Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0166%/8h= +18.2% APRpaid last 24h +0.063%

Price spread now: Binance against Phoenix−0.039%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Binance

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—needs both histories

Funding pays, the price is against you. Binance is 0.039% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.039% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 19 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7269	−0.0066	get 0.0008% / 1h	51m 17s	$11K	$40K	5x
Short	Binance VIRTUALUSDT	0.7266	0.0100	get 0.0050% / 4h	51m 17s	$16.5M	$38.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.039%Rate

Funding earned: $34.94
Price spread: −0.039% → 0.000%: −$3.94
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $14
Costs to cover: 0.170%
Break-even: 4.2 days

Slippage unknown: Phoenix: no order-book sample; Binance: live order book, 6 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 Binance live order book, 6 min ago	0.69 bp	9.3 bp −$9	23.1 bp −$231	97.0 bp −$9,699	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	0.7261	−0.111%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7262	−0.095%	$2K	$131	10x	as long as short
Phoenix VIRTUALlong	−0.0066%	1h	0.7269	long leg	$11K	$40K	5x
Deribit VIRTUAL_USDC-PERPETUAL	−0.0025%	1h	0.7262	−0.095%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7264	−0.072%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.090%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0072%	1h	0.7255	−0.194%	$330K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7263	−0.081%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7263	−0.080%	$191K	$95K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7263	−0.085%	$73K	$44K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDTshort	+0.0100%	4h	0.7266	−0.039%	$16.5M	$38.0M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7267	−0.026%	$15.9M	$16.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7269	+0.001%	$2.9M	$9.4M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7259	−0.136%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7261	−0.109%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7261	−0.109%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7266	−0.040%	$6.2M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7260	−0.122%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7258	−0.150%	$241K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7246	−0.322%	$529K	$876K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7252	−0.234%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7253	−0.219%	$642K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7266	−0.040%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7268	−0.018%	$32K	$943K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7260	−0.122%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7260	−0.116%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7257	−0.166%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7260	−0.117%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0242%	1h	0.7273	+0.058%	$8.9M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7264	−0.067%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7257	−0.164%	$808K	$844K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7278	+0.125%	$198K	$97K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0866%	1h	0.7274	+0.071%	$592K	$595K	50x	as long as short