VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0220%/8h= +24.1% APRnext payment +$0.28 per $10,000 · paid last 24h +0.014%

Price spread now: Backpack against Lighter+0.170%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Lighter Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.182%+$18 on $10k

Price spread, last 4 days (all we have)−0.273%−$27 · spread now +0.170%, 7d avg +0.036%

Together, before fees−0.091%+ Points / potential airdropLighter: Season 3 · farm board−$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Backpack is 0.134% dearer against Lighter than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7163	−0.0120	get 0.0015% / 1h	57m 10s	$326K	$414K	5x
Short	Backpack VIRTUAL_USDC_PERP	0.7175	0.0100	get 0.0013% / 1h	57m 10s	$236K	$158K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Lighter. 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 LighterbpFee BackpackbpOrdersPrice spread, now +0.170%Rate

Funding earned: $46.2
Price spread: +0.170% → +0.036%: $13.4
Slippage, 4 orders: −$19.65
Fee Lighter: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $29.95
Costs to cover: 0.296%
Break-even: 2.5 days

Slippage from Lighter: live order book, 18 min ago; Backpack: live order book, 26 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 Lighter live order book, 18 min ago	3.83 bp	5.6 bp −$6	57.8 bp −$578	doesn't fit	doesn't fit
Sell Backpack live order book, 26 min ago	0.70 bp	9.3 bp −$9	doesn't fit	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7168	+0.069%	$24	—	10x	as long as short
Lighter VIRTUALlong	−0.0120%	1h	0.7163	long leg	$326K	$414K	5x
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7163	+0.003%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7158	−0.070%	$11K	$39K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0029%	1h	0.7170	+0.101%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7172	+0.127%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.639%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7170	+0.101%	$14K	$1.5M	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7153	−0.133%	$525K	$878K	—	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7179	+0.228%	$8.7M	$3.7M	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	0.7171	+0.108%	$194K	$83K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7169	+0.093%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7172	+0.129%	$16.4M	$37.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7169	+0.087%	$15.4M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7172	+0.128%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7169	+0.087%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7167	+0.059%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7171	+0.114%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7174	+0.156%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7171	+0.114%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERPshort	+0.0100%	1h	0.7175	+0.170%	$236K	$158K	10x
edgeX VIRTUALUSDC	+0.0100%	4h	0.7160	−0.045%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7157	−0.081%	$634K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7161	−0.025%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7171	+0.121%	$29K	$815K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7167	+0.059%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7166	+0.042%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7164	+0.016%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7168	+0.068%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7172	+0.122%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7167	+0.059%	$814K	$792K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	+0.184%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0511%	1h	0.7176	+0.190%	$537K	$544K	50x	as long as short