Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.020%

Price spread now: Lighter against KuCoin−0.121%7-day average −0.023% · 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−$67as in the Price arb table

costs, in and out, $10k−$570.571% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.269%−$27 on $10k

Price spread, last 4 days (all we have)+0.194%+$19 · spread now −0.121%, 7d avg −0.023%

Together, before fees−0.075%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Lighter is 0.099% cheaper against KuCoin than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin VIRTUALUSDTM	0.7329	0.0100	pay 0.0050% / 4h	3h 39m	$4.4M	$4.2M	50x
Short	Lighter VIRTUAL	0.7320	0.0032	get 0.0004% / 1h	39m 41s	$332K	$417K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.121%Rate

Funding earned: −$14.28
Price spread: −0.121% → −0.023%: −$9.86
Slippage, 4 orders: −$45.14
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$81.27
Costs to cover: 0.571%
Break-even: never at this rate

Slippage from KuCoin: live order book, 8 min ago; Lighter: live order book, 25 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 KuCoin live order book, 8 min ago	3.42 bp	22.9 bp −$23	63.6 bp −$636	doesn't fit	doesn't fit
Sell Lighter live order book, 25 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0159%	1h	0.7326	−0.041%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7326	−0.036%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7302	−0.366%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7308	−0.287%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7330	+0.015%	$9K	—	150x	as long as short
Lighter VIRTUALshort	+0.0032%	1h	0.7320	−0.121%	$332K	$417K	5x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.893%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7327	−0.027%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7333	+0.055%	$200K	$159K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7326	−0.037%	$72K	$45K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7323	−0.087%	$16.9M	$39.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7320	−0.123%	$16.4M	$16.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7315	−0.191%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7324	−0.068%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7321	−0.109%	$18.5M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTMlong	+0.0100%	4h	0.7329	long leg	$4.4M	$4.2M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7326	−0.041%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7323	−0.082%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7335	+0.082%	$249K	$166K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7333	+0.060%	$548K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7304	−0.337%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7318	−0.155%	$650K	$916K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7299	−0.409%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7336	+0.100%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7328	−0.014%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7327	−0.034%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7314	−0.208%	$58K	$249K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7326	−0.043%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0138%	1h	0.7338	+0.117%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7328	−0.010%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7326	−0.041%	$829K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7366	+0.505%	$200K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0737%	1h	0.7342	+0.173%	$606K	$634K	50x	as long as short