Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: edgeX against Backpack−0.265%7-day average −0.069% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 4 days (all we have)+0.885%+$88 · spread now −0.265%, 7d avg −0.069%

Together, before fees+0.977%+ Points / potential airdropedgeX: Active · farm board+$98 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: edgeX is 0.196% cheaper against Backpack than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of −0.069%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7233	0.0100	pay 0.0013% / 1h	29m 09s	$244K	$173K	10x
Short	edgeX VIRTUALUSDC	0.7214	0.0100	get 0.0050% / 4h	2h 29m	$19K	$261K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.265%Rate

Funding earned: $0
Price spread: −0.265% → −0.069%: −$19.6
Slippage, 4 orders: −$16.95
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$55.55
Costs to cover: 0.359%
Break-even: never at this rate

Slippage from Backpack: live order book, 39 min ago; edgeX: live order book, 38 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, 39 min ago	2.03 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 38 min ago	3.38 bp	9.1 bp −$9	24.6 bp −$246	doesn't fit	doesn't fit

VIRTUAL on 32 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	−0.0165%	1h	0.7228	−0.069%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7230	−0.043%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7239	+0.083%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7232	−0.011%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7234	+0.017%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.604%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7227	−0.083%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7220	−0.180%	$328K	$415K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7237	+0.059%	$8.9M	$4.2M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7233	+0.004%	$99K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7244	+0.152%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7230	−0.041%	$16.6M	$41.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7232	−0.014%	$16.6M	$18.3M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7231	−0.028%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7229	−0.055%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7224	−0.124%	$17.6M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7230	−0.041%	$4.2M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7229	−0.055%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7227	−0.083%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7233	long leg	$244K	$173K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7214	−0.257%	$537K	$909K	—	as long as short
edgeX VIRTUALUSDCshort	+0.0100%	4h	0.7214	−0.265%	$19K	$261K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7199	−0.470%	$639K	$888K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7214	−0.263%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7244	+0.149%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7219	−0.194%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7221	−0.169%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7223	−0.144%	$56K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7226	−0.102%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7233	−0.004%	$31K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7254	+0.290%	$197K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1020%	1h	0.7238	+0.067%	$597K	$666K	50x	as long as short