Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h +0.004%

Price spread now: Orderly against Polymarket Perps−0.072%7-day average −0.030% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.064%+$6 on $10k

Price spread, last 4 days (all we have)−0.132%−$13 · spread now −0.072%, 7d avg −0.030%

Together, before fees−0.068%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Orderly is 0.042% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.030%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.064%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps VIRTUAL-USD	0.7227	0.0100	pay 0.0013% / 1h	33m 03s	$52K	$993K	5x
Short	Orderly PERP_VIRTUAL_USDC	0.7222	0.0089	get 0.0045% / 4h	1h 33m	$14K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.072%Rate

Funding earned: −$2.23
Price spread: −0.072% → −0.030%: −$4.24
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$20.47
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 25 min ago; Orderly: no order-book sample. 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 Polymarket Perps live order book, 25 min ago	3.27 bp	7.3 bp −$7	7.7 bp −$77	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	0.7221	−0.082%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7219	−0.113%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7179	−0.660%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7220	−0.099%	$4K	—	150x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0027%	1h	0.7222	−0.072%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.525%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0089%	4h	0.7222	−0.072%	$14K	$1.5M	10x
Lighter VIRTUAL	+0.0096%	1h	0.7222	−0.077%	$328K	$413K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7236	+0.120%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7221	−0.085%	$98K	$291K	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	0.7219	−0.113%	$71K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7228	+0.013%	$16.5M	$40.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7230	+0.039%	$16.7M	$18.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7230	+0.039%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7222	−0.072%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7223	−0.058%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7221	−0.086%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7233	+0.080%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7231	+0.053%	—	$8.0M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7232	+0.066%	$239K	$161K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7208	−0.264%	$536K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7211	−0.229%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7217	−0.141%	$640K	$859K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7216	−0.155%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USDlong	+0.0100%	1h	0.7227	long leg	$52K	$993K	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7223	−0.058%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7225	−0.037%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7228	+0.007%	$54K	$274K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7222	−0.077%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7222	−0.076%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7227	−0.003%	$814K	$850K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7204	−0.321%	$188K	$79K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0905%	1h	0.7233	+0.087%	$603K	$659K	50x	as long as short