VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0636%/8h= +69.7% APRnext payment +$0.80 per $10,000 · paid last 24h +0.042%

Price spread now: Kraken Futures against Lighter+0.175%7-day average +0.090% · 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−$37as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on Lighter Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.208%+$21 on $10k

Price spread, last 3 days (all we have)−0.114%−$11 · spread now +0.175%, 7d avg +0.090%

Together, before fees+0.094%+ Points / potential airdropLighter: Season 3 · farm board+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Kraken Futures is 0.084% dearer against Lighter than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.090%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.208% in total (about 10.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.80 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7201	−0.0128	get 0.0016% / 1h	22m 24s	$328K	$414K	5x
Short	Kraken Futures PF_VIRTUALUSD	0.7214	0.0508	get 0.0064% / 1h	22m 24s	$586K	$596K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.175%Rate

Funding earned: $133.64
Price spread: +0.175% → +0.090%: $8.44
Slippage, 4 orders: −$35.76
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $96.31
Costs to cover: 0.458%
Break-even: 2.0 days

Slippage from Lighter: live order book, 52 min ago; Kraken Futures: live order book, 61 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, 52 min ago	3.83 bp	5.6 bp −$6	57.8 bp −$578	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 61 min ago	5.56 bp	16.8 bp −$17	49.0 bp −$490	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	0.7209	+0.105%	$24	—	10x	as long as short
Lighter VIRTUALlong	−0.0128%	1h	0.7201	long leg	$328K	$414K	5x
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7209	+0.107%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7181	−0.279%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7202	+0.010%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7213	+0.158%	$13K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.171%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7212	+0.149%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7220	+0.261%	$8.8M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7214	+0.176%	$197K	$84K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7209	+0.113%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7214	+0.174%	$16.4M	$37.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7212	+0.149%	$15.6M	$15.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7213	+0.162%	$2.8M	$9.2M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7212	+0.149%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7209	+0.107%	$17.3M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7213	+0.162%	$4.3M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7215	+0.190%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7211	+0.135%	—	$8.0M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7205	+0.051%	$239K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7170	−0.440%	$525K	$877K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7189	−0.176%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7205	+0.046%	$638K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7192	−0.129%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7213	+0.162%	$29K	$882K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7200	−0.018%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7201	−0.008%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7210	+0.116%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7201	−0.005%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7213	+0.158%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7195	−0.087%	$807K	$801K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7215	+0.190%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.0508%	1h	0.7214	+0.175%	$586K	$596K	50x