Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: SunX against Backpack−0.070%7-day average −0.031% · you buy dearer than you sell

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

Long on Backpack Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.143%+$14 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now −0.070%, 7d avg −0.031%

Together, before fees+0.117%+$12 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: SunX is 0.039% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack VIRTUAL_USDC_PERP	0.7157	0.0100	pay 0.0013% / 1h	0m 45s	$237K	$175K	10x
Short	SunX VIRTUAL-USDT	0.7152	0.0100	get 0.0050% / 4h	0m 45s	$2K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.070%Rate

Funding earned: $0
Price spread: −0.070% → −0.031%: −$3.91
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$21.91
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Backpack: live order book, 38 min ago; SunX: live order book, 3 min ago. 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, 38 min ago	2.10 bp	9.9 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	500.56 bp	doesn't fit	doesn't fit	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
Kraken Futures PF_VIRTUALUSD	−0.0336%	1h	0.7152	−0.068%	$516K	$742K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7153	−0.059%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7153	−0.061%	$11K	$36K	5x	as long as short
Variational Omni VIRTUAL	−0.0044%	4h	0.7142	−0.216%	$535K	$837K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7150	−0.098%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7152	−0.074%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.559%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0040%	1h	0.7145	−0.170%	$322K	$403K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7148	−0.126%	$16K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7151	−0.083%	$92K	$302K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7150	−0.097%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7148	−0.131%	$16.1M	$41.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7145	−0.168%	$16.3M	$18.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7149	−0.112%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7154	−0.042%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7149	−0.112%	$15.6M	$5.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7155	−0.028%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7151	−0.084%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7150	−0.098%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERPlong	+0.0100%	1h	0.7157	long leg	$237K	$175K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7145	−0.166%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7153	−0.052%	$641K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7147	−0.140%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7150	−0.092%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDTshort	+0.0100%	4h	0.7152	−0.070%	$2K	$1.3M	20x
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7147	−0.147%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7149	−0.118%	$55K	$308K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7148	−0.122%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7152	−0.068%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7144	−0.182%	$780K	$1.0M	75x	as long as short
Hyperliquid VIRTUAL	+0.0344%	1h	0.7158	+0.021%	$8.8M	$3.8M	5x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7173	+0.224%	$200K	$100K	50x	as long as short
01 Exchange VIRTUALUSD	+0.1384%	1h	0.7287	+1.816%	$2K	$106	10x	as long as short