Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h +0.003%

Price spread now: Orderly against Polymarket Perps−0.008%7-day average −0.029% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 3 days (all we have)−0.059%−$6 · spread now −0.008%, 7d avg −0.029%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.021% dearer against Polymarket Perps than usual: you sell high and buy low (spread −0.008% now, against its 7-day average of −0.029%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 6.1 days. Mind the row above: over the last 7 days funding on this pair paid +0.061%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps VIRTUAL-USD	0.7328	0.0100	pay 0.0013% / 1h	57m 23s	$48K	$1.0M	5x
Short	Orderly PERP_VIRTUAL_USDC	0.7327	0.0089	get 0.0044% / 4h	3h 57m	$14K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Polymarket Perps. 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 Polymarket PerpsbpFee OrderlybpOrdersPrice spread, now −0.008%Rate

Funding earned: −$2.39
Price spread: −0.008% → −0.029%: $2.07
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$14.32
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 1 min ago; Orderly: 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 Polymarket Perps live order book, 1 min ago	2.80 bp	6.8 bp −$7	7.0 bp −$70	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0433%	1h	0.7318	−0.131%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7321	−0.090%	$25	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7321	−0.090%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7325	−0.037%	$12K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7330	+0.029%	$9K	—	150x	as long as short
Lighter VIRTUAL	+0.0032%	1h	0.7317	−0.150%	$332K	$414K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.874%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0089%	4h	0.7327	−0.008%	$14K	$1.5M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7329	+0.017%	$200K	$104K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7322	−0.076%	$72K	$45K	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	0.7325	−0.033%	$16.8M	$39.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7326	−0.022%	$16.3M	$16.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7327	−0.008%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7321	−0.090%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7317	−0.145%	$18.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7323	−0.063%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7336	+0.115%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7327	−0.008%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7330	+0.033%	$248K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7307	−0.281%	$543K	$890K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7319	−0.123%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7319	−0.117%	$650K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7321	−0.090%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USDlong	+0.0100%	1h	0.7328	long leg	$48K	$1.0M	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7323	−0.063%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7322	−0.070%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7326	−0.026%	$54K	$243K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7321	−0.084%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0244%	1h	0.7334	+0.085%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7327	−0.005%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7316	−0.158%	$815K	$853K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7327	−0.008%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0738%	1h	0.7337	+0.125%	$604K	$588K	50x	as long as short