Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0340%/8h= +37.2% APRpaid last 24h +0.089%

Price spread now: BloFin against Lighter+0.215%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs+$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$290.289% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.685%+$68 on $10k

Price spread, last 3 days (all we have)−0.262%−$26 · spread now +0.215%, 7d avg +0.005%

Together, before fees+0.423%+ Points / potential airdropLighter: Season 3 · farm board+$42 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and BloFin is 0.210% dearer against Lighter than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7288	0	get 0.0000% / 1h	30m 23s	$332K	$415K	5x
Short	BloFin VIRTUAL-USDT	0.7304	0.0340	get 0.0170% / 4h	30m 23s	$818K	$848K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.215%Rate

Funding earned: $71.4
Price spread: +0.215% → +0.005%: $21.04
Slippage, 4 orders: −$16.89
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $63.55
Costs to cover: 0.289%
Break-even: 0.8 days

Slippage from Lighter: live order book, 39 min ago; BloFin: live order book, 46 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, 39 min ago	3.90 bp	5.8 bp −$6	57.9 bp −$579	doesn't fit	doesn't fit
Sell BloFin live order book, 46 min ago	1.39 bp	9.4 bp −$9	19.0 bp −$190	66.7 bp −$6,665	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	−0.0297%	1h	0.7310	+0.298%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7298	+0.128%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0136%	1h	0.7297	+0.119%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7326	+0.516%	$12K	$40K	5x	as long as short
Lighter VIRTUALlong	0.0000%	1h	0.7288	long leg	$332K	$415K	5x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7301	+0.171%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.350%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7296	+0.106%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7303	+0.202%	$200K	$101K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7297	+0.117%	$73K	$44K	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	0.7295	+0.094%	$16.6M	$38.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7296	+0.106%	$16.2M	$16.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7294	+0.078%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7301	+0.174%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7297	+0.119%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7301	+0.174%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7302	+0.188%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7297	+0.119%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7307	+0.257%	$247K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7306	+0.238%	$537K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7325	+0.506%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7322	+0.469%	$650K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7332	+0.600%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7304	+0.210%	$37K	$955K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7304	+0.215%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7307	+0.250%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7296	+0.109%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7309	+0.279%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0112%	1h	0.7311	+0.318%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7301	+0.176%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7304	+0.215%	$818K	$848K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7339	+0.696%	$199K	$97K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0860%	1h	0.7323	+0.474%	$598K	$582K	50x	as long as short