Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.031%

Price spread now: Lighter against Binance−0.080%7-day average −0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.272%−$27 on $10k

Price spread, last 4 days (all we have)+0.131%+$13 · spread now −0.080%, 7d avg −0.003%

Together, before fees−0.141%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Lighter is 0.077% cheaper against Binance than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.003%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance VIRTUALUSDT	0.7197	0.0100	pay 0.0050% / 4h	2h 21m	$16.1M	$41.5M	75x
Short	Lighter VIRTUAL	0.7191	−0.0056	pay 0.0007% / 1h	21m 59s	$328K	$384K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$32.76
Price spread: −0.080% → −0.003%: −$7.67
Slippage, 4 orders: −$28.18
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$78.61
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from Binance: live order book, 13 min ago; Lighter: live order book, 24 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 Binance live order book, 13 min ago	0.70 bp	10.2 bp −$10	25.1 bp −$251	117.7 bp −$11.8K	doesn't fit
Sell Lighter live order book, 24 min ago	3.00 bp	10.6 bp −$11	59.2 bp −$592	doesn't fit	doesn't fit

VIRTUAL on 33 exchanges

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
Polymarket Perps VIRTUAL-USD	−0.0709%	1h	0.7199	+0.031%	$47K	$996K	5x	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0239%	1h	0.7202	+0.066%	$538K	$741K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7196	−0.013%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0132%	1h	0.7188	−0.134%	$11K	$35K	5x	as long as short
Lighter VIRTUALshort	−0.0056%	1h	0.7191	−0.080%	$328K	$384K	5x
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7199	+0.024%	$25K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7198	+0.016%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.115%	$46	$88K	5.5x	as long as short
Variational Omni VIRTUAL	+0.0069%	4h	0.7180	−0.239%	$681K	$889K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0085%	4h	0.7195	−0.031%	$15K	$1.9M	10x	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7199	+0.031%	$92K	$297K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7189	−0.117%	$71K	$42K	5x	as long as short
Binance VIRTUALUSDTlong	+0.0100%	4h	0.7197	long leg	$16.1M	$41.5M	75x
Bybit VIRTUALUSDT	+0.0100%	4h	0.7188	−0.129%	$16.5M	$18.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7190	−0.101%	$2.8M	$10.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7199	+0.024%	$1.6M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7198	+0.010%	$15.1M	$5.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7198	+0.010%	$3.3M	$4.6M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7201	+0.052%	$6.1M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7196	−0.017%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7201	+0.052%	$248K	$177K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7183	−0.202%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7201	+0.052%	$644K	$1.3M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7190	−0.101%	$40K	$234K	50x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7197	−0.003%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7196	−0.022%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7193	−0.061%	$54K	$309K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7194	−0.051%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0163%	1h	0.7208	+0.149%	$8.9M	$3.7M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7198	+0.008%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7171	−0.365%	$778K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7217	+0.274%	$203K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6288%	1h	0.7333	+1.886%	$2K	$53	10x	as long as short