Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against SunX−0.070%7-day average +0.022% · you buy dearer than you sell

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.178%−$18 on $10k

Price spread, last 3 days (all we have)+0.266%+$27 · spread now −0.070%, 7d avg +0.022%

Together, before fees+0.088%+$9 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: Backpack is 0.091% cheaper against SunX than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX VIRTUAL-USDT	0.7146	0.0100	pay 0.0050% / 4h	1h 52m	$1K	$1.3M	20x
Short	Backpack VIRTUAL_USDC_PERP	0.7141	0.0100	get 0.0013% / 1h	52m 47s	$235K	$157K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −0.070%Rate

Funding earned: $0
Price spread: −0.070% → +0.022%: −$9.15
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$27.15
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 11 min ago; Backpack: live order book, 30 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 SunX live order book, 11 min ago	501.05 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 30 min ago	0.70 bp	9.3 bp −$9	doesn't fit	doesn't fit	doesn't fit

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	−0.0868%	1h	0.7147	+0.014%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0152%	1h	0.7138	−0.115%	$325K	$414K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7146	0.000%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7151	+0.070%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7188	+0.593%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7151	+0.076%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.406%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0088%	1h	0.7144	−0.031%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7147	+0.014%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7150	+0.053%	$8.7M	$3.7M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7143	−0.042%	$193K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7144	−0.031%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7142	−0.056%	$16.3M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7142	−0.056%	$15.5M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7143	−0.042%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7140	−0.084%	$1.4M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7137	−0.126%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7144	−0.028%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7144	−0.028%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7138	−0.112%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7141	−0.070%	$235K	$157K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7178	+0.453%	$526K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7185	+0.551%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7184	+0.535%	$636K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7188	+0.588%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7157	+0.151%	$29K	$818K	5x	as long as short
SunX VIRTUAL-USDTlong	+0.0100%	4h	0.7146	long leg	$1K	$1.3M	20x
Extended VIRTUAL-USD	+0.0104%	1h	0.7133	−0.184%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7147	+0.013%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7152	+0.084%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7145	−0.014%	$808K	$790K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	+0.420%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0512%	1h	0.7160	+0.193%	$536K	$544K	50x	as long as short