Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.029%

Price spread now: Gate against Lighter+0.052%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$540.536% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.282%+$28 on $10k

Price spread, last 4 days (all we have)−0.077%−$8 · spread now +0.052%, 7d avg +0.036%

Together, before fees+0.204%+ Points / potential airdropLighter: Season 3 · farm board+$20 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.036%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7155	−0.0024	get 0.0003% / 1h	43m 24s	$323K	$403K	5x
Short	Gate VIRTUAL_USDT	0.7159	0.0100	get 0.0050% / 4h	43m 24s	$1.5M	$3.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.052%Rate

Funding earned: $26.04
Price spread: +0.052% → +0.036%: $1.52
Slippage, 4 orders: −$38.62
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$26.06
Costs to cover: 0.536%
Break-even: 14.0 days

Slippage from Lighter: live order book, 51 min ago; Gate: live order book, 5 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, 51 min ago	6.63 bp	9.0 bp −$9	48.4 bp −$484	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	3.49 bp	17.7 bp −$18	94.6 bp −$946	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
Kraken Futures PF_VIRTUALUSD	−0.0336%	1h	0.7162	+0.097%	$521K	$744K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7155	−0.007%	$24	—	10x	as long as short
Variational Omni VIRTUAL	−0.0122%	4h	0.7151	−0.059%	$536K	$908K	—	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7156	+0.010%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7161	+0.077%	$11K	$36K	5x	as long as short
Bybit VIRTUALUSDT	−0.0042%	4h	0.7155	−0.004%	$16.3M	$18.8M	50x	as long as short
Lighter VIRTUALlong	−0.0024%	1h	0.7155	long leg	$323K	$403K	5x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7160	+0.068%	$14K	—	150x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0029%	1h	0.7162	+0.094%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.535%	$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	+0.0073%	4h	0.7152	−0.046%	$16K	$1.7M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7161	+0.080%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7158	+0.043%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7158	+0.032%	$16.1M	$42.2M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7152	−0.046%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDTshort	+0.0100%	4h	0.7159	+0.052%	$1.5M	$3.4M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7160	+0.066%	$15.7M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7159	+0.052%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7158	+0.038%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7154	−0.018%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7159	+0.052%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7159	+0.045%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7155	−0.007%	$638K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7152	−0.046%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7154	−0.013%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7163	+0.108%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7157	+0.031%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7158	+0.032%	$54K	$263K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7159	+0.053%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0307%	1h	0.7167	+0.166%	$8.8M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7156	+0.009%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7154	−0.018%	$782K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7170	+0.205%	$200K	$100K	50x	as long as short