25	—	10x	as long as short
Phoenix VIRTUALlong	−0.0109%	1h	0.7292	long leg	$11K	$40K	5x
01 Exchange VIRTUALUSD	−0.0048%	1h	0.7378	+1.178%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7384	+1.260%	$16K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7382	+1.233%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.401%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7383	+1.247%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7376	+1.151%	$334K	$419K	5x	as long as short
Aster VIRTUALUSDTshort	+0.0100%	4h	0.7394	+1.391%	$201K	$157K	20x
Pacifica VIRTUAL	+0.0100%	1h	0.7384	+1.259%	$73K	$45K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7383	+1.241%	$17.1M	$39.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7382	+1.233%	$16.8M	$17.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7380	+1.205%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7383	+1.247%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7379	+1.192%	$18.6M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7382	+1.233%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7384	+1.260%	$6.4M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7382	+1.233%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7397	+1.439%	$251K	$165K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7364	+0.991%	$551K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7368	+1.035%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7382	+1.230%	$657K	$890K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7371	+1.082%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7385	+1.267%	$49K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7382	+1.233%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7380	+1.203%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7381	+1.225%	$55K	$277K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7383	+1.248%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0223%	1h	0.7389	+1.333%	$9.2M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0301% / S −0.0228%	1h	0.7381	+1.223%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7359	+0.917%	$831K	$858K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7380	+1.205%	$200K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0732%	1h	0.7392	+1.367%	$613K	$651K	50x	as long as short