Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.025%

Price spread now: OKX against Injective+0.281%88s7-day average — · you sell dearer than you buy

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

Long on Injective Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.891%−$89 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and OKX is 0.281% dearer against Injective than usual: you sell high and buy low: +$28 more if the spread goes back to zero (this spread has no 7-day history yet). Mind the row above: over the last 7 days funding on this pair cost −0.891%, so the current rate has only just turned in your favour. The two prices were read 88 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective VIRTUAL/USDC PERP	0.7117	0.0033	pay 0.0004% / 1h	53m 48s	$46	$88K	5.5x
Short	OKX VIRTUAL-USDT-SWAP	0.7137	0.0100	get 0.0050% / 4h	2h 53m	$2.8M	$9.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Injective. 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 InjectivebpFee OKXbpOrdersPrice spread, now +0.281%Rate

Funding earned: $14
Price spread: +0.281% → 0.000%: $28.1
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee OKX: 5 bp × 2 orders: −$10
Net: $32.08
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; OKX: live order book, 4 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 Injective no order-book sample	—	—	—	—	—
Sell OKX live order book, 4 min ago	0.70 bp	14.3 bp −$14	44.8 bp −$448	doesn't fit	doesn't fit

Injective: 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	−0.0451%	1h	0.7132	+0.211%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0288%	1h	0.7126	+0.131%	$324K	$402K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7130	+0.183%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7129	+0.174%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0032%	1h	0.7133	+0.218%	$1K	$9K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7161	+0.615%	$11K	$36K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7134	+0.241%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERPlong	+0.0033%	1h	0.7117	long leg	$46	$88K	5.5x
Bybit VIRTUALUSDT	+0.0063%	4h	0.7130	+0.183%	$16.4M	$18.8M	50x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0077%	4h	0.7132	+0.211%	$14K	$1.4M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7146	+0.409%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7138	+0.298%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7137	+0.275%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7135	+0.253%	$16.1M	$41.4M	75x	as long as short
OKX VIRTUAL-USDT-SWAPshort	+0.0100%	4h	0.7137	+0.281%	$2.8M	$9.8M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7137	+0.281%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7135	+0.253%	$15.8M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7135	+0.253%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7134	+0.239%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7135	+0.253%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7132	+0.211%	$238K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7152	+0.495%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7151	+0.484%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	+0.661%	$636K	$978K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7168	+0.717%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7135	+0.252%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7150	+0.464%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7131	+0.191%	$57K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7130	+0.188%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0280%	1h	0.7140	+0.317%	$583K	$675K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0264%	1h	0.7132	+0.213%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7140	+0.323%	$794K	$984K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+0.632%	$199K	$104K	50x	as long as short