Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h +0.014%

Price spread now: Orderly against Injective+1.911%58s7-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 Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−1.285%−$128 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 Orderly is 1.911% dearer against Injective than usual: you sell high and buy low: +$191 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 −1.285%, so the current rate has only just turned in your favour. The two prices were read 58 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	52m 14s	$46	$88K	5.5x
Short	Orderly PERP_VIRTUAL_USDC	0.7253	0.0092	get 0.0046% / 4h	52m 14s	$14K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +1.911%Rate

Funding earned: $12.4
Price spread: +1.911% → 0.000%: $191.09
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $197.47
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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	−0.0163%	1h	0.7253	+1.911%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7252	+1.894%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7251	+1.888%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7257	+1.967%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7253	+1.914%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERPlong	+0.0033%	1h	0.7117	long leg	$46	$88K	5.5x
Lighter VIRTUAL	+0.0072%	1h	0.7249	+1.862%	$330K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0092%	4h	0.7253	+1.911%	$14K	$1.5M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7259	+1.990%	$191K	$95K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7261	+2.022%	$73K	$44K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7254	+1.925%	$16.5M	$38.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7251	+1.883%	$15.8M	$16.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7255	+1.939%	$2.8M	$9.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7256	+1.953%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7253	+1.911%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7255	+1.939%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7260	+2.009%	$6.2M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7258	+1.981%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7258	+1.981%	$241K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7246	+1.806%	$529K	$876K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7252	+1.896%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7253	+1.911%	$642K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7241	+1.742%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7264	+2.063%	$32K	$943K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7250	+1.869%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7254	+1.918%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7252	+1.898%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7252	+1.892%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0269%	1h	0.7265	+2.085%	$8.9M	$3.8M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7256	+1.948%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7260	+2.009%	$810K	$821K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7278	+2.262%	$198K	$97K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0867%	1h	0.7266	+2.097%	$592K	$595K	50x	as long as short