Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0412%/8h= −45.1% APRpaid last 24h −0.098%

Price spread now: Lighter against BloFin−0.470%90s7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$400.403% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.685%−$69 on $10k

Price spread, last 4 days (all we have)+0.517%+$52 · spread now −0.470%, 7d avg +0.001%

Together, before fees−0.169%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Lighter is 0.472% cheaper against BloFin than usual: you would sell low and buy high (−$47 if the spread goes back to its 7-day average of +0.001%). Swap the legs. The two prices were read 90 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	BloFin VIRTUAL-USDT	0.7082	0.0340	pay 0.0170% / 4h	2h 39m	$787K	$988K	75x
Short	Lighter VIRTUAL	0.7049	−0.0072	pay 0.0009% / 1h	39m 45s	$320K	$402K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.470%Rate

Funding earned: −$86.52
Price spread: −0.470% → +0.001%: −$47.17
Slippage, 4 orders: −$28.26
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$173.95
Costs to cover: 0.403%
Break-even: never at this rate

Slippage from BloFin: live order book, 52 min ago; Lighter: live order book, 65 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 BloFin live order book, 52 min ago	4.17 bp	10.4 bp −$10	15.4 bp −$154	62.8 bp −$6,279	doesn't fit
Sell Lighter live order book, 65 min ago	4.93 bp	8.7 bp −$9	63.6 bp −$636	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	−0.0175%	1h	0.7060	−0.311%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7053	−0.409%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7057	−0.357%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7126	+0.617%	$11K	$36K	5x	as long as short
Lighter VIRTUALshort	−0.0072%	1h	0.7049	−0.470%	$320K	$402K	5x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7063	−0.268%	$14K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0011%	1h	0.7058	−0.343%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.494%	$46	$88K	5.5x	as long as short
Bybit VIRTUALUSDT	+0.0053%	4h	0.7048	−0.480%	$16.2M	$18.9M	50x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0076%	4h	0.7063	−0.268%	$14K	$1.4M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7061	−0.294%	$8.7M	$4.0M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7058	−0.346%	$92K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7056	−0.367%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7051	−0.432%	$15.9M	$41.6M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7055	−0.381%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7058	−0.339%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7052	−0.424%	$15.4M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7051	−0.438%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7056	−0.367%	$6.0M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7052	−0.424%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7060	−0.311%	$236K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7080	−0.024%	$530K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7101	+0.265%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7115	+0.460%	$628K	$987K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7103	+0.297%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7061	−0.292%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7070	−0.169%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7050	−0.456%	$56K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7057	−0.350%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0283%	1h	0.7066	−0.230%	$577K	$676K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0269%	1h	0.7062	−0.288%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7082	long leg	$787K	$988K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+1.130%	$199K	$104K	50x	as long as short