Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0132%/8h= −14.5% APRpaid last 24h +0.004%

Price spread now: BloFin against Coinbase International+0.126%7-day average −0.262% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$670.674% of the position

Long on Coinbase International Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 3 days (all we have)−0.312%−$31 · spread now +0.126%, 7d avg −0.262%

Together, before fees−0.323%−$32 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.388% dearer against Coinbase International than usual: you sell high and buy low (spread +0.126% now, against its 7-day average of −0.262%): +$39 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 9.8 days. At the pace of the last 7 days (−0.011% in total) that is about 8 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7150	0.0472	pay 0.0059% / 1h	28m 22s	$195K	$94K	50x
Short	BloFin VIRTUAL-USDT	0.7159	0.0340	get 0.0170% / 4h	1h 28m	$809K	$790K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.126%Rate

Funding earned: −$27.72
Price spread: +0.126% → −0.262%: $38.78
Slippage, 4 orders: −$45.38
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$56.33
Costs to cover: 0.674%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 54 min ago; BloFin: live order book, 53 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, 54 min ago	6.95 bp	21.2 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 53 min ago	2.78 bp	11.0 bp −$11	18.6 bp −$186	60.2 bp −$6,022	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7165	+0.208%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0120%	1h	0.7166	+0.228%	$326K	$414K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7173	+0.322%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7136	−0.200%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7153	+0.042%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7168	+0.257%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.462%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7163	+0.182%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7178	+0.387%	$8.7M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7176	+0.357%	$196K	$84K	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	0.7172	+0.308%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7168	+0.247%	$16.3M	$37.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7164	+0.196%	$15.5M	$15.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7161	+0.154%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7174	+0.336%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7168	+0.252%	$17.2M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7174	+0.336%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7175	+0.350%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7166	+0.224%	—	$8.0M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7166	+0.224%	$238K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7139	−0.152%	$521K	$877K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7148	−0.027%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7138	−0.168%	$632K	$930K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7149	−0.014%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7178	+0.387%	$31K	$869K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7151	+0.014%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7154	+0.056%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7161	+0.152%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7167	+0.233%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7166	+0.219%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7159	+0.126%	$809K	$790K	75x
Coinbase International VIRTUAL-PERP-INTXlong	+0.0472%	1h	0.7150	long leg	$195K	$94K	50x
Kraken Futures PF_VIRTUALUSD	+0.0512%	1h	0.7166	+0.225%	$534K	$544K	50x	as long as short