Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h −0.069%

Price spread now: Reya against Bybit+0.039%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Reya is 0.039% dearer against Bybit than usual: you sell high and buy low (spread +0.039% now, against zero (this spread has no 7-day history yet)): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 13 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7208	0.0100	pay 0.0050% / 4h	2h 01m	$16.6M	$18.2M	50x
Short	Reya VIRTUALRUSDPERP	0.7211	−0.0139	pay 0.0017% / 1h	1m 58s	$24	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.039%Rate

Funding earned: −$50.21
Price spread: +0.039% → 0.000%: $3.93
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Reya: 3 bp × 2 orders: −$6
Net: −$63.28
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Reya: 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 Bybit live order book, 2 min ago	0.69 bp	10.7 bp −$11	22.1 bp −$221	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 32 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 VIRTUALRUSDPERPshort	−0.0139%	1h	0.7211	+0.039%	$24	—	10x
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7209	+0.014%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0027%	1h	0.7211	+0.042%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7213	+0.072%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7193	−0.211%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.262%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7213	+0.069%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7207	−0.010%	$327K	$415K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7217	+0.125%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7214	+0.083%	$98K	$291K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7209	+0.008%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7209	+0.016%	$16.5M	$41.0M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7208	long leg	$16.6M	$18.2M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7205	−0.042%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7214	+0.083%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7208	0.000%	$17.4M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7211	+0.042%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7209	+0.014%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7211	+0.042%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7214	+0.083%	$243K	$161K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7185	−0.323%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7190	−0.252%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7196	−0.167%	$637K	$870K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7195	−0.180%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7218	+0.132%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7215	+0.097%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7212	+0.050%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7207	−0.017%	$54K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7212	+0.057%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7213	+0.076%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7209	+0.014%	$188K	$85K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1022%	1h	0.7224	+0.225%	$597K	$671K	50x	as long as short