Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0412%/8h= +45.1% APRpaid last 24h +0.096%

Price spread now: Coinbase International against Bybit+0.429%7-day average +0.323% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$990.991% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.450%+$45 on $10k

Price spread, last 4 days (all we have)−0.384%−$38 · spread now +0.429%, 7d avg +0.323%

Together, before fees+0.066%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Coinbase International is 0.106% dearer against Bybit than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.323%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7220	0.0100	pay 0.0050% / 4h	3h 12m	$16.5M	$18.6M	50x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7251	0.0512	get 0.0064% / 1h	12m 50s	$202K	$102K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.429%Rate

Funding earned: $86.52
Price spread: +0.429% → +0.323%: $10.64
Slippage, 4 orders: −$78.07
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$1.91
Costs to cover: 0.991%
Break-even: 7.2 days

Slippage from Bybit: live order book, 1 min ago; Coinbase International: live order book, 20 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	1.39 bp	12.1 bp −$12	24.2 bp −$242	doesn't fit	doesn't fit
Sell Coinbase International live order book, 20 min ago	6.32 bp	28.4 bp −$28	530.3 bp −$5,303	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	−0.0223%	1h	0.7216	−0.055%	$519K	$732K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7213	−0.093%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0056%	1h	0.7209	−0.152%	$329K	$405K	5x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7227	+0.093%	$11K	$36K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0027%	1h	0.7212	−0.111%	$15K	$30K	10x	as long as short
Variational Omni VIRTUAL	−0.0006%	4h	0.7234	+0.200%	$542K	$754K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7211	−0.123%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.427%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0070%	1h	0.7210	−0.132%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0077%	4h	0.7212	−0.111%	$15K	$1.9M	10x	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	0.7219	−0.021%	$93K	$303K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7225	+0.069%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7219	−0.021%	$16.1M	$41.5M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7220	long leg	$16.5M	$18.6M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7223	+0.042%	$2.9M	$10.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7214	−0.083%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7215	−0.069%	$15.4M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7217	−0.042%	$3.4M	$4.6M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7216	−0.055%	$6.1M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7215	−0.069%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7216	−0.055%	$245K	$172K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7226	+0.080%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7221	+0.010%	$640K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7225	+0.069%	$41K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7222	+0.028%	$48K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7213	−0.097%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7213	−0.095%	$54K	$308K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7210	−0.142%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0150%	1h	0.7224	+0.050%	$8.9M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7211	−0.121%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7209	−0.152%	$775K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0512%	1h	0.7251	+0.429%	$202K	$102K	50x
01 Exchange VIRTUALUSD	+0.6256%	1h	0.7358	+1.911%	$2K	$106	10x	as long as short