Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.071%

Price spread now: KuCoin against Deribit+0.183%53s7-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 KuCoin

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 +$3 a day on $10k at the current rate, and KuCoin is 0.183% dearer against Deribit than usual: you sell high and buy low: +$18 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 53 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	0.7120	0	get 0.0000% / 1h	19m 33s	$15K	$40K	10x
Short	KuCoin VIRTUALUSDTM	0.7133	0.0100	get 0.0050% / 4h	19m 33s	$3.0M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.183%Rate

Funding earned: $21
Price spread: +0.183% → 0.000%: $18.26
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $20.26
Costs to cover: 0.190%
Break-even: 0.2 days

Slippage unknown: Deribit: no order-book sample; KuCoin: live order book, 8 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 KuCoin live order book, 8 min ago	2.10 bp	16.7 bp −$17	47.3 bp −$473	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
Kraken Futures PF_VIRTUALUSD	−0.0337%	1h	0.7124	+0.052%	$517K	$741K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7134	+0.195%	$24	—	10x	as long as short
Variational Omni VIRTUAL	−0.0104%	4h	0.7100	−0.277%	$532K	$837K	—	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7136	+0.225%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7113	−0.105%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0064%	1h	0.7123	+0.046%	$321K	$403K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	0.0000%	1h	0.7120	long leg	$15K	$40K	10x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7135	+0.206%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.042%	$46	$88K	5.5x	as long as short
Bybit VIRTUALUSDT	+0.0056%	4h	0.7131	+0.154%	$16.2M	$18.9M	50x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7116	−0.056%	$16K	$1.7M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7137	+0.233%	$92K	$303K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7130	+0.134%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7137	+0.233%	$16.1M	$42.1M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7135	+0.211%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7136	+0.225%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7133	+0.183%	$15.6M	$5.3M	100x	as long as short
KuCoin VIRTUALUSDTMshort	+0.0100%	4h	0.7133	+0.183%	$3.0M	$4.5M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7135	+0.211%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7134	+0.197%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7127	+0.098%	$236K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7105	−0.214%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7106	−0.191%	$633K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7110	−0.140%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7133	+0.180%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7110	−0.140%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7118	−0.021%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7133	+0.184%	$53K	$304K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7115	−0.073%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0301%	1h	0.7146	+0.365%	$8.8M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7124	+0.049%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7102	−0.253%	$783K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7170	+0.702%	$200K	$100K	50x	as long as short