Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.020%

Price spread now: Lighter against Gate−0.028%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$530.532% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.290%−$29 on $10k

Price spread, last 4 days (all we have)+0.053%+$5 · spread now −0.028%, 7d avg −0.032%

Together, before fees−0.237%+ Points / potential airdropLighter: Season 3 · farm board−$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.032%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate VIRTUAL_USDT	0.7196	0.0100	pay 0.0050% / 4h	2h 11m	$1.4M	$3.3M	75x
Short	Lighter VIRTUAL	0.7194	0.0088	get 0.0011% / 1h	11m 54s	$327K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$2.52
Price spread: −0.028% → −0.032%: $0.47
Slippage, 4 orders: −$38.23
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$55.28
Costs to cover: 0.532%
Break-even: never at this rate

Slippage from Gate: live order book, 1 min ago; Lighter: live order book, 48 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 Gate live order book, 1 min ago	4.87 bp	17.5 bp −$18	92.8 bp −$928	doesn't fit	doesn't fit
Sell Lighter live order book, 48 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	0.7197	+0.007%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7197	+0.014%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7201	+0.069%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7202	+0.080%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7209	+0.181%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.098%	$46	$88K	5.5x	as long as short
Lighter VIRTUALshort	+0.0088%	1h	0.7194	−0.028%	$327K	$415K	5x
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7201	+0.069%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7206	+0.132%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7199	+0.043%	$98K	$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	0.7193	−0.036%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7194	−0.025%	$16.4M	$41.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7191	−0.069%	$16.6M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7190	−0.083%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDTlong	+0.0100%	4h	0.7196	long leg	$1.4M	$3.3M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7191	−0.069%	$17.5M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7198	+0.028%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7198	+0.028%	$6.2M	$6.1M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7192	−0.056%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7200	+0.056%	$243K	$170K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7195	−0.012%	$535K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7199	+0.041%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7202	+0.084%	$639K	$881K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7203	+0.097%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7203	+0.100%	$52K	$1.2M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7203	+0.097%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7198	+0.024%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7191	−0.070%	$54K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7198	+0.031%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7199	+0.046%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7216	+0.278%	$189K	$101K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1024%	1h	0.7211	+0.210%	$596K	$668K	50x	as long as short