data as of
Settings8H · net · $10k
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Price arb /

VIRTUAL

all VIRTUAL markets
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Spread before costs (cost unknown: a leg has no order-book sample)+0.815%
7d average—if it closes, per $10,000$81funding while held, a day−$8.43
Long on HyperliquidShort on Phoenix
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongHyperliquid VIRTUAL0.70230.0100pay 0.0013% / 1h53m 42s$9.3M$3.1M5x
ShortPhoenix VIRTUAL0.7080−0.0181pay 0.0023% / 1h53m 42s$11K$43K5x

Price spread history

latest
Range statsloading…

How often the spread is this wide

share of time at each level, last 7D

Backtest

opened in the past, held until now, after costs
Backtest 7 daysBacktest 30 daysBacktest 90 daysopens the backtester with this pair and $10,000 a leg

Profit calculator

Spread captured
$81.45
Funding while held
−$8.43
Slippage, 4 orders
no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
$57.03
Spread needed to break even
0.160%
Slippage unknown: Hyperliquid: live order book, 10 min ago; Phoenix: no order-book sample. Net counts fees only.

Cost of waiting

funding view
Funding /8h
−0.0281%
Per $10,000 a day
−$8.43
Average in range /8h
—

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Hyperliquid live order book, 10 min ago1.48 bp12.6 bp −$13doesn't fitdoesn't fitdoesn't fit
Sell Phoenix no order-book sample—————
Phoenix: 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 price on every exchange

against the cheapest. Click to use as the short leg.
Injective0.6744cheapestBybit0.6993+3.692%OKX0.6994+3.707%MEXC0.6999+3.781%Binance0.7000+3.796%Pacifica0.7006+3.887%Lighter0.7010+3.944%Bitget0.7012+3.974%KuCoin0.7013+3.989%BingX0.7014+4.004%Extended0.7017+4.044%Gate0.7021+4.107%
Hyperliquid0.7023+4.130%
Aster0.7024+4.145%Backpack0.7024+4.152%SoDEX0.7031+4.253%Aevo0.7033+4.284%Orderly0.7033+4.285%Deribit0.7034+4.300%Reya0.7035+4.314%Polymarket Perps0.7037+4.348%GMX0.7040+4.385%01 Exchange0.7040+4.389%gTrade (Gains Network)0.7041+4.398%Kraken Futures0.7041+4.405%SunX0.7042+4.419%BloFin0.7060+4.686%edgeX0.7079+4.969%
Phoenix0.7080+4.978%
ApeX Omni0.7094+5.190%Variational Omni0.7097+5.241%Coinbase International0.7107+5.383%

VIRTUAL on 32 venues

cheapest first. Swap a leg.
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Injective VIRTUAL/USDC PERP−3.966%+0.0033%1h$43$105K5.5xas long as short
Bybit VIRTUALUSDT−0.420%+0.0095%4h$15.4M$15.2M50xas long as short
OKX VIRTUAL-USDT-SWAP−0.406%+0.0100%4h$2.7M$10.1M20xas long as short
MEXC VIRTUAL_USDT−0.335%+0.0100%4h$16.0M$3.7M100xas long as short
Binance VIRTUALUSDT−0.320%+0.0100%4h$16.4M$35.0M75xas long as short
Pacifica VIRTUAL−0.233%+0.0100%1h$70K$37K5xas long as short
Lighter VIRTUAL−0.178%+0.0096%1h$348K$281K5xas long as short
Bitget VIRTUALUSDT−0.150%+0.0100%4h$5.9M$5.5M25xas long as short
KuCoin VIRTUALUSDTM−0.135%+0.0100%4h$2.9M$4.1M50xas long as short
BingX VIRTUAL-USDT−0.121%+0.0100%4h—$8.3M—as long as short
Show all 32 venues
Exchangevs long legFunding /8hEveryOIVol 24hMax lev
Extended VIRTUAL-USD−0.082%+0.0104%1h$55K$244K10xas long as short
Gate VIRTUAL_USDT−0.021%+0.0100%4h$1.5M$2.9M75xas long as short
Hyperliquid VIRTUALlong0.000%+0.0100%1h$9.3M$3.1M5x
Aster VIRTUALUSDT+0.014%+0.0100%4h$182K$80K20xas long as short
Backpack VIRTUAL_USDC_PERP+0.021%+0.0100%1h$228K$163K10xas long as short
SoDEX VIRTUAL-USD+0.118%−0.0261%1h$217$8K5xas long as short
Aevo VIRTUAL-PERP+0.148%+0.0104%1h$18K$5053xas long as short
Orderly PERP_VIRTUAL_USDC+0.150%+0.0075%4h$14K$1.5M10xas long as short
Deribit VIRTUAL_USDC-PERPETUAL+0.164%−0.0602%1h$15K$20K10xas long as short
Reya VIRTUALRUSDPERP+0.177%−0.0139%1h$24—10xas long as short
Polymarket Perps VIRTUAL-USD+0.209%−0.0553%1h$30K$778K5xas long as short
GMX VIRTUAL/USD [WBTC.b-USDC]+0.245%L +0.0297% / S −0.0228%1h$30K—100xas long as short
01 Exchange VIRTUALUSD+0.249%−0.0248%1h$2K$53910xas long as short
gTrade (Gains Network) VIRTUAL/USD+0.258%L +0.0007% / S −0.0004%1h$12K—150xas long as short
Kraken Futures PF_VIRTUALUSD+0.264%−0.0412%1h$445K$525K50xas long as short
SunX VIRTUAL-USDT+0.278%+0.0100%4h$2K$1.2M20xas long as short
BloFin VIRTUAL-USDT+0.534%+0.0340%4h$840K$716K75xas long as short
edgeX VIRTUALUSDC+0.806%+0.0100%4h$18K$252K10xas long as short
Phoenix VIRTUALshort+0.815%−0.0181%1h$11K$43K5x
ApeX Omni VIRTUALUSDT+1.018%+0.0100%1h$42K$234K50xas long as short
Variational Omni VIRTUAL+1.068%+0.0036%4h$571K$736K—as long as short
Coinbase International VIRTUAL-PERP-INTX+1.203%+0.0400%1h$194K$149K50xas long as short