Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0212%/8h= −23.2% APRpaid last 24h −0.055%

Price spread now: Phoenix against BingX−0.475%79s7-day average — · you buy dearer than you sell

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

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phoenix is 0.475% cheaper against BingX than usual: you would sell low and buy high (−$47 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 79 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX VIRTUAL-USDT	0.7080	0.0100	pay 0.0050% / 4h	2h 22m	—	$7.9M	—
Short	Phoenix VIRTUAL	0.7046	−0.0112	pay 0.0014% / 1h	22m 06s	$11K	$36K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now −0.475%Rate

Funding earned: −$44.53
Price spread: −0.475% → 0.000%: −$47.46
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$108.99
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 1 min ago; Phoenix: 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 BingX live order book, 1 min ago	2.13 bp	9.6 bp −$10	12.3 bp −$123	25.2 bp −$2,518	75.7 bp −$37.9K
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 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7067	−0.178%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7065	−0.212%	$2K	$106	10x	as long as short
Phoenix VIRTUALshort	−0.0112%	1h	0.7046	−0.475%	$11K	$36K	5x
Lighter VIRTUAL	−0.0040%	1h	0.7072	−0.112%	$321K	$403K	5x	as long as short
Bybit VIRTUALUSDT	−0.0034%	4h	0.7080	0.000%	$16.2M	$19.0M	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7069	−0.159%	$14K	—	150x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0033%	1h	0.7074	−0.085%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.523%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7072	−0.113%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7091	+0.155%	$8.7M	$4.1M	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	0.7084	+0.054%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7060	−0.288%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7082	+0.035%	$15.9M	$41.9M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7087	+0.099%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7075	−0.071%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7076	−0.056%	$15.3M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7077	−0.042%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7087	+0.099%	$6.0M	$6.0M	25x	as long as short
BingX VIRTUAL-USDTlong	+0.0100%	4h	0.7080	long leg	—	$7.9M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7087	+0.099%	$238K	$207K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7023	−0.800%	$523K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7022	−0.819%	$18K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7038	−0.593%	$627K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7024	−0.791%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7071	−0.126%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7068	−0.169%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7075	−0.071%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7073	−0.105%	$56K	$299K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7074	−0.085%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0282%	1h	0.7079	−0.014%	$522K	$764K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7068	−0.172%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7045	−0.494%	$779K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7075	−0.071%	$197K	$100K	50x	as long as short