Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0006%/8h= +0.7% APRpaid last 24h +0.010%

Price spread now: ApeX Omni against Orderly−0.055%7-day average +0.038% · you buy dearer than you sell

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

Long on Orderly Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days+0.178%+$18 on $10k

Price spread, last 3 days (all we have)+0.059%+$6 · spread now −0.055%, 7d avg +0.038%

Together, before fees+0.237%+$24 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: ApeX Omni is 0.093% cheaper against Orderly than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7273	0.0094	pay 0.0047% / 4h	42m 36s	$14K	$1.5M	10x
Short	ApeX Omni VIRTUALUSDT	0.7269	0.0100	get 0.0013% / 1h	42m 36s	$40K	$245K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Orderly. 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 OrderlybpFee ApeX OmnibpOrdersPrice spread, now −0.055%Rate

Funding earned: $1.32
Price spread: −0.055% → +0.038%: −$9.28
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$23.96
Costs to cover: 0.160%
Break-even: 133.8 days

Slippage unknown: Orderly: no order-book sample; ApeX Omni: live order book, 34 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 Orderly no order-book sample	—	—	—	—	—
Sell ApeX Omni live order book, 34 min ago	6.95 bp	15.0 bp −$15	97.0 bp −$970	doesn't fit	doesn't fit

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	−0.0162%	1h	0.7276	+0.041%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7275	+0.029%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7284	+0.151%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7266	−0.095%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7278	+0.065%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.145%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0072%	1h	0.7282	+0.128%	$331K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0094%	4h	0.7273	long leg	$14K	$1.5M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7289	+0.226%	$195K	$100K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7289	+0.224%	$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	0.7286	+0.179%	$16.5M	$37.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7289	+0.220%	$16.0M	$16.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7285	+0.165%	$2.9M	$9.4M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7286	+0.179%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7282	+0.124%	$17.9M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7287	+0.192%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7292	+0.261%	$6.2M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7285	+0.165%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7283	+0.137%	$242K	$158K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7260	−0.184%	$531K	$876K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7266	−0.094%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7274	+0.014%	$646K	$928K	10x	as long as short
ApeX Omni VIRTUALUSDTshort	+0.0100%	1h	0.7269	−0.055%	$40K	$245K	50x
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7282	+0.129%	$38K	$952K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7271	−0.027%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7270	−0.044%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7284	+0.151%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7273	−0.003%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0178%	1h	0.7296	+0.309%	$9.0M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7278	+0.065%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7275	+0.027%	$810K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7280	+0.096%	$198K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0865%	1h	0.7285	+0.169%	$594K	$575K	50x	as long as short