Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h +0.027%

Price spread now: Binance against Lighter+0.060%7-day average +0.002% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.276%+$28 on $10k

Price spread, last 4 days (all we have)−0.125%−$13 · spread now +0.060%, 7d avg +0.002%

Together, before fees+0.150%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Binance is 0.058% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7141	−0.0008	get 0.0001% / 1h	8m 14s	$322K	$404K	5x
Short	Binance VIRTUALUSDT	0.7145	0.0100	get 0.0050% / 4h	1h 08m	$16.1M	$42.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.060%Rate

Funding earned: $22.68
Price spread: +0.060% → +0.002%: $5.85
Slippage, 4 orders: −$24.95
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$6.42
Costs to cover: 0.349%
Break-even: 9.0 days

Slippage from Lighter: live order book, 26 min ago; Binance: live order book, 4 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, 26 min ago	6.63 bp	9.0 bp −$9	48.4 bp −$484	doesn't fit	doesn't fit
Sell Binance live order book, 4 min ago	0.70 bp	9.6 bp −$10	20.4 bp −$204	95.1 bp −$9,506	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	0.7145	+0.061%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	0.7146	+0.071%	$11K	$36K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7140	−0.010%	$2K	$106	10x	as long as short
Variational Omni VIRTUAL	−0.0049%	4h	0.7138	−0.035%	$530K	$903K	—	as long as short
Lighter VIRTUALlong	−0.0008%	1h	0.7141	long leg	$322K	$404K	5x
Kraken Futures PF_VIRTUALUSD	−0.0005%	1h	0.7150	+0.130%	$522K	$762K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7146	+0.074%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7147	+0.082%	$14K	—	150x	as long as short
Bybit VIRTUALUSDT	+0.0012%	4h	0.7140	−0.010%	$16.2M	$18.9M	50x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.332%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0072%	4h	0.7144	+0.046%	$16K	$1.6M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7147	+0.088%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7145	+0.053%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDTshort	+0.0100%	4h	0.7145	+0.060%	$16.1M	$42.3M	75x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7146	+0.074%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7146	+0.074%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7145	+0.060%	$15.9M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7147	+0.088%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7147	+0.088%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7145	+0.060%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7150	+0.130%	$237K	$176K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7144	+0.050%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7146	+0.074%	$638K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7146	+0.074%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7145	+0.060%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7146	+0.074%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7146	+0.067%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7144	+0.046%	$55K	$259K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7144	+0.051%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0206%	1h	0.7153	+0.165%	$8.8M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7146	+0.072%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7151	+0.144%	$783K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7175	+0.480%	$200K	$101K	50x	as long as short