Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h +0.040%

Price spread now: GMX against MEXC−0.340%73s7-day average — · you buy dearer than you sell

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

Long on MEXC Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 0.340% cheaper against MEXC than usual: you would sell low and buy high (spread −0.340% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$34 on $10k: about 7.2 days of funding at the current rate (+$5 a day). The two prices were read 73 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	MEXC VIRTUAL_USDT	0.7277	0.0100	pay 0.0050% / 4h	3h 00m	$15.6M	$5.3M	100x
Short	GMX VIRTUAL/USD [WBTC.b-USDC]	0.7252	L +0.0313% / S −0.0258%	get 0.0032% / 1h	0m 18s	$33K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.340%Rate

Funding earned: $33.2
Price spread: −0.340% → 0.000%: −$33.98
Slippage, 4 orders: no order book: not counted
Fee MEXC: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$12.79
Costs to cover: 0.120%
Break-even: 9.7 days

Slippage unknown: MEXC: live order book, 3 min ago; GMX: 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 MEXC live order book, 3 min ago	1.38 bp	3.7 bp −$4	6.7 bp −$67	64.8 bp −$6,480	245.6 bp −$122.8K
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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
Kraken Futures PF_VIRTUALUSD	−0.0221%	1h	0.7279	+0.026%	$521K	$724K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7251	−0.362%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7258	−0.267%	$11K	$36K	5x	as long as short
Lighter VIRTUAL	−0.0024%	1h	0.7268	−0.118%	$331K	$406K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7279	+0.027%	$15K	$30K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7279	+0.027%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.199%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	+0.0049%	4h	0.7249	−0.383%	$543K	$754K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0083%	4h	0.7280	+0.041%	$15K	$1.9M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7280	+0.038%	$93K	$304K	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	0.7276	−0.020%	$72K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7276	−0.010%	$16.3M	$41.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7268	−0.124%	$16.9M	$18.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7268	−0.124%	$2.9M	$10.3M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7282	+0.069%	$1.6M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDTlong	+0.0100%	4h	0.7277	long leg	$15.6M	$5.3M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7283	+0.082%	$3.4M	$4.6M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7280	+0.041%	$6.1M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7278	+0.014%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7258	−0.261%	$248K	$173K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7254	−0.315%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7256	−0.284%	$638K	$1.3M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7260	−0.234%	$41K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7284	+0.096%	$48K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7278	+0.014%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7277	−0.003%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7273	−0.049%	$54K	$308K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7276	−0.009%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0169%	1h	0.7290	+0.179%	$9.0M	$3.7M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]short	L +0.0313% / S −0.0258%	1h	0.7252	−0.340%	$33K	—	100x
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7263	−0.192%	$780K	$1.1M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7289	+0.165%	$203K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6272%	1h	0.7411	+1.841%	$2K	$80	10x	as long as short