Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0332%/8h= +36.4% APRpaid last 24h +0.085%

Price spread now: Coinbase International against MEXC+0.140%7-day average +0.283% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

costs, in and out, $10k−$980.983% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.427%+$43 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now +0.140%, 7d avg +0.283%

Together, before fees+0.408%+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.143% cheaper against MEXC than usual: you would sell low and buy high (spread +0.140% now, against its 7-day average of +0.283%). If the spread goes back, that is −$14 on $10k: about 34 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC VIRTUAL_USDT	0.7152	0.0100	pay 0.0050% / 4h	2h 52m	$15.8M	$4.8M	100x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7162	0.0432	get 0.0054% / 1h	52m 37s	$199K	$104K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now +0.140%Rate

Funding earned: $69.72
Price spread: +0.140% → +0.283%: −$14.27
Slippage, 4 orders: −$88.32
Fee MEXC: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$42.87
Costs to cover: 0.983%
Break-even: 11.3 days

Slippage from MEXC: live order book, 1 min ago; Coinbase International: live order book, 60 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 MEXC live order book, 1 min ago	1.40 bp	1.4 bp −$1	8.3 bp −$83	76.3 bp −$7,631	255.5 bp −$127.7K
Sell Coinbase International live order book, 60 min ago	6.91 bp	54.9 bp −$55	845.1 bp −$8,451	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
Lighter VIRTUAL	−0.0176%	1h	0.7139	−0.179%	$324K	$402K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0170%	1h	0.7138	−0.196%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7146	−0.084%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7136	−0.222%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7136	−0.225%	$11K	$36K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7140	−0.165%	$14K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0011%	1h	0.7135	−0.238%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.489%	$46	$88K	5.5x	as long as short
Bybit VIRTUALUSDT	+0.0067%	4h	0.7143	−0.126%	$16.4M	$18.8M	50x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0077%	4h	0.7140	−0.168%	$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	0.7151	−0.013%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7148	−0.060%	$93K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7147	−0.071%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7146	−0.084%	$16.1M	$41.4M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7149	−0.042%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7144	−0.112%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDTlong	+0.0100%	4h	0.7152	long leg	$15.8M	$4.8M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7143	−0.126%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7146	−0.084%	$6.1M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7146	−0.084%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7141	−0.154%	$239K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7152	+0.003%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7138	−0.197%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7164	+0.168%	$636K	$978K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7168	+0.224%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7139	−0.179%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7141	−0.154%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7145	−0.097%	$57K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7136	−0.229%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0279%	1h	0.7146	−0.089%	$583K	$675K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0315% / S −0.0264%	1h	0.7141	−0.160%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7134	−0.252%	$788K	$983K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0432%	1h	0.7162	+0.140%	$199K	$104K	50x