Spread before costs (cost unknown: a leg has no order-book sample)+0.419%
7d average—if it closes, per $10,000$42funding while held, a day+$1.79
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix VIRTUAL | 0.7092 | −0.0090 | get 0.0011% / 1h | 30m 40s | $11K | $46K | 5x |
| Short | Deribit VIRTUAL_USDC-PERPETUAL | 0.7122 | −0.0031 | pay 0.0004% / 1h | 30m 40s | $15K | $40K | 10x |
Phoenix VIRTUAL
Deribit VIRTUAL_USDC-PERPETUALPrice 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
- $41.88
- Funding while held
- $1.79
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $29.67
- Spread needed to break even
- 0.140%
Slippage unknown: Phoenix: no order-book sample; Deribit: no order-book sample. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- +0.0060%
- Per $10,000 a day
- +$1.79
- 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 Deribit no order-book sample | — | — | — | — | — |
Phoenix and Deribit: 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
InjectivePhoenix0.7092+5.165%
ApeX Omni0.7093+5.175%Variational Omni0.7101+5.299%edgeX0.7103+5.323%01 Exchange0.7105+5.353%Bybit0.7110+5.427%OKX0.7110+5.427%MEXC0.7110+5.427%Binance0.7111+5.437%Lighter0.7111+5.439%BingX0.7114+5.486%Extended0.7114+5.493%Gate0.7116+5.516%KuCoin0.7116+5.516%BloFin0.7116+5.516%SoDEX0.7116+5.519%Aevo0.7116+5.523%Reya0.7118+5.547%Pacifica0.7119+5.558%Bitget0.7119+5.560%Orderly0.7119+5.560%SunX0.7119+5.560%Aster0.7121+5.596%Backpack0.7122+5.605%
ApeX Omni
Variational Omni
Bybit
OKX
MEXC
Binance
Lighter
BingX
Extended
Gate
KuCoin
BloFin
SoDEX
Aevo
Reya
Pacifica
Bitget
Orderly
SunX
Aster
BackpackDeribit0.7122+5.605%
GMX0.7123+5.614%gTrade (Gains Network)0.7123+5.618%Hyperliquid0.7123+5.620%Polymarket Perps0.7124+5.632%Kraken Futures0.7128+5.697%Coinbase International0.7131+5.738%
GMX
gTrade (Gains Network)
Hyperliquid
Polymarket Perps
Kraken Futures
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 | −4.911% | +0.0033% | 1h | $43 | $28K | 5.5x | as long as short |
| Phoenix VIRTUALlong | 0.000% | −0.0090% | 1h | $11K | $46K | 5x | |
| ApeX Omni VIRTUALUSDT | +0.010% | +0.0100% | 1h | $40K | $241K | 50x | as long as short |
| Variational Omni VIRTUAL | +0.128% | +0.0038% | 4h | $599K | $803K | — | as long as short |
| edgeX VIRTUALUSDC | +0.150% | +0.0100% | 4h | $18K | $256K | 10x | as long as short |
| 01 Exchange VIRTUALUSD | +0.179% | −0.0176% | 1h | $2K | $131 | 10x | as long as short |
| Bybit VIRTUALUSDT | +0.250% | +0.0100% | 4h | $15.7M | $16.0M | 50x | as long as short |
| OKX VIRTUAL-USDT-SWAP | +0.250% | +0.0100% | 4h | $2.8M | $10.3M | 20x | as long as short |
| MEXC VIRTUAL_USDT | +0.250% | +0.0100% | 4h | $16.0M | $4.1M | 100x | as long as short |
| Binance VIRTUALUSDT | +0.259% | +0.0100% | 4h | $16.5M | $37.3M | 75x | as long as short |