Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.002%

Price spread now: Backpack against Bybit+0.098%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$480.478% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.075%−$8 on $10k

Price spread, last 4 days (all we have)−0.144%−$14 · spread now +0.098%, 7d avg +0.063%

Together, before fees−0.219%−$22 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: Backpack is 0.035% dearer against Bybit than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7149	0.0100	pay 0.0050% / 4h	2h 37m	$15.4M	$15.4M	50x
Short	Backpack VIRTUAL_USDC_PERP	0.7156	0.0100	get 0.0013% / 1h	37m 12s	$235K	$158K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now +0.098%Rate

Funding earned: $0
Price spread: +0.098% → +0.063%: $3.45
Slippage, 4 orders: −$26.79
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$44.34
Costs to cover: 0.478%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Backpack: live order book, 51 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 Bybit live order book, 1 min ago	0.70 bp	16.6 bp −$17	27.1 bp −$271	doesn't fit	doesn't fit
Sell Backpack live order book, 51 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0449%	1h	0.7153	+0.056%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.448%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7150	+0.019%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7134	−0.207%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7152	+0.042%	$2K	$131	10x	as long as short
Variational Omni VIRTUAL	+0.0001%	4h	0.7133	−0.230%	$520K	$874K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7155	+0.077%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0082%	4h	0.7153	+0.056%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7147	−0.025%	$325K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7161	+0.168%	$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	0.7154	+0.073%	$194K	$81K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7150	+0.019%	$74K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7151	+0.032%	$16.4M	$36.7M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7149	long leg	$15.4M	$15.4M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7148	−0.014%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7153	+0.056%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7151	+0.028%	$17.1M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7154	+0.070%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7159	+0.140%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7150	+0.014%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7156	+0.098%	$235K	$158K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7134	−0.216%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7138	−0.160%	$632K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7147	−0.028%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7155	+0.078%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7152	+0.042%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7150	+0.021%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7150	+0.010%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7151	+0.029%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7156	+0.102%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7150	+0.014%	$815K	$801K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.042%	$195K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0526%	1h	0.7161	+0.168%	$535K	$539K	50x	as long as short