Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.029%

Price spread now: Lighter against edgeX+0.236%49s7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as 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−$280.280% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.270%−$27 on $10k

Price spread, last 4 days (all we have)−0.882%−$88 · spread now +0.236%, 7d avg +0.011%

Together, before fees−1.152%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board−$115 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.226% dearer against edgeX than usual: you sell high and buy low (spread +0.236% now, against its 7-day average of +0.011%): +$23 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 6.1 days. The two prices were read 49 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	edgeX VIRTUALUSDC	0.7134	0.0100	pay 0.0050% / 4h	14m 23s	$19K	$258K	10x
Short	Lighter VIRTUAL	0.7151	−0.0024	pay 0.0003% / 1h	14m 23s	$323K	$403K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now +0.236%Rate

Funding earned: −$26.04
Price spread: +0.236% → +0.011%: $22.6
Slippage, 4 orders: −$18.97
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$31.41
Costs to cover: 0.280%
Break-even: never at this rate

Slippage from edgeX: live order book, 23 min ago; Lighter: live order book, 15 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 edgeX live order book, 23 min ago	2.81 bp	8.1 bp −$8	20.9 bp −$209	doesn't fit	doesn't fit
Sell Lighter live order book, 15 min ago	5.20 bp	5.7 bp −$6	66.2 bp −$662	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
Kraken Futures PF_VIRTUALUSD	−0.0336%	1h	0.7161	+0.374%	$520K	$741K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7140	+0.086%	$24	—	10x	as long as short
Variational Omni VIRTUAL	−0.0084%	4h	0.7138	+0.060%	$535K	$837K	—	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7137	+0.042%	$11K	$36K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0040%	1h	0.7286	+2.129%	$2K	$106	10x	as long as short
Lighter VIRTUALshort	−0.0024%	1h	0.7151	+0.236%	$323K	$403K	5x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7156	+0.302%	$22K	—	150x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0029%	1h	0.7158	+0.335%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.240%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7156	+0.307%	$16K	$1.8M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit VIRTUALUSDT	+0.0087%	4h	0.7153	+0.265%	$16.3M	$18.8M	50x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7153	+0.267%	$93K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7155	+0.293%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7151	+0.237%	$16.1M	$42.0M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7158	+0.335%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7153	+0.265%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7147	+0.180%	$15.6M	$5.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7156	+0.307%	$3.2M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7155	+0.293%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7149	+0.208%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7150	+0.222%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDClong	+0.0100%	4h	0.7134	long leg	$19K	$258K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7132	−0.030%	$635K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7138	+0.054%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7152	+0.253%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7153	+0.265%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7157	+0.321%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7157	+0.322%	$53K	$304K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7153	+0.265%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7144	+0.145%	$32K	—	100x	as long as short
Hyperliquid VIRTUAL	+0.0326%	1h	0.7164	+0.416%	$8.8M	$3.8M	5x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7139	+0.068%	$783K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7170	+0.503%	$200K	$100K	50x	as long as short