VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0128%/8h= +14.1% APRnext payment +$0.16 per $10,000 · paid last 24h +0.078%

Price spread now: Backpack against Deribit+0.028%7-day average — · you sell dearer than you buy

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

Long on Deribit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Backpack is 0.028% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7181	−0.0028	get 0.0004% / 1h	11m 30s	$15K	$40K	10x
Short	Backpack VIRTUAL_USDC_PERP	0.7183	0.0100	get 0.0013% / 1h	11m 30s	$239K	$159K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Deribit. 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 DeribitbpFee BackpackbpOrdersPrice spread, now +0.028%Rate

Funding earned: $26.97
Price spread: +0.028% → 0.000%: $2.79
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Backpack: 5 bp × 2 orders: −$10
Net: $12.76
Costs to cover: 0.170%
Break-even: 3.7 days

Slippage unknown: Deribit: no order-book sample; Backpack: live order book, 7 min ago. 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 Deribit no order-book sample	—	—	—	—	—
Sell Backpack live order book, 7 min ago	0.69 bp	8.3 bp −$8	doesn't fit	doesn't fit	doesn't fit

Deribit: 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 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	−0.0160%	1h	0.7170	−0.155%	$326K	$414K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7172	−0.132%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7169	−0.167%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7190	+0.130%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	−0.0028%	1h	0.7181	long leg	$15K	$40K	10x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7183	+0.033%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.891%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7180	−0.014%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7187	+0.081%	$8.8M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7178	−0.046%	$192K	$88K	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	0.7176	−0.067%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7172	−0.128%	$16.3M	$37.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7170	−0.153%	$15.5M	$15.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7169	−0.167%	$2.8M	$9.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7175	−0.084%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7175	−0.084%	$17.2M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7179	−0.028%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7177	−0.056%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7174	−0.097%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7183	+0.028%	$239K	$159K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7182	+0.008%	$525K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7172	−0.122%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7175	−0.083%	$635K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7175	−0.084%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7176	−0.072%	$27K	$885K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7182	+0.014%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7177	−0.058%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7171	−0.146%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7178	−0.044%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7182	+0.021%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7171	−0.139%	$806K	$812K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7206	+0.348%	$196K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0510%	1h	0.7195	+0.201%	$585K	$596K	50x	as long as short