Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0340%/8h= −37.2% APRpaid last 24h −0.082%

Price spread now: edgeX against Coinbase International−0.835%7-day average −0.309% · you buy dearer than you sell

Net, funding: paid 7d − costs−$153as in the Funding arb table

Net, price: spread back to 7d avg − costs−$163as in the Price arb table

costs, in and out, $10k−$1111.108% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.422%−$42 on $10k

Price spread, last 4 days (all we have)+0.659%+$66 · spread now −0.835%, 7d avg −0.309%

Together, before fees+0.237%+ Points / potential airdropedgeX: Active · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and edgeX is 0.526% cheaper against Coinbase International than usual: you would sell low and buy high (−$53 if the spread goes back to its 7-day average of −0.309%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7200	0.0440	pay 0.0055% / 1h	1m 17s	$201K	$104K	50x
Short	edgeX VIRTUALUSDC	0.7140	0.0100	get 0.0050% / 4h	3h 01m	$19K	$262K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.835%Rate

Funding earned: −$71.4
Price spread: −0.835% → −0.309%: −$52.65
Slippage, 4 orders: −$91.76
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$234.81
Costs to cover: 1.108%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 52 min ago; edgeX: 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 Coinbase International live order book, 52 min ago	6.91 bp	39.4 bp −$39	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 51 min ago	2.77 bp	8.2 bp −$8	32.5 bp −$325	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
Lighter VIRTUAL	−0.0240%	1h	0.7131	−0.954%	$324K	$407K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7135	−0.903%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7135	−0.905%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0052%	1h	0.7136	−0.896%	$1K	$9K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0030%	1h	0.7137	−0.875%	$15K	$40K	10x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7130	−0.967%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7138	−0.865%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.153%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0079%	4h	0.7139	−0.847%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7148	−0.728%	$8.8M	$4.1M	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	0.7142	−0.809%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7135	−0.903%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7139	−0.853%	$16.1M	$41.2M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7135	−0.903%	$16.5M	$18.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7138	−0.861%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7136	−0.889%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7137	−0.875%	$15.9M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7140	−0.833%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7140	−0.833%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7136	−0.889%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7142	−0.806%	$239K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7164	−0.504%	$536K	$909K	—	as long as short
edgeX VIRTUALUSDCshort	+0.0100%	4h	0.7140	−0.835%	$19K	$262K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7155	−0.625%	$635K	$966K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7142	−0.806%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7139	−0.853%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7139	−0.847%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7134	−0.912%	$54K	$290K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7135	−0.899%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0264%	1h	0.7139	−0.849%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7134	−0.917%	$791K	$945K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0440%	1h	0.7200	long leg	$201K	$104K	50x
Kraken Futures PF_VIRTUALUSD	+0.0490%	1h	0.7145	−0.759%	$583K	$675K	50x	as long as short