Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0359%/8h= +39.4% APRpaid last 24h +0.081%

Price spread now: Coinbase International against Orderly+0.055%7-day average +0.269% · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.593%+$59 on $10k

Price spread, last 3 days (all we have)+0.243%+$24 · spread now +0.055%, 7d avg +0.269%

Together, before fees+0.836%+$84 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.215% cheaper against Orderly than usual: you would sell low and buy high (spread +0.055% now, against its 7-day average of +0.269%). If the spread goes back, that is −$21 on $10k: about 48 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7323	0.0089	pay 0.0044% / 4h	3h 58m	$14K	$1.5M	10x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7327	0.0448	get 0.0056% / 1h	58m 03s	$199K	$94K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpOrdersPrice spread, now +0.055%Rate

Funding earned: $75.47
Price spread: +0.055% → +0.269%: −$21.46
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $38.01
Costs to cover: 0.160%
Break-even: 3.5 days

Slippage unknown: Orderly: no order-book sample; Coinbase International: live order book, 15 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 Coinbase International live order book, 15 min ago	6.86 bp	52.5 bp −$52	889.1 bp −$8,891	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	−0.0433%	1h	0.7318	−0.068%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7318	−0.069%	$25	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7317	−0.082%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7319	−0.048%	$12K	$39K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7325	+0.020%	$9K	—	150x	as long as short
Lighter VIRTUAL	+0.0016%	1h	0.7323	+0.004%	$333K	$414K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.813%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0089%	4h	0.7323	long leg	$14K	$1.5M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7327	+0.058%	$200K	$104K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7319	−0.048%	$72K	$45K	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	0.7324	+0.018%	$16.8M	$39.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7317	−0.082%	$16.3M	$16.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7315	−0.109%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7324	+0.014%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7323	0.000%	$18.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7323	0.000%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7333	+0.137%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7323	0.000%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7330	+0.096%	$248K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7307	−0.218%	$543K	$890K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7313	−0.132%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7319	−0.054%	$650K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7321	−0.027%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7323	−0.001%	$46K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7323	0.000%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7322	−0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7321	−0.022%	$54K	$243K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7318	−0.072%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0186%	1h	0.7336	+0.178%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7325	+0.021%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7316	−0.096%	$815K	$853K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0448%	1h	0.7327	+0.055%	$199K	$94K	50x
Kraken Futures PF_VIRTUALUSD	+0.0738%	1h	0.7337	+0.188%	$604K	$588K	50x	as long as short