Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0145%/8h= +15.8% APRpaid last 24h +0.065%

Price spread now: Aster against Phoenix−0.210%7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Funding pays, the price is against you. Aster is 0.210% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.210% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$21 on $10k: about 4.8 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7190	−0.0045	get 0.0006% / 1h	11m 21s	$11K	$40K	5x
Short	Aster VIRTUALUSDT	0.7175	0.0100	get 0.0050% / 4h	1h 11m	$192K	$88K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phoenix. 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 PhoenixbpFee AsterbpOrdersPrice spread, now −0.210%Rate

Funding earned: $30.39
Price spread: −0.210% → 0.000%: −$20.98
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$5.59
Costs to cover: 0.150%
Break-even: 8.3 days

Slippage unknown: Phoenix: no order-book sample; Aster: live order book, 5 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 Phoenix no order-book sample	—	—	—	—	—
Sell Aster live order book, 5 min ago	5.56 bp	17.6 bp −$18	doesn't fit	doesn't fit	doesn't fit

Phoenix: 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	−0.0168%	1h	0.7172	−0.255%	$15K	$40K	10x	as long as short
Lighter VIRTUAL	−0.0160%	1h	0.7170	−0.284%	$326K	$414K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7172	−0.261%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7169	−0.296%	$2K	$131	10x	as long as short
Phoenix VIRTUALlong	−0.0045%	1h	0.7190	long leg	$11K	$40K	5x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7176	−0.204%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.019%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7171	−0.268%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7182	−0.115%	$8.8M	$3.8M	5x	as long as short
Aster VIRTUALUSDTshort	+0.0100%	4h	0.7175	−0.210%	$192K	$88K	20x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7176	−0.197%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7171	−0.268%	$16.3M	$37.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7170	−0.282%	$15.5M	$15.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7169	−0.296%	$2.8M	$9.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7174	−0.227%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7172	−0.255%	$17.2M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7175	−0.213%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7176	−0.199%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7172	−0.255%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7183	−0.102%	$239K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7182	−0.121%	$525K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7172	−0.251%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7175	−0.212%	$635K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7175	−0.213%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7176	−0.202%	$27K	$885K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7171	−0.268%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7171	−0.273%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7171	−0.268%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7171	−0.273%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7174	−0.229%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7171	−0.268%	$806K	$812K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7206	+0.218%	$196K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0510%	1h	0.7188	−0.032%	$585K	$596K	50x	as long as short