VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0512%/8h= −56.1% APRnext payment −$0.64 per $10,000 · paid last 24h −0.100%

Price spread now: Lighter against Coinbase International−0.046%7-day average −0.288% · you buy dearer than you sell

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$640.637% of the position

Long on Coinbase International Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.703%−$70 on $10k

Price spread, last 4 days (all we have)−0.030%−$3 · spread now −0.046%, 7d avg −0.288%

Together, before fees−0.734%+ Points / potential airdropLighter: Season 3 · farm board−$73 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.242% dearer against Coinbase International than usual: you sell high and buy low (spread −0.046% now, against its 7-day average of −0.288%): +$24 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 38 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International VIRTUAL-PERP-INTX	0.7157	0.0416	pay 0.0052% / 1h	30m 50s	$200K	$105K	50x
Short	Lighter VIRTUAL	0.7154	−0.0096	pay 0.0012% / 1h	30m 50s	$326K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Coinbase International. 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 Coinbase InternationalbpFee LighterbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$107.52
Price spread: −0.046% → −0.288%: $24.23
Slippage, 4 orders: −$53.72
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$147.01
Costs to cover: 0.637%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 27 min ago; Lighter: live order book, 19 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 Coinbase International live order book, 27 min ago	9.12 bp	22.6 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 19 min ago	5.07 bp	7.1 bp −$7	62.7 bp −$627	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7158	+0.019%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7161	+0.056%	$2K	$131	10x	as long as short
Lighter VIRTUALshort	−0.0096%	1h	0.7154	−0.046%	$326K	$415K	5x
Phoenix VIRTUAL	−0.0034%	1h	0.7103	−0.752%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7161	+0.058%	$14K	—	150x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0029%	1h	0.7163	+0.084%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.559%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7161	+0.056%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7173	+0.222%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7166	+0.120%	$96K	$292K	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	0.7167	+0.146%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7168	+0.155%	$16.2M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7171	+0.196%	$16.5M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7172	+0.210%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7168	+0.154%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7166	+0.126%	$17.5M	$4.4M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7171	+0.196%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7173	+0.224%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7170	+0.182%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7166	+0.126%	$239K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7158	+0.010%	$535K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7096	−0.848%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7103	−0.761%	$631K	$879K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7131	−0.363%	$40K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7164	+0.101%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7159	+0.028%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7160	+0.045%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7166	+0.124%	$54K	$270K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7158	+0.017%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0316% / S −0.0265%	1h	0.7160	+0.048%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7159	+0.028%	$801K	$896K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXlong	+0.0416%	1h	0.7157	long leg	$200K	$105K	50x
Kraken Futures PF_VIRTUALUSD	+0.0801%	1h	0.7167	+0.134%	$593K	$667K	50x	as long as short