Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.020%

Price spread now: MEXC against Lighter+0.058%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$270.266% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.275%+$28 on $10k

Price spread, last 4 days (all we have)−0.321%−$32 · spread now +0.058%, 7d avg −0.004%

Together, before fees−0.046%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.062% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7236	0.0096	pay 0.0012% / 1h	15m 59s	$329K	$413K	5x
Short	MEXC VIRTUAL_USDT	0.7240	0.0100	get 0.0050% / 4h	1h 15m	$17.8M	$4.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.058%Rate

Funding earned: $0.84
Price spread: +0.058% → −0.004%: $6.17
Slippage, 4 orders: −$26.65
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$19.64
Costs to cover: 0.266%
Break-even: 170.7 days

Slippage from Lighter: live order book, 39 min ago; MEXC: live order book, 3 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	4.74 bp	7.1 bp −$7	47.1 bp −$471	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.69 bp	4.3 bp −$4	7.6 bp −$76	87.7 bp −$8,772	256.0 bp −$128.0K

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	0.7242	+0.082%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7242	+0.086%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0026%	1h	0.7239	+0.044%	$15K	$40K	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7244	+0.113%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7245	+0.129%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.642%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7240	+0.058%	$14K	$1.5M	10x	as long as short
Lighter VIRTUALlong	+0.0096%	1h	0.7236	long leg	$329K	$413K	5x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7245	+0.129%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7242	+0.090%	$98K	$291K	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	0.7247	+0.156%	$71K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7240	+0.058%	$16.6M	$40.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7240	+0.058%	$16.8M	$18.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7241	+0.072%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7241	+0.072%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7240	+0.058%	$17.8M	$4.2M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7244	+0.113%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7239	+0.044%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7237	+0.017%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7238	+0.030%	$239K	$203K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7240	+0.052%	$539K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7247	+0.154%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7245	+0.133%	$641K	$855K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7261	+0.348%	$41K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7247	+0.160%	$52K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7242	+0.086%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7238	+0.037%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7237	+0.021%	$54K	$270K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7238	+0.029%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0314% / S −0.0259%	1h	0.7245	+0.121%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7244	+0.113%	$817K	$851K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7254	+0.252%	$190K	$79K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0903%	1h	0.7250	+0.192%	$605K	$661K	50x	as long as short