VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1012%/8h= −110.8% APRnext payment −$1.27 per $10,000 · paid last 24h −0.056%

Price spread now: Lighter against Kraken Futures−0.364%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$630.631% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.213%−$21 on $10k

Price spread, last 3 days (all we have)+0.295%+$29 · spread now −0.364%, 7d avg −0.093%

Together, before fees+0.081%+ Points / potential airdropLighter: Season 3 · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Lighter is 0.271% cheaper against Kraken Futures than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.093%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.213% in total (about -11.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.27 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7323	0.0860	pay 0.0108% / 1h	2m 24s	$601K	$585K	50x
Short	Lighter VIRTUAL	0.7296	−0.0152	pay 0.0019% / 1h	2m 24s	$331K	$416K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.364%Rate

Funding earned: −$212.57
Price spread: −0.364% → −0.093%: −$27.13
Slippage, 4 orders: −$53.15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$302.85
Costs to cover: 0.631%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 11 min ago; Lighter: live order book, 2 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 Kraken Futures live order book, 11 min ago	10.97 bp	21.9 bp −$22	46.1 bp −$461	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	4.93 bp	9.5 bp −$10	69.7 bp −$697	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
01 Exchange VIRTUALUSD	−0.0168%	1h	0.7287	−0.490%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0160%	1h	0.7308	−0.203%	$15K	$40K	10x	as long as short
Lighter VIRTUALshort	−0.0152%	1h	0.7296	−0.364%	$331K	$416K	5x
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7297	−0.347%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7285	−0.514%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7306	−0.235%	$9K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0010%	1h	0.7308	−0.210%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.811%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7304	−0.258%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7302	−0.279%	$199K	$104K	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	0.7305	−0.241%	$72K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7304	−0.258%	$16.6M	$39.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7302	−0.285%	$16.3M	$16.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7301	−0.299%	$2.9M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7299	−0.326%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7301	−0.299%	$18.3M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7302	−0.285%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7304	−0.258%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7303	−0.271%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7313	−0.135%	$248K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7273	−0.688%	$541K	$890K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7277	−0.633%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7297	−0.353%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7285	−0.517%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7304	−0.252%	$38K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7301	−0.299%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7292	−0.416%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7304	−0.260%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0122%	1h	0.7313	−0.135%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7306	−0.232%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7304	−0.258%	$817K	$851K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7327	+0.056%	$199K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0860%	1h	0.7323	long leg	$601K	$585K	50x