Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h −0.003%

Price spread now: SoDEX against Orderly+0.011%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7304	0.0089	pay 0.0044% / 4h	3h 55m	$14K	$1.5M	10x
Short	SoDEX VIRTUAL-USD	0.7305	0.0032	get 0.0004% / 1h	55m 04s	$1K	$9K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$11.79
Price spread: +0.011% → 0.000%: $1.1
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$24.69
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; SoDEX: 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 Orderly no order-book sample	—	—	—	—	—
Sell SoDEX no order-book sample	—	—	—	—	—

Orderly and SoDEX: 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	−0.0571%	1h	0.7304	0.000%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7307	+0.041%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7312	+0.110%	$2K	$131	10x	as long as short
Gate VIRTUAL_USDT	−0.0080%	4h	0.7313	+0.123%	$1.5M	$2.9M	75x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7325	+0.286%	$12K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7308	+0.058%	$9K	—	150x	as long as short
SoDEX VIRTUAL-USDshort	+0.0032%	1h	0.7305	+0.011%	$1K	$9K	5x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.560%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0056%	1h	0.7300	−0.059%	$332K	$414K	5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0089%	4h	0.7304	long leg	$14K	$1.5M	10x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7311	+0.096%	$200K	$104K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7324	+0.279%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7321	+0.239%	$16.8M	$39.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7324	+0.274%	$16.4M	$16.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7334	+0.411%	$2.9M	$9.7M	20x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7328	+0.329%	$18.5M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7314	+0.137%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7333	+0.397%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7317	+0.178%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7316	+0.164%	$248K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7357	+0.719%	$547K	$892K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7324	+0.269%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7354	+0.685%	$653K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7327	+0.315%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7318	+0.193%	$48K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7304	0.000%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7327	+0.310%	$55K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7307	+0.043%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0207%	1h	0.7324	+0.274%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7306	+0.025%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7310	+0.082%	$814K	$847K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7339	+0.479%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0739%	1h	0.7320	+0.216%	$610K	$604K	50x	as long as short