VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0340%/8h= +37.2% APRnext payment +$0.43 per $10,000 · paid last 24h +0.082%

Price spread now: Coinbase International against Backpack+0.251%7-day average +0.233% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1111.111% of the position

Long on Backpack Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.514%+$51 on $10k

Price spread, last 4 days (all we have)−0.205%−$21 · spread now +0.251%, 7d avg +0.233%

Together, before fees+0.309%+$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.233%, so right now this pair is about funding alone: +$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7182	0.0100	pay 0.0013% / 1h	12m 41s	$238K	$214K	10x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7200	0.0440	get 0.0055% / 1h	12m 41s	$201K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.251%Rate

Funding earned: $71.4
Price spread: +0.251% → +0.233%: $1.8
Slippage, 4 orders: −$91.09
Fee Backpack: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$37.9
Costs to cover: 1.111%
Break-even: 10.7 days

Slippage from Backpack: live order book, 41 min ago; Coinbase International: live order book, 40 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, 41 min ago	1.38 bp	8.4 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 40 min ago	6.91 bp	54.9 bp −$55	845.1 bp −$8,451	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
Lighter VIRTUAL	−0.0216%	1h	0.7167	−0.202%	$326K	$406K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7165	−0.237%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7178	−0.058%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0029%	1h	0.7176	−0.085%	$1K	$9K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7179	−0.042%	$15K	$40K	10x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7186	+0.050%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7183	+0.008%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.905%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0084%	4h	0.7178	−0.056%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7184	+0.033%	$8.8M	$4.2M	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	0.7168	−0.190%	$94K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7175	−0.097%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7164	−0.251%	$16.2M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7161	−0.292%	$16.5M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7173	−0.125%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7175	−0.097%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7170	−0.167%	$16.2M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7174	−0.111%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7172	−0.139%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7172	−0.139%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7182	long leg	$238K	$214K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7178	−0.052%	$537K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7180	−0.024%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7179	−0.048%	$638K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7194	+0.167%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7181	−0.007%	$53K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7176	−0.084%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7167	−0.213%	$55K	$234K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7176	−0.087%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7184	+0.023%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7173	−0.125%	$797K	$951K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0440%	1h	0.7200	+0.251%	$201K	$104K	50x
Kraken Futures PF_VIRTUALUSD	+0.0487%	1h	0.7186	+0.059%	$589K	$669K	50x	as long as short