Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0479%/8h= +52.5% APRpaid last 24h +0.144%

Price spread now: BloFin against Reya+0.417%226s7-day average — · you sell dearer than you buy

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

Long on Reya Short on BloFin

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 for this trade now. Funding pays +$14 a day on $10k at the current rate, and BloFin is 0.417% dearer against Reya than usual: you sell high and buy low: +$42 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 226 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	Reya VIRTUALRUSDPERP	0.7222	−0.0139	get 0.0017% / 1h	45m 12s	$24	—	10x
Short	BloFin VIRTUAL-USDT	0.7252	0.0340	get 0.0170% / 4h	2h 45m	$826K	$858K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Reya. 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 ReyabpFee BloFinbpOrdersPrice spread, now +0.417%Rate

Funding earned: $100.62
Price spread: +0.417% → 0.000%: $41.67
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee BloFin: 6 bp × 2 orders: −$12
Net: $124.28
Costs to cover: 0.180%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; BloFin: live order book, 22 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 Reya no order-book sample	—	—	—	—	—
Sell BloFin live order book, 22 min ago	1.36 bp	8.6 bp −$9	17.3 bp −$173	63.5 bp −$6,352	doesn't fit

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 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	−0.0303%	1h	0.7225	+0.043%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERPlong	−0.0139%	1h	0.7222	long leg	$24	—	10x
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7223	+0.015%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7225	+0.044%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7241	+0.269%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.453%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0040%	1h	0.7219	−0.033%	$328K	$413K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7223	+0.015%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7232	+0.136%	$8.9M	$4.2M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7228	+0.091%	$171K	$194K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7231	+0.124%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7222	+0.002%	$16.6M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7224	+0.029%	$16.4M	$17.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7224	+0.029%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7225	+0.043%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7227	+0.071%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7231	+0.126%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7228	+0.084%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7227	+0.071%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7235	+0.181%	$246K	$176K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7231	+0.131%	$528K	$900K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7239	+0.239%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7261	+0.541%	$643K	$878K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7242	+0.278%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7228	+0.089%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7223	+0.015%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7223	+0.011%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7220	−0.032%	$57K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7222	+0.004%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7225	+0.038%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7252	+0.417%	$826K	$858K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7274	+0.721%	$197K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1021%	1h	0.7233	+0.150%	$598K	$661K	50x	as long as short