Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.014%

Price spread now: BingX against Polymarket Perps−0.071%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs$0as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Polymarket Perps Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.295%+$29 on $10k

Price spread, last 3 days (all we have)−0.195%−$20 · spread now −0.071%, 7d avg −0.032%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: BingX is 0.040% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps VIRTUAL-USD	0.7147	0.0100	pay 0.0013% / 1h	31m 24s	$31K	$869K	5x
Short	BingX VIRTUAL-USDT	0.7142	0.0100	get 0.0050% / 4h	1h 31m	—	$8.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Polymarket Perps. 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 Polymarket PerpsbpFee BingXbpOrdersPrice spread, now −0.071%Rate

Funding earned: $0
Price spread: −0.071% → −0.032%: −$3.98
Slippage, 4 orders: −$11.62
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$33.61
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 51 min ago; BingX: live order book, 7 min ago.

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, 51 min ago	2.71 bp	7.0 bp −$7	8.5 bp −$85	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	1.40 bp	9.5 bp −$10	13.9 bp −$139	25.2 bp −$2,520	98.2 bp −$49.1K

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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0170%	1h	0.7132	−0.211%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7142	−0.077%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0128%	1h	0.7133	−0.201%	$325K	$414K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7143	−0.057%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7150	+0.048%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7147	−0.003%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.421%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7134	−0.183%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7153	+0.087%	$8.7M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7142	−0.076%	$193K	$83K	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	0.7142	−0.068%	$71K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7144	−0.043%	$16.3M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7140	−0.099%	$15.5M	$15.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7143	−0.057%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7137	−0.141%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7144	−0.043%	$17.1M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7144	−0.043%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7145	−0.029%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDTshort	+0.0100%	4h	0.7142	−0.071%	—	$8.1M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7137	−0.141%	$237K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7146	−0.020%	$523K	$877K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7148	+0.014%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7147	−0.001%	$633K	$930K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7149	+0.027%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USDlong	+0.0100%	1h	0.7147	long leg	$31K	$869K	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7138	−0.127%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7135	−0.176%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7139	−0.117%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7140	−0.098%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7147	+0.001%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7143	−0.057%	$806K	$788K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7164	+0.236%	$195K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0513%	1h	0.7148	+0.016%	$534K	$542K	50x	as long as short