Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against edgeX−0.137%7-day average +0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$340.342% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.099%−$10 on $10k

Price spread, last 3 days (all we have)+0.020%+$2 · spread now −0.137%, 7d avg +0.071%

Together, before fees−0.079%+ Points / potential airdropedgeX: Active · farm board−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.208% cheaper against edgeX than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX VIRTUALUSDC	0.7114	0.0100	pay 0.0050% / 4h	2h 44m	$19K	$257K	10x
Short	Backpack VIRTUAL_USDC_PERP	0.7104	0.0100	get 0.0013% / 1h	44m 53s	$236K	$155K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against edgeX. 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 edgeXbpFee BackpackbpOrdersPrice spread, now −0.137%Rate

Funding earned: $0
Price spread: −0.137% → +0.071%: −$20.84
Slippage, 4 orders: −$15.17
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$55.01
Costs to cover: 0.342%
Break-even: never at this rate

Slippage from edgeX: live order book, 42 min ago; Backpack: live order book, 43 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 edgeX live order book, 42 min ago	2.11 bp	7.3 bp −$7	14.2 bp −$142	doesn't fit	doesn't fit
Sell Backpack live order book, 43 min ago	2.10 bp	8.9 bp −$9	doesn't fit	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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	+0.046%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7102	−0.169%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7112	−0.030%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7104	−0.137%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0031%	1h	0.7105	−0.123%	$15K	$40K	10x	as long as short
Variational Omni VIRTUAL	−0.0011%	4h	0.7104	−0.144%	$518K	$872K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7106	−0.103%	$12K	—	150x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7105	−0.123%	$14K	$1.5M	10x	as long as short
Lighter VIRTUAL	+0.0096%	1h	0.7098	−0.221%	$323K	$391K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7107	−0.089%	$8.7M	$3.6M	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	0.7104	−0.139%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7108	−0.076%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7100	−0.189%	$16.3M	$36.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7097	−0.236%	$15.3M	$15.3M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7097	−0.236%	$2.8M	$9.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7102	−0.165%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7100	−0.193%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7103	−0.151%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7103	−0.151%	$6.0M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7098	−0.221%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7104	−0.137%	$236K	$155K	10x
edgeX VIRTUALUSDClong	+0.0100%	4h	0.7114	long leg	$19K	$257K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7111	−0.039%	$630K	$994K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7115	+0.017%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7108	−0.087%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7106	−0.109%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7100	−0.196%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7097	−0.234%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7103	−0.151%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7105	−0.127%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7100	−0.193%	$814K	$793K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.538%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0529%	1h	0.7110	−0.057%	$520K	$522K	50x	as long as short