Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0179%/8h= −19.6% APRpaid last 24h −0.068%

Price spread now: Phoenix against SunX+0.396%7-day average — · you sell dearer than you buy

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

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

The price spread pays, funding is against you. Phoenix is 0.396% dearer against SunX than usual: you sell high and buy low (spread +0.396% now, against zero (this spread has no 7-day history yet)): +$40 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 7.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX VIRTUAL-USDT	0.7095	0.0100	pay 0.0050% / 4h	3h 22m	$1K	$1.3M	20x
Short	Phoenix VIRTUAL	0.7123	−0.0079	pay 0.0010% / 1h	22m 29s	$11K	$45K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.396%Rate

Funding earned: −$37.65
Price spread: +0.396% → 0.000%: $39.61
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$13.04
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: SunX: live order book, 12 min ago; Phoenix: 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 SunX live order book, 12 min ago	500.95 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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	−0.0454%	1h	0.7098	+0.042%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7107	+0.173%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7104	+0.127%	$2K	$131	10x	as long as short
Phoenix VIRTUALshort	−0.0079%	1h	0.7123	+0.396%	$11K	$45K	5x
Injective VIRTUAL/USDC PERP	−0.0043%	1h	0.7117	+0.310%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	−0.0038%	4h	0.7128	+0.460%	$517K	$870K	—	as long as short
Lighter VIRTUAL	−0.0016%	1h	0.7104	+0.125%	$323K	$391K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7117	+0.308%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0074%	4h	0.7097	+0.028%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7118	+0.324%	$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	0.7111	+0.219%	$193K	$77K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7110	+0.211%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7114	+0.268%	$16.2M	$36.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7113	+0.254%	$15.4M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7106	+0.155%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7107	+0.169%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7107	+0.169%	$16.7M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7108	+0.183%	$3.0M	$4.0M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7110	+0.211%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7113	+0.254%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7101	+0.085%	$233K	$160K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7113	+0.260%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7110	+0.205%	$635K	$966K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7115	+0.282%	$40K	$242K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7111	+0.231%	$33K	$787K	5x	as long as short
SunX VIRTUAL-USDTlong	+0.0100%	4h	0.7095	long leg	$1K	$1.3M	20x
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7096	+0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7105	+0.138%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7097	+0.027%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7117	+0.317%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7098	+0.042%	$812K	$798K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0456%	1h	0.7152	+0.803%	$195K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0620%	1h	0.7108	+0.188%	$518K	$516K	50x	as long as short