Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h −0.017%

Price spread now: OKX against Hyperliquid−0.205%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$460.460% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 7 days+0.160%+$16 · spread now −0.205%, 7d avg −0.063%

Together, before fees+0.076%+ Points / potential airdropHyperliquid: Season 2 · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.142% cheaper against Hyperliquid than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.063%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7325	0.0124	pay 0.0016% / 1h	4m 13s	$9.1M	$4.0M	5x
Short	OKX VIRTUAL-USDT-SWAP	0.7310	0.0100	get 0.0050% / 4h	4m 13s	$2.9M	$9.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Hyperliquid. 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 HyperliquidbpFee OKXbpOrdersPrice spread, now −0.205%Rate

Funding earned: −$5.11
Price spread: −0.205% → −0.063%: −$14.22
Slippage, 4 orders: −$26.97
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$65.3
Costs to cover: 0.460%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; OKX: live order book, 4 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 Hyperliquid live order book, 8 min ago	0.82 bp	8.8 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.69 bp	11.1 bp −$11	27.4 bp −$274	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
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7308	−0.232%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0160%	1h	0.7308	−0.229%	$332K	$416K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7310	−0.205%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7285	−0.543%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7315	−0.137%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7316	−0.127%	$9K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0011%	1h	0.7312	−0.176%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.840%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7314	−0.150%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7317	−0.106%	$200K	$104K	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	0.7302	−0.313%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7314	−0.155%	$16.7M	$38.9M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7312	−0.177%	$16.3M	$16.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7310	−0.205%	$2.9M	$9.6M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7311	−0.191%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7311	−0.191%	$18.3M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7315	−0.137%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7319	−0.082%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7312	−0.177%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7319	−0.082%	$248K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7273	−0.716%	$541K	$890K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7277	−0.662%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7295	−0.410%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7277	−0.655%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7317	−0.106%	$38K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7314	−0.150%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7310	−0.204%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7316	−0.128%	$18K	$505	3x	as long as short
Hyperliquid VIRTUALlong	+0.0124%	1h	0.7325	long leg	$9.1M	$4.0M	5x
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7317	−0.113%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7289	−0.491%	$815K	$850K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7311	−0.191%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0860%	1h	0.7328	+0.039%	$602K	$585K	50x	as long as short