Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0007%/8h= +0.8% APRpaid last 24h +0.011%

Price spread now: Backpack against Orderly−0.070%46s7-day average +0.053% · you buy dearer than you sell

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

Long on Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$8 on $10k

Price spread, last 3 days (all we have)+0.185%+$19 · spread now −0.070%, 7d avg +0.053%

Together, before fees+0.261%+$26 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: Backpack is 0.123% cheaper against Orderly than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.053%. The two prices were read 46 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	Orderly PERP_VIRTUAL_USDC	0.7180	0.0093	pay 0.0046% / 4h	1h 12m	$14K	$1.5M	10x
Short	Backpack VIRTUAL_USDC_PERP	0.7175	0.0100	get 0.0013% / 1h	12m 18s	$238K	$159K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.070%Rate

Funding earned: $1.57
Price spread: −0.070% → +0.053%: −$12.3
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$26.73
Costs to cover: 0.160%
Break-even: 126.1 days

Slippage unknown: Orderly: no order-book sample; Backpack: live order book, 6 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 Backpack live order book, 6 min ago	0.69 bp	8.3 bp −$8	doesn't fit	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
Lighter VIRTUAL	−0.0152%	1h	0.7173	−0.096%	$326K	$414K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7180	−0.003%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7179	−0.014%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7190	+0.143%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7181	+0.014%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7183	+0.047%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.877%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0093%	4h	0.7180	long leg	$14K	$1.5M	10x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7191	+0.152%	$8.8M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7182	+0.035%	$193K	$88K	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	0.7183	+0.036%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7178	−0.023%	$16.3M	$37.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7172	−0.111%	$15.5M	$15.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7173	−0.097%	$2.8M	$9.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7181	+0.014%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7176	−0.056%	$17.2M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7183	+0.042%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7184	+0.056%	$6.1M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7179	−0.014%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7175	−0.070%	$238K	$159K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7182	+0.022%	$525K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7182	+0.034%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7183	+0.035%	$636K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7187	+0.097%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7187	+0.103%	$27K	$885K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7182	+0.028%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7177	−0.045%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7177	−0.045%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7178	−0.031%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7182	+0.035%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7171	−0.125%	$806K	$812K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7206	+0.362%	$196K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0510%	1h	0.7195	+0.215%	$585K	$596K	50x	as long as short