Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Aster against Backpack−0.143%55s7-day average +0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$570.566% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.017%+$2 on $10k

Price spread, last 4 days (all we have)+0.223%+$22 · spread now −0.143%, 7d avg +0.014%

Together, before fees+0.240%+ Points / potential airdropAster: Stage 5 · farm board+$24 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: Aster is 0.157% cheaper against Backpack than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of +0.014%. The two prices were read 55 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	Backpack VIRTUAL_USDC_PERP	0.7116	0.0100	pay 0.0013% / 1h	43m 13s	$238K	$210K	10x
Short	Aster VIRTUALUSDT	0.7106	0.0100	get 0.0050% / 4h	2h 43m	$93K	$299K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.143%Rate

Funding earned: $0
Price spread: −0.143% → +0.014%: −$15.7
Slippage, 4 orders: −$38.59
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$72.29
Costs to cover: 0.566%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Aster: live order book, 4 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 Backpack live order book, 5 min ago	2.10 bp	10.5 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 4 min ago	0.70 bp	26.0 bp −$26	105.0 bp −$1,050	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	−0.0454%	1h	0.7100	−0.225%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7099	−0.240%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7100	−0.225%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7126	+0.136%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0024%	1h	0.7097	−0.273%	$322K	$402K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7103	−0.189%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.014%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0074%	1h	0.7099	−0.245%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0076%	4h	0.7099	−0.239%	$14K	$1.4M	10x	as long as short
Bybit VIRTUALUSDT	+0.0090%	4h	0.7097	−0.267%	$16.4M	$18.8M	50x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7114	−0.034%	$8.7M	$4.1M	5x	as long as short
Aster VIRTUALUSDTshort	+0.0100%	4h	0.7106	−0.143%	$93K	$299K	20x
Pacifica VIRTUAL	+0.0100%	1h	0.7108	−0.112%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7098	−0.253%	$16.0M	$41.5M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7100	−0.225%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7106	−0.141%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7100	−0.225%	$15.7M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7104	−0.169%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7100	−0.225%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7100	−0.225%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7116	long leg	$238K	$210K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7108	−0.109%	$532K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7122	+0.085%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7115	−0.020%	$628K	$987K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7118	+0.028%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7106	−0.145%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7108	−0.112%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7096	−0.275%	$57K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7100	−0.225%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0281%	1h	0.7108	−0.107%	$580K	$676K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0317% / S −0.0269%	1h	0.7101	−0.206%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7101	−0.211%	$788K	$979K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+0.646%	$199K	$104K	50x	as long as short