Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0167%/8h= +18.3% APRpaid last 24h +0.054%

Price spread now: BingX against Phoenix−0.219%64s7-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 BingX

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. BingX is 0.219% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.219% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 4.4 days of funding at the current rate (+$5 a day). The two prices were read 64 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7165	−0.0067	get 0.0008% / 1h	56m 23s	$11K	$36K	5x
Short	BingX VIRTUAL-USDT	0.7149	0.0100	get 0.0050% / 4h	3h 56m	—	$7.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.219%Rate

Funding earned: $35.16
Price spread: −0.219% → 0.000%: −$21.91
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$3.76
Costs to cover: 0.170%
Break-even: 7.7 days

Slippage unknown: Phoenix: no order-book sample; BingX: live order book, 12 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 BingX live order book, 12 min ago	1.40 bp	9.2 bp −$9	10.6 bp −$106	18.5 bp −$1,853	83.7 bp −$41.8K

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
Kraken Futures PF_VIRTUALUSD	−0.0224%	1h	0.7171	+0.085%	$516K	$745K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7143	−0.305%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7155	−0.142%	$323K	$400K	5x	as long as short
Phoenix VIRTUALlong	−0.0067%	1h	0.7165	long leg	$11K	$36K	5x
Variational Omni VIRTUAL	−0.0044%	4h	0.7142	−0.323%	$535K	$837K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7168	+0.046%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7142	−0.314%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.666%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7141	−0.331%	$15K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7148	−0.233%	$92K	$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	0.7161	−0.057%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7142	−0.320%	$16.1M	$41.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7139	−0.359%	$16.3M	$18.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7144	−0.289%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7153	−0.163%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7151	−0.191%	$15.6M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7157	−0.107%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7150	−0.205%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDTshort	+0.0100%	4h	0.7149	−0.219%	—	$7.9M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7172	+0.102%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7147	−0.252%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7154	−0.149%	$629K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7149	−0.219%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7150	−0.198%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7166	+0.018%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7167	+0.031%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7151	−0.193%	$55K	$308K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7141	−0.334%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7141	−0.328%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7169	+0.060%	$789K	$1.0M	75x	as long as short
Hyperliquid VIRTUAL	+0.0369%	1h	0.7154	−0.145%	$8.8M	$3.8M	5x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7173	+0.116%	$200K	$100K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6296%	1h	0.7284	+1.665%	$2K	$106	10x	as long as short