Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h −0.009%

Price spread now: Orderly against Pacifica+0.111%7-day average — · you sell dearer than you buy

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

Long on Pacifica Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.243%−$24 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropPacifica: Active · farm boardneeds both histories

The price spread pays, funding is against you. Orderly is 0.111% dearer against Pacifica than usual: you sell high and buy low (spread +0.111% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 36 days. At the pace of the last 7 days (−0.243% in total) that is about 3.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica VIRTUAL	0.7238	0.0100	pay 0.0013% / 1h	28m 03s	$71K	$45K	5x
Short	Orderly PERP_VIRTUAL_USDC	0.7246	0.0090	get 0.0045% / 4h	2h 28m	$14K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Pacifica. 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 PacificabpFee OrderlybpOrdersPrice spread, now +0.111%Rate

Funding earned: −$2.13
Price spread: +0.111% → 0.000%: $11.12
Slippage, 4 orders: no order book: not counted
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$5.01
Costs to cover: 0.140%
Break-even: never at this rate

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

Pacifica and 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 32 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7240	+0.033%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7238	+0.001%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7246	+0.111%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7244	+0.081%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7234	−0.052%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.671%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0090%	4h	0.7246	+0.111%	$14K	$1.5M	10x
Lighter VIRTUAL	+0.0096%	1h	0.7238	+0.008%	$329K	$415K	5x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7253	+0.211%	$8.9M	$4.2M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7246	+0.117%	$100K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUALlong	+0.0100%	1h	0.7238	long leg	$71K	$45K	5x
Binance VIRTUALUSDT	+0.0100%	4h	0.7244	+0.085%	$16.6M	$41.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7246	+0.111%	$16.7M	$18.3M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7242	+0.056%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7245	+0.097%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7237	−0.013%	$17.7M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7245	+0.097%	$4.2M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7246	+0.111%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7244	+0.084%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7250	+0.166%	$245K	$173K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7214	−0.326%	$537K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7214	−0.333%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7199	−0.538%	$639K	$888K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7214	−0.331%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7245	+0.102%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7242	+0.056%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7242	+0.063%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7240	+0.030%	$56K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7245	+0.095%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7244	+0.088%	$31K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7240	+0.028%	$189K	$101K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1018%	1h	0.7255	+0.240%	$598K	$666K	50x	as long as short