Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.072%

Price spread now: Backpack against BloFin+0.014%66s7-day average +0.043% · you sell dearer than you buy

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.440% of the position

Long on BloFin Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.505%−$50 on $10k

Price spread, last 3 days (all we have)+0.167%+$17 · spread now +0.014%, 7d avg +0.043%

Together, before fees−0.337%−$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Backpack is 0.029% cheaper against BloFin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.043%). Swap the legs. The two prices were read 66 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	BloFin VIRTUAL-USDT	0.7160	0.0340	pay 0.0170% / 4h	2h 32m	$813K	$802K	75x
Short	Backpack VIRTUAL_USDC_PERP	0.7161	0.0100	get 0.0013% / 1h	32m 07s	$235K	$158K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now +0.014%Rate

Funding earned: −$50.4
Price spread: +0.014% → +0.043%: −$2.91
Slippage, 4 orders: −$21.96
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$97.27
Costs to cover: 0.440%
Break-even: never at this rate

Slippage from BloFin: live order book, 54 min ago; Backpack: live order book, 56 min ago.

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 BloFin live order book, 54 min ago	4.91 bp	12.9 bp −$13	20.8 bp −$208	51.8 bp −$5,179	doesn't fit
Sell Backpack live order book, 56 min ago	2.10 bp	8.9 bp −$9	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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.601%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7159	−0.007%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7179	+0.272%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7161	+0.014%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0029%	1h	0.7161	+0.014%	$15K	$40K	10x	as long as short
Variational Omni VIRTUAL	+0.0005%	4h	0.7142	−0.248%	$521K	$874K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7164	+0.059%	$12K	—	150x	as long as short
Lighter VIRTUAL	+0.0040%	1h	0.7156	−0.052%	$326K	$391K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7160	0.000%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7166	+0.082%	$8.8M	$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	0.7166	+0.083%	$195K	$81K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7163	+0.042%	$74K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7164	+0.056%	$16.4M	$36.9M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7157	−0.042%	$15.4M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7157	−0.042%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7163	+0.042%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7153	−0.098%	$17.1M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7165	+0.070%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7165	+0.070%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7160	0.000%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7161	+0.014%	$235K	$158K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7154	−0.090%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7153	−0.091%	$633K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7151	−0.126%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7164	+0.057%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7163	+0.042%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7157	−0.038%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7156	−0.060%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7160	+0.003%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7164	+0.059%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7160	long leg	$813K	$802K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7180	+0.279%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0525%	1h	0.7170	+0.137%	$536K	$541K	50x	as long as short