Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0348%/8h= −38.1% APRpaid last 24h −0.073%

Price spread now: Gate against Coinbase International+0.272%7-day average −0.229% · you sell dearer than you buy

Net, funding: paid 7d − costs−$185as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$1441.445% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.409%−$41 on $10k

Price spread, last 3 days (all we have)−0.472%−$47 · spread now +0.272%, 7d avg −0.229%

Together, before fees−0.881%−$88 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.501% dearer against Coinbase International than usual: you sell high and buy low (spread +0.272% now, against its 7-day average of −0.229%): +$50 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 4.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7351	0.0448	pay 0.0056% / 1h	14m 56s	$200K	$93K	50x
Short	Gate VIRTUAL_USDT	0.7371	0.0100	get 0.0050% / 4h	3h 14m	$1.5M	$3.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.272%Rate

Funding earned: −$73.08
Price spread: +0.272% → −0.229%: $50.08
Slippage, 4 orders: −$119.45
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$167.45
Costs to cover: 1.445%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 58 min ago; Gate: live order book, 3 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, 58 min ago	6.86 bp	51.3 bp −$51	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	4.78 bp	19.2 bp −$19	99.1 bp −$991	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7365	+0.192%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7292	−0.801%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0048%	1h	0.7376	+0.340%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0021%	1h	0.7367	+0.218%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7367	+0.224%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−3.183%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7368	+0.231%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7366	+0.209%	$334K	$418K	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7380	+0.389%	$201K	$156K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7377	+0.353%	$73K	$45K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7380	+0.397%	$17.1M	$39.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7381	+0.408%	$16.8M	$17.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7380	+0.395%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDTshort	+0.0100%	4h	0.7371	+0.272%	$1.5M	$3.1M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7386	+0.476%	$18.6M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7383	+0.435%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7386	+0.476%	$6.4M	$5.7M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7371	+0.272%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7375	+0.326%	$250K	$165K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7364	+0.182%	$551K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7324	−0.361%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7348	−0.040%	$654K	$890K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7335	−0.218%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7376	+0.333%	$50K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7365	+0.190%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7366	+0.197%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7382	+0.423%	$55K	$277K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7366	+0.209%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0222%	1h	0.7381	+0.403%	$9.2M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0301% / S −0.0228%	1h	0.7366	+0.200%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7359	+0.109%	$831K	$858K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0448%	1h	0.7351	long leg	$200K	$93K	50x
Kraken Futures PF_VIRTUALUSD	+0.0733%	1h	0.7381	+0.409%	$613K	$645K	50x	as long as short