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: MEXC against Phoenix+0.151%62s7-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 MEXC

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

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and MEXC is 0.151% dearer against Phoenix than usual: you sell high and buy low: +$15 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 62 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	0.7327	−0.0109	get 0.0014% / 1h	36m 24s	$12K	$40K	5x
Short	MEXC VIRTUAL_USDT	0.7338	0.0100	get 0.0050% / 4h	3h 36m	$18.5M	$4.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.151%Rate

Funding earned: $43.97
Price spread: +0.151% → 0.000%: $15.15
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: $52.12
Costs to cover: 0.070%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; MEXC: live order book, 2 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 MEXC live order book, 2 min ago	1.37 bp	3.4 bp −$3	8.1 bp −$81	74.5 bp −$7,446	259.5 bp −$129.8K

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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7338	+0.147%	$25	—	10x	as long as short
Phoenix VIRTUALlong	−0.0109%	1h	0.7327	long leg	$12K	$40K	5x
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7336	+0.124%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7328	+0.015%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7339	+0.171%	$9K	—	150x	as long as short
Lighter VIRTUAL	+0.0008%	1h	0.7335	+0.111%	$333K	$417K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.865%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7342	+0.206%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7345	+0.245%	$200K	$157K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7338	+0.154%	$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	0.7340	+0.175%	$17.0M	$39.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7340	+0.179%	$16.5M	$16.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7340	+0.179%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7341	+0.192%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7338	+0.151%	$18.5M	$4.1M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7344	+0.233%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7347	+0.274%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7340	+0.179%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7335	+0.111%	$249K	$165K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7333	+0.088%	$548K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7311	−0.217%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7302	−0.339%	$648K	$889K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7310	−0.231%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7347	+0.270%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7328	+0.015%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7327	−0.005%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7337	+0.137%	$55K	$252K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7326	−0.014%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0167%	1h	0.7350	+0.319%	$9.2M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7340	+0.181%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7328	+0.015%	$833K	$844K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7321	−0.081%	$199K	$91K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0737%	1h	0.7339	+0.162%	$606K	$634K	50x	as long as short