VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0392%/8h= +42.9% APRnext payment +$0.49 per $10,000 · paid last 24h +0.093%

Price spread now: Coinbase International against Lighter+0.831%7-day average +0.266% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$1221.218% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.703%+$70 on $10k

Price spread, last 3 days (all we have)−0.569%−$57 · spread now +0.831%, 7d avg +0.266%

Together, before fees+0.135%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Coinbase International is 0.565% dearer against Lighter than usual: you sell high and buy low: +$56 more if the spread goes back to its 7-day average of +0.266%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7305	0.0056	pay 0.0007% / 1h	43m 14s	$331K	$417K	5x
Short	Coinbase International VIRTUAL-PERP-INTX	0.7366	0.0448	get 0.0056% / 1h	43m 14s	$200K	$92K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.831%Rate

Funding earned: $82.32
Price spread: +0.831% → +0.266%: $56.47
Slippage, 4 orders: −$111.83
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $16.96
Costs to cover: 1.218%
Break-even: 5.6 days

Slippage from Lighter: live order book, 22 min ago; Coinbase International: live order book, 30 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, 22 min ago	4.93 bp	8.5 bp −$8	48.9 bp −$489	doesn't fit	doesn't fit
Sell Coinbase International live order book, 30 min ago	6.86 bp	52.5 bp −$52	889.1 bp −$8,891	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	0.7307	+0.025%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7302	−0.042%	$11K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7305	−0.004%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7313	+0.105%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7312	+0.086%	$9K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.578%	$46	$88K	5.5x	as long as short
Lighter VIRTUALlong	+0.0056%	1h	0.7305	long leg	$331K	$417K	5x
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7314	+0.119%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7310	+0.069%	$200K	$157K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7304	−0.011%	$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	0.7307	+0.026%	$16.8M	$39.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7307	+0.023%	$16.3M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7304	−0.018%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7306	+0.010%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7304	−0.018%	$18.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7310	+0.064%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7316	+0.146%	$6.3M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7308	+0.037%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7290	−0.209%	$247K	$168K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7302	−0.047%	$546K	$888K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7295	−0.138%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7303	−0.030%	$648K	$916K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7299	−0.086%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7312	+0.097%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7314	+0.119%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7311	+0.085%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7311	+0.074%	$58K	$249K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7313	+0.101%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0129%	1h	0.7321	+0.212%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7313	+0.109%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7310	+0.064%	$827K	$846K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTXshort	+0.0448%	1h	0.7366	+0.831%	$200K	$92K	50x
Kraken Futures PF_VIRTUALUSD	+0.0739%	1h	0.7324	+0.254%	$604K	$634K	50x	as long as short