Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0066%/8h= +7.3% APRpaid last 24h +0.021%

Price spread now: Orderly against gTrade (Gains Network)+0.005%7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) VIRTUAL/USD	0.7111	L +0.0007% / S −0.0006%	pay 0.0001% / 1h	22m 23s	$22K	—	150x
Short	Orderly PERP_VIRTUAL_USDC	0.7111	0.0073	get 0.0037% / 4h	22m 23s	$16K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee OrderlybpOrdersPrice spread, now +0.005%Rate

Funding earned: $13.95
Price spread: +0.005% → 0.000%: $0.49
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1.56
Costs to cover: 0.160%
Break-even: 7.8 days

Slippage unknown: gTrade (Gains Network): no order-book sample; Orderly: no order-book sample. 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

gTrade (Gains Network) and Orderly: 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	−0.0338%	1h	0.7116	+0.070%	$516K	$741K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7109	−0.025%	$24	—	10x	as long as short
Variational Omni VIRTUAL	−0.0115%	4h	0.7103	−0.112%	$533K	$837K	—	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7110	−0.009%	$2K	$106	10x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7113	+0.036%	$321K	$403K	5x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7119	+0.116%	$11K	$36K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7109	−0.023%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USDlong	L +0.0007% / S −0.0006%	1h	0.7111	long leg	$22K	—	150x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.089%	$46	$88K	5.5x	as long as short
Bybit VIRTUALUSDT	+0.0034%	4h	0.7107	−0.051%	$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_USDCshort	+0.0073%	4h	0.7111	+0.005%	$16K	$1.7M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7112	+0.020%	$92K	$303K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7121	+0.143%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7109	−0.023%	$16.0M	$42.2M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7111	+0.005%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7113	+0.033%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7109	−0.023%	$15.6M	$5.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7113	+0.033%	$3.0M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7110	−0.009%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7111	+0.005%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7121	+0.146%	$236K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7107	−0.052%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7103	−0.111%	$630K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7111	+0.005%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7108	−0.041%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7117	+0.089%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7108	−0.030%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7107	−0.053%	$53K	$304K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7110	−0.005%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0289%	1h	0.7122	+0.158%	$8.8M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7111	+0.010%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7116	+0.075%	$786K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7170	+0.835%	$200K	$100K	50x	as long as short