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: Bitget against Backpack+0.014%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on Backpack Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.133%+$13 on $10k

Price spread, last 4 days (all we have)+0.001%$0 · spread now +0.014%, 7d avg −0.003%

Together, before fees+0.134%+$13 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7190	0.0100	pay 0.0013% / 1h	55m 45s	$236K	$158K	10x
Short	Bitget VIRTUALUSDT	0.7191	0.0100	get 0.0050% / 4h	1h 55m	$6.1M	$5.3M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.014%Rate

Funding earned: $0
Price spread: +0.014% → −0.003%: $1.65
Slippage, 4 orders: −$20.01
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$40.36
Costs to cover: 0.420%
Break-even: never at this rate

Slippage from Backpack: live order book, 27 min ago; Bitget: live order book, 2 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, 27 min ago	0.70 bp	7.4 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	2.09 bp	10.6 bp −$11	29.6 bp −$296	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7184	−0.083%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7158	−0.448%	$11K	$39K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7181	−0.125%	$2K	$131	10x	as long as short
Lighter VIRTUAL	0.0000%	1h	0.7184	−0.079%	$327K	$414K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7187	−0.042%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7185	−0.071%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.015%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7185	−0.070%	$14K	$1.5M	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7153	−0.511%	$525K	$878K	—	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7197	+0.099%	$8.8M	$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	0.7187	−0.038%	$194K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7193	+0.036%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7190	−0.005%	$16.5M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7185	−0.070%	$15.5M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7186	−0.056%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7190	0.000%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7180	−0.139%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7189	−0.014%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDTshort	+0.0100%	4h	0.7191	+0.014%	$6.1M	$5.3M	25x
BingX VIRTUAL-USDT	+0.0100%	4h	0.7187	−0.042%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7190	long leg	$236K	$158K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7160	−0.423%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7157	−0.459%	$634K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7161	−0.403%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7189	−0.013%	$29K	$818K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7186	−0.056%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7185	−0.076%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7184	−0.089%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7186	−0.061%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7187	−0.045%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7167	−0.320%	$814K	$792K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	−0.195%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0510%	1h	0.7196	+0.079%	$538K	$544K	50x	as long as short