Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0380%/8h= −41.6% APRpaid last 24h −0.091%

Price spread now: Binance against Coinbase International−0.321%7-day average −0.299% · you buy dearer than you sell

Net, funding: paid 7d − costs−$160as in the Funding arb table

Net, price: spread back to 7d avg − costs−$119as in the Price arb table

costs, in and out, $10k−$1171.165% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.435%−$43 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.321%, 7d avg −0.299%

Together, before fees−0.381%−$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Binance is 0.022% cheaper against Coinbase International than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.299%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7173	0.0480	pay 0.0060% / 1h	59m 57s	$200K	$100K	50x
Short	Binance VIRTUALUSDT	0.7150	0.0100	get 0.0050% / 4h	3h 59m	$16.1M	$41.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.321%Rate

Funding earned: −$79.8
Price spread: −0.321% → −0.299%: −$2.19
Slippage, 4 orders: −$96.5
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$198.5
Costs to cover: 1.165%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 38 min ago; Binance: live order book, 12 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 Coinbase International live order book, 38 min ago	7.71 bp	73.7 bp −$74	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.70 bp	9.0 bp −$9	23.4 bp −$234	101.6 bp −$10.2K	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	−0.0336%	1h	0.7151	−0.313%	$515K	$743K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7144	−0.404%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7153	−0.284%	$11K	$36K	5x	as long as short
Variational Omni VIRTUAL	−0.0044%	4h	0.7142	−0.439%	$535K	$837K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7147	−0.362%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7148	−0.343%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.781%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0040%	1h	0.7146	−0.381%	$322K	$403K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7146	−0.376%	$16K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7154	−0.271%	$93K	$302K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7150	−0.320%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDTshort	+0.0100%	4h	0.7150	−0.321%	$16.1M	$41.8M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7150	−0.321%	$16.3M	$18.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7156	−0.237%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7153	−0.279%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7147	−0.362%	$15.6M	$5.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7151	−0.307%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7152	−0.293%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7150	−0.321%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7154	−0.265%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7145	−0.389%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7153	−0.275%	$641K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7147	−0.362%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7147	−0.360%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7143	−0.418%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7145	−0.395%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7149	−0.334%	$55K	$308K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7147	−0.358%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7146	−0.374%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7144	−0.404%	$780K	$1.0M	75x	as long as short
Hyperliquid VIRTUAL	+0.0345%	1h	0.7162	−0.148%	$8.8M	$3.8M	5x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0480%	1h	0.7173	long leg	$200K	$100K	50x
01 Exchange VIRTUALUSD	+0.1472%	1h	0.7281	+1.506%	$2K	$106	10x	as long as short