Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h −0.007%

Price spread now: Polymarket Perps against Orderly+0.027%7-day average +0.031% · you sell dearer than you buy

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)+0.035%+$3 · spread now +0.027%, 7d avg +0.031%

Together, before fees−0.037%−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.031%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.071%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7101	0.0072	pay 0.0036% / 4h	1h 34m	$15K	$1.6M	10x
Short	Polymarket Perps VIRTUAL-USD	0.7103	0.0100	get 0.0013% / 1h	34m 33s	$47K	$1.0M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.027%Rate

Funding earned: $5.96
Price spread: +0.027% → +0.031%: −$0.42
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$8.46
Costs to cover: 0.140%
Break-even: 16.9 days

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 3 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 Polymarket Perps live order book, 3 min ago	3.94 bp	7.9 bp −$8	8.0 bp −$80	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	−0.0168%	1h	0.7095	−0.083%	$323K	$402K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7100	−0.019%	$24	—	10x	as long as short
Bybit VIRTUALUSDT	−0.0123%	4h	0.7093	−0.113%	$16.1M	$19.0M	50x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7098	−0.042%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	0.7113	+0.163%	$11K	$36K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0031%	1h	0.7103	+0.028%	$15K	$40K	10x	as long as short
Variational Omni VIRTUAL	−0.0031%	4h	0.7100	−0.010%	$528K	$908K	—	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0005%	1h	0.7105	+0.062%	$519K	$763K	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7106	+0.074%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.225%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDClong	+0.0072%	4h	0.7101	long leg	$15K	$1.6M	10x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7111	+0.142%	$8.7M	$4.0M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7104	+0.040%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7104	+0.040%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7099	−0.028%	$16.0M	$42.3M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7100	−0.014%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7104	+0.042%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7099	−0.028%	$15.9M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7105	+0.056%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7101	0.000%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7101	0.000%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7106	+0.070%	$235K	$178K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7117	+0.225%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7111	+0.137%	$634K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7117	+0.225%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USDshort	+0.0100%	1h	0.7103	+0.027%	$47K	$1.0M	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7104	+0.042%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7100	−0.014%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7098	−0.048%	$55K	$277K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7102	+0.017%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7105	+0.056%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7102	+0.014%	$782K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7144	+0.606%	$199K	$101K	50x	as long as short