Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h −0.011%

Price spread now: Orderly against Backpack+0.014%7-day average −0.053% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 3 days (all we have)−0.158%−$16 · spread now +0.014%, 7d avg −0.053%

Together, before fees−0.230%−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.067% dearer against Backpack than usual: you sell high and buy low (spread +0.014% now, against its 7-day average of −0.053%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7104	0.0100	pay 0.0013% / 1h	44m 51s	$236K	$155K	10x
Short	Orderly PERP_VIRTUAL_USDC	0.7105	0.0081	get 0.0041% / 4h	2h 44m	$14K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.014%Rate

Funding earned: −$3.99
Price spread: +0.014% → −0.053%: $6.74
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$13.25
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 43 min ago; Orderly: no order-book sample. Net counts fees only.

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, 43 min ago	2.10 bp	10.6 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	+0.183%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7102	−0.032%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7112	+0.107%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7104	0.000%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0031%	1h	0.7105	+0.014%	$15K	$40K	10x	as long as short
Variational Omni VIRTUAL	−0.0011%	4h	0.7104	−0.007%	$518K	$872K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7106	+0.034%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0081%	4h	0.7105	+0.014%	$14K	$1.5M	10x
Lighter VIRTUAL	+0.0096%	1h	0.7098	−0.084%	$323K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7107	+0.048%	$8.7M	$3.6M	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	0.7104	−0.001%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7108	+0.061%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7100	−0.052%	$16.3M	$36.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7097	−0.099%	$15.3M	$15.3M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7097	−0.099%	$2.8M	$9.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7102	−0.028%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7100	−0.056%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7103	−0.014%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7103	−0.014%	$6.0M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7098	−0.084%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7104	long leg	$236K	$155K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7114	+0.137%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7111	+0.099%	$630K	$994K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7115	+0.155%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7108	+0.051%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7106	+0.028%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7100	−0.059%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7097	−0.097%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7103	−0.014%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7105	+0.010%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7100	−0.056%	$814K	$793K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.676%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0529%	1h	0.7110	+0.080%	$520K	$522K	50x	as long as short