Spread before costs (cost unknown: a leg has no order-book sample)+0.034%
7d average—if it closes, per $10,000$3funding while held, a day+$5.71
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix VIRTUAL | 0.7058 | −0.0090 | get 0.0011% / 1h | 7m 19s | $11K | $46K | 5x |
| Short | Backpack VIRTUAL_USDC_PERP | 0.7060 | 0.0100 | get 0.0013% / 1h | 7m 19s | $232K | $176K | 10x |
Phoenix VIRTUAL
Backpack VIRTUAL_USDC_PERPPrice spread history
latest
Range statsloading…
How often the spread is this wide
share of time at each level, last 7DBacktest
opened in the past, held until now, after costsProfit calculator
- Spread captured
- $3.4
- Funding while held
- $5.71
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$7.88
- Spread needed to break even
- 0.170%
Slippage unknown: Phoenix: no order-book sample; Backpack: live order book, 37 min ago. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- +0.0190%
- Per $10,000 a day
- +$5.71
- Average in range /8h
- —
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 Backpack live order book, 37 min ago | 2.11 bp | 9.3 bp −$9 | 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 price on every exchange
against the cheapest. Click to use as the short leg.Injective0.6744cheapest
InjectivePhoenix0.7058+4.650%
SoDEX0.7058+4.652%Bybit0.7058+4.656%OKX0.7058+4.656%Lighter0.7060+4.686%
SoDEX
Bybit
OKX
LighterBackpack0.7060+4.686%
Orderly0.7060+4.686%Reya0.7060+4.686%01 Exchange0.7061+4.700%SunX0.7061+4.700%Deribit0.7061+4.700%Aevo0.7061+4.707%Extended0.7062+4.710%Gate0.7062+4.715%MEXC0.7062+4.715%BingX0.7062+4.715%GMX0.7062+4.722%Binance0.7064+4.745%KuCoin0.7064+4.745%Bitget0.7065+4.760%Aster0.7066+4.767%Kraken Futures0.7067+4.790%Variational Omni0.7067+4.792%Polymarket Perps0.7068+4.798%Pacifica0.7068+4.805%Hyperliquid0.7071+4.849%BloFin0.7071+4.849%edgeX0.7072+4.862%gTrade (Gains Network)0.7072+4.864%ApeX Omni0.7074+4.893%Coinbase International0.7085+5.056%
Orderly
Reya
SunX
Deribit
Aevo
Extended
Gate
MEXC
BingX
GMX
Binance
KuCoin
Bitget
Aster
Kraken Futures
Variational Omni
Polymarket Perps
Pacifica
Hyperliquid
BloFin
gTrade (Gains Network)
ApeX Omni
Coinbase InternationalVIRTUAL on 32 venues
cheapest first. Swap a leg.| Exchange | vs long leg | Funding /8h | Every | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|
| Injective VIRTUAL/USDC PERP | −4.443% | +0.0033% | 1h | $43 | $28K | 5.5x | as long as short |
| Phoenix VIRTUALlong | 0.000% | −0.0090% | 1h | $11K | $46K | 5x | |
| SoDEX VIRTUAL-USD | +0.001% | −0.0126% | 1h | $406 | $8K | 5x | as long as short |
| Bybit VIRTUALUSDT | +0.006% | −0.0032% | 4h | $15.5M | $15.7M | 50x | as long as short |
| OKX VIRTUAL-USDT-SWAP | +0.006% | +0.0100% | 4h | $2.7M | $10.1M | 20x | as long as short |
| Lighter VIRTUAL | +0.034% | −0.0152% | 1h | $321K | $412K | 5x | as long as short |
| Backpack VIRTUAL_USDC_PERPshort | +0.034% | +0.0100% | 1h | $232K | $176K | 10x | |
| Orderly PERP_VIRTUAL_USDC | +0.034% | +0.0057% | 4h | $14K | $1.5M | 10x | as long as short |
| Reya VIRTUALRUSDPERP | +0.034% | −0.0139% | 1h | $24 | — | 10x | as long as short |
| 01 Exchange VIRTUALUSD | +0.048% | −0.0224% | 1h | $2K | $131 | 10x | as long as short |