VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0088%/8h= +9.6% APRnext payment +$0.11 per $10,000 · paid last 24h +0.021%

Price spread now: Extended against Lighter+0.126%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

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

costs, in and out, $10k−$450.450% of the position

Long on Lighter Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.288%+$29 on $10k

Price spread, last 4 days (all we have)−0.219%−$22 · spread now +0.126%, 7d avg −0.034%

Together, before fees+0.069%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board+$7 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 Extended is 0.160% dearer against Lighter than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7188	0.0016	pay 0.0002% / 1h	55m 42s	$326K	$413K	5x
Short	Extended VIRTUAL-USD	0.7197	0.0104	get 0.0013% / 1h	55m 42s	$54K	$272K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.126%Rate

Funding earned: $18.48
Price spread: +0.126% → −0.034%: $15.96
Slippage, 4 orders: −$40
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$10.55
Costs to cover: 0.450%
Break-even: 11.0 days

Slippage from Lighter: live order book, 4 min ago; Extended: live order book, 11 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, 4 min ago	5.58 bp	8.3 bp −$8	52.9 bp −$529	doesn't fit	doesn't fit
Sell Extended live order book, 11 min ago	2.43 bp	15.3 bp −$15	181.3 bp −$1,813	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	−0.0306%	1h	0.7191	+0.045%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7192	+0.057%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7305	+1.624%	$11K	$37K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7194	+0.086%	$2K	$131	10x	as long as short
SoDEX VIRTUAL-USD	−0.0051%	1h	0.7189	+0.024%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7192	+0.061%	$4K	—	150x	as long as short
Lighter VIRTUALlong	+0.0016%	1h	0.7188	long leg	$326K	$413K	5x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.985%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7190	+0.031%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7201	+0.179%	$8.9M	$4.1M	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	0.7201	+0.179%	$171K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7196	+0.116%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7193	+0.072%	$16.6M	$40.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7198	+0.142%	$16.3M	$17.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7196	+0.114%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7196	+0.114%	$1.4M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7194	+0.086%	$17.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7198	+0.142%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7194	+0.086%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7200	+0.170%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7193	+0.072%	$249K	$174K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7183	−0.061%	$526K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7260	+1.005%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7261	+1.018%	$646K	$877K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7266	+1.088%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7199	+0.150%	$51K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7186	−0.025%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USDshort	+0.0104%	1h	0.7197	+0.126%	$54K	$272K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7190	+0.028%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7190	+0.025%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7209	+0.295%	$831K	$851K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7288	+1.394%	$198K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1026%	1h	0.7198	+0.146%	$595K	$659K	50x	as long as short