Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.6223%/8h= −681.4% APRpaid last 24h +0.062%

Price spread now: Orderly against 01 Exchange−1.593%46s7-day average — · you buy dearer than you sell

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

Long on 01 Exchange Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$187 a day on $10k at the current rate, and Orderly is 1.593% cheaper against 01 Exchange than usual: you would sell low and buy high (−$159 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 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	01 Exchange VIRTUALUSD	0.7284	0.6296	pay 0.0787% / 1h	56m 36s	$2K	$106	10x
Short	Orderly PERP_VIRTUAL_USDC	0.7168	0.0073	get 0.0036% / 4h	3h 56m	$16K	$1.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against 01 Exchange. 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 01 ExchangebpFee OrderlybpOrdersPrice spread, now −1.593%Rate

Funding earned: −$1,306.85
Price spread: −1.593% → 0.000%: −$159.25
Slippage, 4 orders: no order book: not counted
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$1,479.1
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: 01 Exchange: no order-book sample; 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 01 Exchange no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

01 Exchange and 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
Kraken Futures PF_VIRTUALUSD	−0.0224%	1h	0.7171	−1.555%	$516K	$745K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7163	−1.654%	$24	—	10x	as long as short
Lighter VIRTUAL	−0.0072%	1h	0.7155	−1.778%	$323K	$400K	5x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7165	−1.638%	$11K	$36K	5x	as long as short
Variational Omni VIRTUAL	−0.0044%	4h	0.7142	−1.956%	$535K	$837K	—	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7168	−1.593%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7167	−1.603%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.293%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0073%	4h	0.7168	−1.593%	$16K	$1.8M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7156	−1.762%	$93K	$302K	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	0.7161	−1.693%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7152	−1.818%	$16.1M	$41.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7146	−1.895%	$16.3M	$18.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7146	−1.895%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7160	−1.702%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7157	−1.744%	$15.6M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7161	−1.689%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7159	−1.716%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7157	−1.744%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7172	−1.538%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7147	−1.886%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7154	−1.785%	$629K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7149	−1.853%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7169	−1.579%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7166	−1.620%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7167	−1.608%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7151	−1.827%	$55K	$308K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7164	−1.643%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7168	−1.593%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7169	−1.579%	$789K	$1.0M	75x	as long as short
Hyperliquid VIRTUAL	+0.0401%	1h	0.7173	−1.523%	$8.8M	$3.8M	5x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7173	−1.524%	$200K	$100K	50x	as long as short
01 Exchange VIRTUALUSDlong	+0.6296%	1h	0.7284	long leg	$2K	$106	10x