Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.072%

Price spread now: BloFin against Backpack−0.042%66s7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs+$10as in the Funding arb table

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

costs, in and out, $10k−$390.393% of the position

Long on Backpack Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.488%+$49 on $10k

Price spread, last 4 days (all we have)−0.140%−$14 · spread now −0.042%, 7d avg −0.053%

Together, before fees+0.348%+$35 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.053%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate. The two prices were read 66 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	0.7189	0.0100	pay 0.0013% / 1h	59m 43s	$239K	$208K	10x
Short	BloFin VIRTUAL-USDT	0.7186	0.0340	get 0.0170% / 4h	3h 59m	$801K	$901K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.042%Rate

Funding earned: $50.4
Price spread: −0.042% → −0.053%: $1.17
Slippage, 4 orders: −$17.26
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: $12.31
Costs to cover: 0.393%
Break-even: 5.3 days

Slippage from Backpack: live order book, 58 min ago; BloFin: live order book, 37 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, 58 min ago	2.10 bp	9.1 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 37 min ago	0.70 bp	9.5 bp −$9	15.6 bp −$156	44.0 bp −$4,402	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	0.7188	−0.009%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0056%	1h	0.7184	−0.070%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7155	−0.469%	$11K	$37K	5x	as long as short
Lighter VIRTUAL	−0.0016%	1h	0.7183	−0.085%	$327K	$405K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7192	+0.038%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.002%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7191	+0.028%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7195	+0.077%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7189	0.000%	$97K	$292K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7190	+0.016%	$71K	$43K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7186	−0.037%	$16.3M	$40.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7186	−0.042%	$16.6M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7187	−0.028%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7189	0.000%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7187	−0.028%	$17.5M	$4.5M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7191	+0.028%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7189	0.000%	$6.2M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7188	−0.014%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7189	long leg	$239K	$208K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7181	−0.108%	$537K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7161	−0.388%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7166	−0.320%	$640K	$913K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7165	−0.334%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7193	+0.050%	$55K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7190	+0.014%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7189	0.000%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7186	−0.041%	$54K	$263K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7190	+0.010%	$18K	—	3x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0167%	1h	0.7192	+0.042%	$15K	$40K	10x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7189	−0.003%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7186	−0.042%	$801K	$901K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	−0.070%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0797%	1h	0.7198	+0.122%	$593K	$664K	50x	as long as short