Spread before costs (cost unknown: a leg has no order-book sample)+0.053%
7d average—if it closes, per $10,000$5funding while held, a day−$7.13
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Binance VIRTUALUSDT | 0.6960 | 0.0100 | pay 0.0050% / 4h | 1h 56m | $15.7M | $36.0M | 75x |
| Short | Phoenix VIRTUAL | 0.6964 | −0.0138 | pay 0.0017% / 1h | 56m 28s | $11K | $48K | 5x |
Binance VIRTUALUSDT
Phoenix VIRTUALPrice 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
- $5.32
- Funding while held
- −$7.13
- Slippage, 4 orders
- no order book: not counted
- Fee Binance: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$18.82
- Spread needed to break even
- 0.170%
Slippage unknown: Binance: live order book, 2 min ago; Phoenix: no order-book sample. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- −0.0238%
- Per $10,000 a day
- −$7.13
- 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 Binance live order book, 2 min ago | 1.44 bp | 9.1 bp −$9 | 18.9 bp −$189 | 101.1 bp −$10.1K | doesn't fit |
| Sell Phoenix no order-book sample | — | — | — | — | — |
Phoenix: 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.Injective0.6744cheapestLighter0.6959+3.190%
Injective
LighterBinance0.6960+3.203%
Variational Omni0.6960+3.205%Bybit0.6961+3.218%Reya0.6962+3.232%OKX0.6962+3.233%BingX0.6962+3.233%Extended0.6962+3.234%
Variational Omni
Bybit
Reya
OKX
BingX
ExtendedPhoenix0.6964+3.258%
01 Exchange0.6964+3.262%MEXC0.6964+3.262%ApeX Omni0.6965+3.277%GMX0.6966+3.292%Polymarket Perps0.6966+3.295%Gate0.6967+3.307%KuCoin0.6967+3.307%gTrade (Gains Network)0.6968+3.323%Aster0.6968+3.329%Pacifica0.6968+3.329%edgeX0.6969+3.332%Bitget0.6970+3.351%Hyperliquid0.6972+3.373%Aevo0.6972+3.378%SoDEX0.6973+3.388%Orderly0.6974+3.410%Deribit0.6975+3.425%Backpack0.6976+3.440%SunX0.6976+3.440%BloFin0.6976+3.440%Coinbase International0.6979+3.485%Kraken Futures0.6987+3.597%
MEXC
ApeX Omni
GMX
Polymarket Perps
Gate
KuCoin
gTrade (Gains Network)
Aster
Pacifica
Bitget
Hyperliquid
Aevo
SoDEX
Orderly
Deribit
Backpack
SunX
BloFin
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 | −3.103% | +0.0033% | 1h | $43 | $28K | 5.5x | as long as short |
| Lighter VIRTUAL | −0.013% | −0.0496% | 1h | $316K | $389K | 5x | as long as short |
| Binance VIRTUALUSDTlong | 0.000% | +0.0100% | 4h | $15.7M | $36.0M | 75x | |
| Variational Omni VIRTUAL | +0.002% | −0.0138% | 4h | $522K | $847K | — | as long as short |
| Bybit VIRTUALUSDT | +0.014% | −0.0227% | 4h | $15.1M | $15.5M | 50x | as long as short |
| Reya VIRTUALRUSDPERP | +0.028% | −0.0139% | 1h | $23 | — | 10x | as long as short |
| OKX VIRTUAL-USDT-SWAP | +0.029% | +0.0100% | 4h | $2.7M | $9.7M | 20x | as long as short |
| BingX VIRTUAL-USDT | +0.029% | +0.0100% | 4h | — | $8.2M | — | as long as short |
| Extended VIRTUAL-USD | +0.030% | +0.0104% | 1h | $54K | $243K | 10x | as long as short |
| Phoenix VIRTUALshort | +0.053% | −0.0138% | 1h | $11K | $48K | 5x |