Spread before costs (cost unknown: a leg has no order-book sample)−0.092%
7d average—if it closes, per $10,000$9funding while held, a day+$7.13
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix VIRTUAL | 0.7041 | −0.0138 | get 0.0017% / 1h | 59m 41s | $11K | $48K | 5x |
| Short | Hyperliquid VIRTUAL | 0.7035 | 0.0100 | get 0.0013% / 1h | 59m 41s | $8.7M | $3.6M | 5x |
Phoenix VIRTUAL
Hyperliquid VIRTUALPrice 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
- −$9.23
- Funding while held
- $7.13
- Slippage, 4 orders
- no order book: not counted
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$18.1
- Spread needed to break even
- 0.160%
Slippage unknown: Phoenix: no order-book sample; Hyperliquid: live order book, 4 min ago. Net counts fees only.
Cost of waiting
funding view- Funding /8h
- +0.0238%
- Per $10,000 a day
- +$7.13
- 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 Hyperliquid live order book, 4 min ago | 0.50 bp | 8.7 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.Injective0.6992cheapestBybit0.7020+0.400%Extended0.7022+0.427%Lighter0.7022+0.432%BingX0.7024+0.458%Variational Omni0.7025+0.467%OKX0.7025+0.472%MEXC0.7025+0.472%Binance0.7026+0.483%01 Exchange0.7026+0.486%BloFin0.7026+0.486%SoDEX0.7026+0.493%Reya0.7027+0.496%Gate0.7027+0.501%Aevo0.7027+0.508%Pacifica0.7028+0.513%KuCoin0.7028+0.515%Bitget0.7028+0.515%Orderly0.7028+0.515%Deribit0.7028+0.515%GMX0.7029+0.534%gTrade (Gains Network)0.7030+0.542%SunX0.7030+0.543%Polymarket Perps0.7030+0.551%Backpack0.7031+0.558%Aster0.7031+0.564%ApeX Omni0.7032+0.572%
Injective
Bybit
Extended
Lighter
BingX
Variational Omni
OKX
MEXC
Binance
BloFin
SoDEX
Reya
Gate
Aevo
Pacifica
KuCoin
Bitget
Orderly
Deribit
GMX
gTrade (Gains Network)
SunX
Polymarket Perps
Backpack
Aster
ApeX OmniHyperliquid0.7035+0.608%
Kraken Futures0.7040+0.683%edgeX0.7041+0.695%
Kraken FuturesPhoenix0.7041+0.701%
Coinbase International0.7045+0.758%
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 | −0.696% | +0.0033% | 1h | $45 | $56K | 5.5x | as long as short |
| Bybit VIRTUALUSDT | −0.298% | −0.0057% | 4h | $15.2M | $15.4M | 50x | as long as short |
| Extended VIRTUAL-USD | −0.272% | +0.0104% | 1h | $55K | $243K | 10x | as long as short |
| Lighter VIRTUAL | −0.267% | −0.0136% | 1h | $319K | $389K | 5x | as long as short |
| BingX VIRTUAL-USDT | −0.241% | +0.0100% | 4h | — | $8.2M | — | as long as short |
| Variational Omni VIRTUAL | −0.232% | −0.0136% | 4h | $529K | $847K | — | as long as short |
| OKX VIRTUAL-USDT-SWAP | −0.227% | +0.0100% | 4h | $2.7M | $9.4M | 20x | as long as short |
| MEXC VIRTUAL_USDT | −0.227% | +0.0100% | 4h | $16.2M | $3.8M | 100x | as long as short |
| Binance VIRTUALUSDT | −0.216% | +0.0100% | 4h | $16.0M | $35.8M | 75x | as long as short |
| 01 Exchange VIRTUALUSD | −0.213% | −0.0128% | 1h | $2K | $131 | 10x | as long as short |