Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0239%/8h= +26.2% APRpaid last 24h +0.072%

Price spread now: Gate against Reya−0.151%47s7-day average — · you buy dearer than you sell

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

Long on Reya Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Gate is 0.151% cheaper against Reya than usual: you would sell low and buy high (spread −0.151% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 2.1 days of funding at the current rate (+$7 a day). The two prices were read 47 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	Reya VIRTUALRUSDPERP	0.7209	−0.0139	get 0.0017% / 1h	49m 33s	$24	—	10x
Short	Gate VIRTUAL_USDT	0.7198	0.0100	get 0.0050% / 4h	3h 49m	$1.5M	$3.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Reya. 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 ReyabpFee GatebpOrdersPrice spread, now −0.151%Rate

Funding earned: $50.2
Price spread: −0.151% → 0.000%: −$15.08
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $14.12
Costs to cover: 0.210%
Break-even: 5.0 days

Slippage unknown: Reya: no order-book sample; Gate: live order book, 3 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 Reya no order-book sample	—	—	—	—	—
Sell Gate live order book, 3 min ago	3.46 bp	21.5 bp −$22	106.3 bp −$1,063	doesn't fit	doesn't fit

Reya: 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0443%	1h	0.7207	−0.026%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERPlong	−0.0139%	1h	0.7209	long leg	$24	—	10x
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7191	−0.248%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0048%	1h	0.7192	−0.237%	$328K	$406K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7219	+0.139%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7213	+0.051%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.274%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7209	+0.002%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7213	+0.056%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7209	+0.004%	$96K	$292K	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	0.7202	−0.095%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7196	−0.179%	$16.3M	$40.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7195	−0.192%	$16.6M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7195	−0.192%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDTshort	+0.0100%	4h	0.7198	−0.151%	$1.5M	$3.3M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7195	−0.192%	$17.1M	$4.6M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7201	−0.109%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7197	−0.165%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7195	−0.192%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7213	+0.057%	$240K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7228	+0.262%	$540K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7219	+0.140%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7232	+0.321%	$638K	$924K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7229	+0.279%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7214	+0.071%	$55K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7214	+0.071%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7209	+0.002%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7192	−0.237%	$57K	$268K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7207	−0.030%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7212	+0.048%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7219	+0.140%	$798K	$912K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7242	+0.460%	$202K	$106K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0485%	1h	0.7217	+0.116%	$595K	$667K	50x	as long as short