VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0188%/8h= −20.5% APRnext payment −$0.23 per $10,000 · paid last 24h +0.048%

Price spread now: Lighter against Deribit−0.085%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Lighter is 0.085% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit VIRTUAL_USDC-PERPETUAL	0.7179	−0.0028	get 0.0004% / 1h	13m 12s	$15K	$40K	10x
Short	Lighter VIRTUAL	0.7173	−0.0216	pay 0.0027% / 1h	13m 12s	$327K	$406K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$39.38
Price spread: −0.085% → 0.000%: −$8.5
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$54.88
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: no order-book sample; Lighter: live order book, 32 min ago. Net counts fees only.

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 Deribit no order-book sample	—	—	—	—	—
Sell Lighter live order book, 32 min ago	4.93 bp	8.7 bp −$9	63.6 bp −$636	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Lighter VIRTUALshort	−0.0216%	1h	0.7173	−0.085%	$327K	$406K	5x
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7175	−0.056%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7178	−0.016%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0029%	1h	0.7176	−0.043%	$1K	$9K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUALlong	−0.0028%	1h	0.7179	long leg	$15K	$40K	10x
Phoenix VIRTUAL	−0.0022%	1h	0.7186	+0.092%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7183	+0.050%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.864%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0084%	4h	0.7178	−0.014%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7188	+0.120%	$8.8M	$4.2M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7179	−0.002%	$94K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7176	−0.047%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7177	−0.021%	$16.2M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7174	−0.070%	$16.6M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7178	−0.014%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7180	+0.014%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7178	−0.014%	$16.2M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7179	0.000%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7180	+0.014%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7177	−0.028%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7182	+0.042%	$238K	$214K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7178	−0.011%	$537K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7180	+0.018%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7179	−0.006%	$638K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7194	+0.209%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7181	+0.035%	$53K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7176	−0.042%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7175	−0.053%	$54K	$235K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7176	−0.045%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7184	+0.064%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7173	−0.084%	$797K	$951K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7200	+0.293%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0487%	1h	0.7186	+0.100%	$589K	$669K	50x	as long as short