Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0309%/8h= +33.9% APRpaid last 24h +0.142%

Price spread now: BloFin against Deribit−0.224%57s7-day average — · you buy dearer than you sell

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

Long on Deribit Short on BloFin

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

Funding pays, the price is against you. BloFin is 0.224% cheaper against Deribit than usual: you would sell low and buy high (spread −0.224% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 2.4 days of funding at the current rate (+$9 a day). The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7130	0.0031	pay 0.0004% / 1h	14m 05s	$15K	$40K	10x
Short	BloFin VIRTUAL-USDT	0.7114	0.0340	get 0.0170% / 4h	2h 14m	$772K	$1.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.224%Rate

Funding earned: $64.96
Price spread: −0.224% → 0.000%: −$22.44
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $23.52
Costs to cover: 0.190%
Break-even: 4.5 days

Slippage unknown: Deribit: no order-book sample; BloFin: live order book, 3 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 BloFin live order book, 3 min ago	1.40 bp	14.1 bp −$14	23.9 bp −$239	59.2 bp −$5,915	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7124	−0.086%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7123	−0.098%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7121	−0.130%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0024%	1h	0.7126	−0.063%	$324K	$403K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7126	−0.056%	$14K	—	150x	as long as short
Bybit VIRTUALUSDT	+0.0028%	4h	0.7130	0.000%	$16.3M	$19.0M	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	+0.0031%	1h	0.7130	long leg	$15K	$40K	10x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.182%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0075%	4h	0.7128	−0.028%	$13K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7141	+0.161%	$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	0.7132	+0.022%	$93K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7122	−0.112%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7132	+0.022%	$16.1M	$42.0M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7132	+0.028%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7129	−0.014%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7129	−0.014%	$15.4M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7130	0.000%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7133	+0.042%	$6.0M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7129	−0.014%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7134	+0.056%	$239K	$206K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7115	−0.206%	$530K	$914K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7120	−0.141%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7121	−0.125%	$628K	$1.0M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7123	−0.098%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7126	−0.052%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7131	+0.014%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7130	+0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7128	−0.027%	$53K	$303K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7128	−0.024%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0280%	1h	0.7132	+0.031%	$526K	$761K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7125	−0.065%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7114	−0.224%	$772K	$1.0M	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7132	+0.028%	$199K	$101K	50x	as long as short