Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0134%/8h= +14.6% APRpaid last 24h +0.055%

Price spread now: Bybit against Phoenix+0.429%105s7-day average — · you sell dearer than you buy

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

Long on Phoenix Short on Bybit

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—needs both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Bybit is 0.429% dearer against Phoenix than usual: you sell high and buy low: +$43 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 105 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix VIRTUAL	0.7155	−0.0034	get 0.0004% / 1h	59m 41s	$11K	$37K	5x
Short	Bybit VIRTUALUSDT	0.7186	0.0100	get 0.0050% / 4h	3h 59m	$16.6M	$18.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.429%Rate

Funding earned: $28.04
Price spread: +0.429% → 0.000%: $42.91
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $52.94
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Phoenix: no order-book sample; Bybit: live order book, 4 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 Bybit live order book, 4 min ago	0.70 bp	9.3 bp −$9	22.1 bp −$221	138.8 bp −$13.9K	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7188	+0.462%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0056%	1h	0.7184	+0.401%	$2K	$131	10x	as long as short
Phoenix VIRTUALlong	−0.0034%	1h	0.7155	long leg	$11K	$37K	5x
Lighter VIRTUAL	−0.0016%	1h	0.7183	+0.386%	$327K	$405K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7192	+0.509%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.535%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7191	+0.499%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7195	+0.548%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7189	+0.471%	$97K	$292K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7190	+0.487%	$71K	$43K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7186	+0.434%	$16.3M	$40.7M	75x	as long as short
Bybit VIRTUALUSDTshort	+0.0100%	4h	0.7186	+0.429%	$16.6M	$18.4M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7187	+0.443%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7189	+0.471%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7187	+0.443%	$17.5M	$4.5M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7191	+0.499%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7189	+0.471%	$6.2M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7188	+0.457%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7189	+0.471%	$239K	$208K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7181	+0.363%	$537K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7161	+0.082%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7166	+0.150%	$640K	$913K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7165	+0.136%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7193	+0.521%	$55K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7190	+0.485%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7189	+0.471%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7186	+0.429%	$54K	$263K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7190	+0.481%	$18K	—	3x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0167%	1h	0.7192	+0.513%	$15K	$40K	10x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7189	+0.468%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7186	+0.429%	$801K	$901K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7184	+0.401%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0797%	1h	0.7198	+0.593%	$593K	$664K	50x	as long as short