Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.017%

Price spread now: Lighter against Aster−0.256%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$550.548% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)−0.077%−$8 on $10k

Price spread, last 4 days (all we have)+0.231%+$23 · spread now −0.256%, 7d avg −0.058%

Together, before fees+0.154%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Lighter is 0.199% cheaper against Aster than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.058%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster VIRTUALUSDT	0.7309	0.0100	pay 0.0050% / 4h	36m 58s	$200K	$101K	20x
Short	Lighter VIRTUAL	0.7290	0.0024	get 0.0003% / 1h	36m 58s	$332K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.256%Rate

Funding earned: −$15.96
Price spread: −0.256% → −0.058%: −$19.86
Slippage, 4 orders: −$46.82
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$90.64
Costs to cover: 0.548%
Break-even: never at this rate

Slippage from Aster: live order book, 39 min ago; Lighter: live order book, 33 min ago.

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 Aster live order book, 39 min ago	5.56 bp	26.3 bp −$26	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 33 min ago	3.90 bp	5.1 bp −$5	72.3 bp −$723	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0298%	1h	0.7292	−0.235%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7298	−0.151%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7298	−0.153%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7311	+0.032%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7297	−0.163%	$9K	—	150x	as long as short
Lighter VIRTUALshort	+0.0024%	1h	0.7290	−0.256%	$332K	$415K	5x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.629%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7291	−0.248%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDTlong	+0.0100%	4h	0.7309	long leg	$200K	$101K	20x
Pacifica VIRTUAL	+0.0100%	1h	0.7303	−0.082%	$73K	$44K	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	0.7304	−0.070%	$16.6M	$38.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7304	−0.070%	$16.2M	$16.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7305	−0.057%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7304	−0.070%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7302	−0.098%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7306	−0.043%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7311	+0.025%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7304	−0.070%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7293	−0.221%	$247K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7310	+0.006%	$535K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7312	+0.040%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7318	+0.125%	$650K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7308	−0.016%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7304	−0.075%	$36K	$954K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7287	−0.303%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7290	−0.265%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7308	−0.022%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7291	−0.247%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0155%	1h	0.7300	−0.131%	$9.1M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7299	−0.140%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7294	−0.207%	$813K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7310	+0.012%	$199K	$96K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0862%	1h	0.7307	−0.031%	$595K	$578K	50x	as long as short