Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0199%/8h= −21.8% APRpaid last 24h −0.052%

Price spread now: Gate against GMX+0.066%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Gate

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 pays, funding is against you. Gate is 0.066% dearer against GMX than usual: you sell high and buy low (spread +0.066% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 27 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX VIRTUAL/USD [WBTC.b-USDC]	0.7154	L +0.0299% / S −0.0228%	pay 0.0037% / 1h	10m 22s	$30K	—	100x
Short	Gate VIRTUAL_USDT	0.7159	0.0100	get 0.0050% / 4h	3h 10m	$1.5M	$3.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against GMX. 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 GMXbpFee GatebpOrdersPrice spread, now +0.066%Rate

Funding earned: −$41.73
Price spread: +0.066% → 0.000%: $6.63
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$62.1
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: 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 GMX no order-book sample	—	—	—	—	—
Sell Gate live order book, 3 min ago	4.88 bp	20.2 bp −$20	94.6 bp −$946	doesn't fit	doesn't fit

GMX: 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0588%	1h	0.7150	−0.060%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0224%	1h	0.7146	−0.118%	$325K	$406K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0160%	1h	0.7155	+0.010%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7152	−0.029%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0045%	1h	0.7149	−0.071%	$1K	$9K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7175	+0.293%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7154	−0.001%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.521%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0083%	4h	0.7153	−0.018%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7166	+0.157%	$8.8M	$4.2M	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	0.7158	+0.055%	$94K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7160	+0.078%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7149	−0.074%	$16.2M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7148	−0.088%	$16.5M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7151	−0.046%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDTshort	+0.0100%	4h	0.7159	+0.066%	$1.5M	$3.4M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7155	+0.010%	$16.1M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7159	+0.066%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7154	−0.004%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7151	−0.046%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7165	+0.150%	$237K	$214K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7155	+0.013%	$536K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7173	+0.267%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7173	+0.263%	$637K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7181	+0.374%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7159	+0.063%	$53K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7160	+0.080%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7148	−0.090%	$54K	$255K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7148	−0.090%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]long	L +0.0299% / S −0.0228%	1h	0.7154	long leg	$30K	—	100x
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7157	+0.038%	$796K	$949K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7200	+0.639%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0489%	1h	0.7158	+0.052%	$586K	$670K	50x	as long as short