VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0150%/8h= −16.4% APRnext payment −$0.19 per $10,000 · paid last 24h −0.010%

Price spread now: Reya against Phoenix−0.141%59s7-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 Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Reya is 0.141% cheaper against Phoenix than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 59 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	0.7260	0.0011	pay 0.0001% / 1h	22m 02s	$11K	$46K	5x
Short	Reya VIRTUALRUSDPERP	0.7249	−0.0139	pay 0.0017% / 1h	22m 02s	$24	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.141%Rate

Funding earned: −$31.53
Price spread: −0.141% → 0.000%: −$14.15
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Reya: 3 bp × 2 orders: −$6
Net: −$58.68
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: no order-book sample; Reya: no order-book sample. 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 Reya no order-book sample	—	—	—	—	—

Phoenix and Reya: 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 32 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 VIRTUALRUSDPERPshort	−0.0139%	1h	0.7249	−0.141%	$24	—	10x
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7246	−0.187%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0026%	1h	0.7243	−0.229%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7246	−0.192%	$4K	—	150x	as long as short
Phoenix VIRTUALlong	+0.0011%	1h	0.7260	long leg	$11K	$46K	5x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.964%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0080%	1h	0.7238	−0.295%	$329K	$415K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7242	−0.242%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7244	−0.222%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7246	−0.188%	$98K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7252	−0.104%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7232	−0.386%	$16.5M	$41.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7227	−0.449%	$16.6M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7224	−0.490%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7248	−0.160%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7237	−0.311%	$17.6M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7249	−0.146%	$3.0M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7243	−0.229%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7237	−0.311%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7241	−0.256%	$244K	$170K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7243	−0.224%	$539K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7240	−0.275%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7244	−0.209%	$643K	$888K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7256	−0.050%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7257	−0.041%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7244	−0.215%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7239	−0.287%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7240	−0.272%	$57K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7242	−0.241%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7246	−0.192%	$31K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7261	+0.019%	$190K	$101K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1018%	1h	0.7251	−0.121%	$599K	$668K	50x	as long as short