Spread before costs (cost unknown: a leg has no order-book sample)−0.034%
7d average—if it closes, per $10,000$3funding while held, a day+$3.85
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Backpack VIRTUAL_USDC_PERP | 0.6973 | 0.0100 | pay 0.0013% / 1h | 0m 59s | $229K | $172K | 10x |
| Short | GMX VIRTUAL/USD [WBTC.b-USDC] | 0.6971 | L +0.0295% / S −0.0228% | get 0.0029% / 1h | 0m 59s | $29K | — | 100x |
Backpack VIRTUAL_USDC_PERP
GMX VIRTUAL/USD [WBTC.b-USDC]Price spread history
latest
Range statsloading…
How often the spread is this wide
share of time at each level, last 7DBacktest
opened in the past, held until now, after costsProfit calculator
- Spread captured
- −$3.41
- Funding while held
- $3.85
- Slippage, 4 orders
- no order book: not counted
- Fee Backpack: 5 bp × 2 orders
- −$10
- Fee GMX: 6 bp × 2 orders
- −$12
- Net
- −$21.57
- Spread needed to break even
- 0.220%
Slippage unknown: Backpack: live order book, 39 min ago; GMX: no order-book sample. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- +0.0128%
- Per $10,000 a day
- +$3.85
- Average in range /8h
- —
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 | 2.13 bp | 9.4 bp −$9 | doesn't fit | doesn't fit | doesn't fit |
| Sell GMX no order-book sample | — | — | — | — | — |
GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
VIRTUAL price on every exchange
against the cheapest. Click to use as the short leg.Injective0.6744cheapestApeX Omni0.6941+2.921%edgeX0.6942+2.936%Phoenix0.6945+2.977%Lighter0.6963+3.244%Bybit0.6963+3.247%01 Exchange0.6963+3.247%BloFin0.6964+3.262%Reya0.6965+3.271%OKX0.6965+3.277%MEXC0.6965+3.277%BingX0.6965+3.277%Binance0.6965+3.277%Polymarket Perps0.6966+3.290%Pacifica0.6966+3.292%Aevo0.6967+3.300%Extended0.6967+3.300%KuCoin0.6967+3.307%SoDEX0.6967+3.307%Variational Omni0.6967+3.308%Orderly0.6968+3.321%Aster0.6970+3.344%Gate0.6970+3.351%SunX0.6970+3.351%Deribit0.6970+3.351%gTrade (Gains Network)0.6970+3.356%
Injective
ApeX Omni
Phoenix
Lighter
Bybit
BloFin
Reya
OKX
MEXC
BingX
Binance
Polymarket Perps
Pacifica
Aevo
Extended
KuCoin
SoDEX
Variational Omni
Orderly
Aster
Gate
SunX
Deribit
gTrade (Gains Network)GMX0.6971+3.360%
Bitget0.6971+3.366%Hyperliquid0.6971+3.370%
Bitget
HyperliquidBackpack0.6973+3.396%
Coinbase International0.6975+3.425%Kraken Futures0.6980+3.497%
Coinbase International
Kraken FuturesVIRTUAL on 32 venues
cheapest first. Swap a leg.| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Injective VIRTUAL/USDC PERP | −3.284% | +0.0033% | 1h | $43 | $28K | 5.5x | as long as short |
| ApeX Omni VIRTUALUSDT | −0.459% | +0.0065% | 1h | $40K | $241K | 50x | as long as short |
| edgeX VIRTUALUSDC | −0.445% | +0.0100% | 4h | $18K | $257K | 10x | as long as short |
| Phoenix VIRTUAL | −0.404% | −0.0159% | 1h | $11K | $54K | 5x | as long as short |
| Lighter VIRTUAL | −0.146% | −0.0160% | 1h | $316K | $391K | 5x | as long as short |
| Bybit VIRTUALUSDT | −0.143% | −0.0206% | 4h | $15.2M | $15.5M | 50x | as long as short |
| 01 Exchange VIRTUALUSD | −0.143% | −0.0168% | 1h | $2K | $131 | 10x | as long as short |
| BloFin VIRTUAL-USDT | −0.129% | +0.0340% | 4h | $815K | $764K | 75x | as long as short |
| Reya VIRTUALRUSDPERP | −0.120% | −0.0139% | 1h | $23 | — | 10x | as long as short |
| OKX VIRTUAL-USDT-SWAP | −0.115% | +0.0100% | 4h | $2.7M | $9.7M | 20x | as long as short |