Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Backpack against SunX−0.082%7-day average +0.030% · you buy dearer than you sell

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

Long on SunX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.172%−$17 on $10k

Price spread, last 3 days (all we have)+0.206%+$21 · spread now −0.082%, 7d avg +0.030%

Together, before fees+0.034%+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.112% cheaper against SunX than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX VIRTUAL-USDT	0.7335	0.0100	pay 0.0050% / 4h	3h 41m	$1K	$1.3M	20x
Short	Backpack VIRTUAL_USDC_PERP	0.7329	0.0100	get 0.0013% / 1h	41m 05s	$248K	$166K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against SunX. 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 SunXbpFee BackpackbpOrdersPrice spread, now −0.082%Rate

Funding earned: $0
Price spread: −0.082% → +0.030%: −$11.2
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$29.2
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 3 min ago; Backpack: live order book, 32 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 SunX live order book, 3 min ago	501.23 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 32 min ago	2.06 bp	9.6 bp −$10	doesn't fit	doesn't fit	doesn't fit

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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7333	−0.029%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7302	−0.447%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7333	−0.027%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7330	−0.068%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7332	−0.045%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.972%	$46	$88K	5.5x	as long as short
Lighter VIRTUAL	+0.0056%	1h	0.7323	−0.157%	$332K	$417K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7330	−0.068%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7335	0.000%	$200K	$158K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7335	+0.003%	$73K	$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	−0.132%	$16.9M	$39.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7324	−0.150%	$16.4M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7319	−0.218%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7330	−0.068%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7321	−0.191%	$18.5M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7332	−0.041%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7331	−0.055%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7328	−0.095%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7329	−0.082%	$248K	$166K	10x
Variational Omni VIRTUAL	+0.0100%	4h	0.7333	−0.022%	$548K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7304	−0.418%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7318	−0.237%	$650K	$916K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7299	−0.491%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7339	+0.060%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDTlong	+0.0100%	4h	0.7335	long leg	$1K	$1.3M	20x
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7330	−0.072%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7327	−0.106%	$58K	$249K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7329	−0.089%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0130%	1h	0.7336	+0.015%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7330	−0.068%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7326	−0.123%	$829K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7366	+0.423%	$200K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0737%	1h	0.7344	+0.128%	$606K	$634K	50x	as long as short