Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.004%

Price spread now: Bybit against Extended−0.025%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$530.533% of the position

Long on Extended Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.025%, 7d avg +0.010%

Together, before fees+0.030%+ Points / potential airdropExtended: Active · farm board+$3 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: Bybit is 0.035% cheaper against Extended than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended VIRTUAL-USD	0.7176	0.0104	pay 0.0013% / 1h	38m 31s	$53K	$246K	10x
Short	Bybit VIRTUALUSDT	0.7174	0.0100	get 0.0050% / 4h	1h 38m	$15.5M	$15.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Extended. 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 ExtendedbpFee BybitbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$0.84
Price spread: −0.025% → +0.010%: −$3.5
Slippage, 4 orders: −$37.33
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$57.67
Costs to cover: 0.533%
Break-even: never at this rate

Slippage from Extended: live order book, 44 min ago; Bybit: live order book, 5 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 Extended live order book, 44 min ago	1.81 bp	15.0 bp −$15	120.6 bp −$1,206	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.70 bp	11.8 bp −$12	24.4 bp −$244	135.9 bp −$13.6K	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	0.7172	−0.049%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7176	+0.003%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7172	−0.054%	$326K	$414K	5x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7175	−0.009%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7174	−0.025%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7175	−0.011%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.819%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7171	−0.066%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7183	+0.099%	$8.7M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7176	0.000%	$194K	$82K	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	+0.003%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7177	+0.017%	$16.3M	$37.5M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7174	−0.025%	$15.5M	$15.6M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7178	+0.031%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7176	+0.003%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7170	−0.080%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7176	+0.003%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7177	+0.017%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7175	−0.011%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7175	−0.011%	$238K	$158K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7174	−0.022%	$526K	$875K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7174	−0.029%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7171	−0.070%	$635K	$960K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7180	+0.059%	$40K	$246K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7176	−0.002%	$32K	$832K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7172	−0.052%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7170	−0.083%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USDlong	+0.0104%	1h	0.7176	long leg	$53K	$246K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7169	−0.090%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7174	−0.026%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7167	−0.122%	$806K	$790K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7189	+0.184%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0511%	1h	0.7182	+0.081%	$538K	$540K	50x	as long as short