Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0198%/8h= −21.7% APRpaid last 24h −0.052%

Price spread now: MEXC against GMX−0.137%7-day average — · you buy dearer than you sell

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

Long on GMX Short on MEXC

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

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and MEXC is 0.137% cheaper against GMX than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX VIRTUAL/USD [WBTC.b-USDC]	0.7208	L +0.0298% / S −0.0228%	pay 0.0037% / 1h	18m 38s	$30K	—	100x
Short	MEXC VIRTUAL_USDT	0.7198	0.0100	get 0.0050% / 4h	1h 18m	$17.3M	$4.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.137%Rate

Funding earned: −$41.6
Price spread: −0.137% → 0.000%: −$13.75
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: −$67.35
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 5 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 MEXC live order book, 5 min ago	0.69 bp	3.8 bp −$4	8.3 bp −$83	81.5 bp −$8,147	258.4 bp −$129.2K

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
Lighter VIRTUAL	−0.0152%	1h	0.7197	−0.149%	$327K	$414K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7205	−0.043%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7197	−0.151%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7207	−0.007%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7204	−0.054%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7208	−0.004%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.261%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7201	−0.096%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7211	+0.039%	$8.8M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7204	−0.048%	$197K	$88K	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	0.7201	−0.096%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7198	−0.137%	$16.4M	$37.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7197	−0.151%	$15.6M	$15.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7198	−0.137%	$2.8M	$9.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7202	−0.082%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7198	−0.137%	$17.3M	$4.2M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7203	−0.068%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7201	−0.096%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7201	−0.096%	—	$8.0M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7206	−0.026%	$239K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7202	−0.081%	$527K	$877K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7208	−0.001%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7202	−0.079%	$638K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7211	+0.043%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7210	+0.030%	$29K	$882K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7204	−0.054%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7200	−0.113%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7196	−0.171%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7201	−0.098%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]long	L +0.0298% / S −0.0228%	1h	0.7208	long leg	$30K	—	100x
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7202	−0.082%	$805K	$823K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7225	+0.237%	$197K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0508%	1h	0.7215	+0.102%	$586K	$595K	50x	as long as short