Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.018%

Price spread now: Lighter against Bybit−0.070%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$370.374% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.269%−$27 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now −0.070%, 7d avg +0.025%

Together, before fees−0.141%+ Points / potential airdropLighter: Season 3 · farm board−$14 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: Lighter is 0.095% cheaper against Bybit than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7169	0.0100	pay 0.0050% / 4h	2h 09m	$16.5M	$18.5M	50x
Short	Lighter VIRTUAL	0.7164	0.0096	get 0.0012% / 1h	9m 36s	$325K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$0.84
Price spread: −0.070% → +0.025%: −$9.47
Slippage, 4 orders: −$26.43
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$47.74
Costs to cover: 0.374%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 50 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 Bybit live order book, 4 min ago	0.69 bp	11.6 bp −$12	24.2 bp −$242	doesn't fit	doesn't fit
Sell Lighter live order book, 50 min ago	5.58 bp	7.1 bp −$7	67.9 bp −$679	doesn't fit	doesn't fit

VIRTUAL on 32 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	0.7176	+0.095%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7176	+0.098%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0029%	1h	0.7176	+0.098%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7177	+0.115%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7194	+0.347%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.725%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7173	+0.056%	$14K	$1.5M	10x	as long as short
Lighter VIRTUALshort	+0.0096%	1h	0.7164	−0.070%	$325K	$415K	5x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7181	+0.162%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7171	+0.035%	$97K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7172	+0.047%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7172	+0.036%	$16.4M	$41.7M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7169	long leg	$16.5M	$18.5M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7168	−0.014%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7172	+0.042%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7168	−0.014%	$17.3M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7171	+0.028%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7172	+0.042%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7171	+0.028%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7174	+0.070%	$242K	$170K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7186	+0.241%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7189	+0.274%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7192	+0.317%	$637K	$881K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7192	+0.321%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7182	+0.179%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7181	+0.167%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7177	+0.105%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7169	−0.004%	$54K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7173	+0.061%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7177	+0.108%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7216	+0.656%	$189K	$101K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1027%	1h	0.7188	+0.266%	$594K	$668K	50x	as long as short