VIRTUAL

Alert

Funding spread now, next payment 14:00 UTC+0.0630%/8h

next payment, per $10,000+$0.79paid, last 24h+0.008%paid, last 7 days+0.122%to open and close $10k−$31

Long on Polymarket Perps Short on Backpack

The current rate is far above what this pair has been paying: over the last 7 days it paid 0.122% in total (about 6.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.79 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps VIRTUAL-USD	0.7073	−0.0530	get 0.0066% / 1h	59m 58s	$30K	$778K	5x
Short	Backpack VIRTUAL_USDC_PERP	0.7074	0.0100	get 0.0013% / 1h	59m 58s	$230K	$163K	10x

Funding history

latest

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Funding on every exchange

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latest

Profit calculator

Position, each leg$Hold fordaysFee Polymarket PerpsbpFee BackpackbpOrdersRate

Funding earned: $132.37
Slippage, 4 orders: −$13.08
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: $101.29
Break-even: 1.6 days

Slippage from Polymarket Perps: live order book, 60 min ago; Backpack: live order book, 60 min ago.

Price risk

price view

Price gap now: +0.011%
Avg gap 7d: +0.009%

A gap far from its average can cost days of funding.

Backtest

opened in the past, held until now, after costs

Backtest 7 days Backtest 30 days Backtest 90 daysopens the backtester with this pair and $10,000 a leg

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 Polymarket Perps live order book, 60 min ago	2.96 bp	7.9 bp −$8	8.0 bp −$80	doesn't fit	doesn't fit
Sell Backpack live order book, 60 min ago	1.41 bp	8.9 bp −$9	doesn't fit	doesn't fit	doesn't fit

VIRTUAL on 32 venues

lowest funding first. Swap a leg.

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Polymarket Perps VIRTUAL-USDlong	−0.0530%	1h	$30K	$778K	5x
Deribit VIRTUAL_USDC-PERPETUAL	−0.0315%	1h	$15K	$20K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0208%	1h	$2K	$539	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	$11K	$42K	5x	as long as short
SoDEX VIRTUAL-USD	−0.0016%	1h	$211	$8K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	$43	$105K	5.5x	as long as short
Variational Omni VIRTUAL	+0.0034%	4h	$713K	$595K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0078%	4h	$14K	$1.5M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	OI	Vol 24h	Max lev
Lighter VIRTUAL	+0.0096%	1h	$352K	$279K	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	$184K	$78K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	$71K	$37K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	$16.6M	$35.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	$15.6M	$15.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	$2.8M	$10.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	$16.3M	$3.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	$3.0M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	$6.0M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	—	$8.3M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	$230K	$163K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	$18K	$253K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	$42K	$229K	50x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	$1K	$1.2M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	$55K	$244K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0153%	1h	$9.3M	$3.1M	5x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0267%	1h	$448K	$525K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0336%	1h	$194K	$149K	50x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	$843K	$725K	75x	as long as short