Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0069%/8h= +7.6% APRpaid last 24h +0.007%

Price spread now: Orderly against Lighter−0.068%7-day average −0.005% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 3 days (all we have)+0.045%+$4 · spread now −0.068%, 7d avg −0.005%

Together, before fees+0.152%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.063% cheaper against Lighter than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of −0.005%). If the spread goes back, that is −$6 on $10k: about 3.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7310	0.0024	pay 0.0003% / 1h	34m 00s	$333K	$415K	5x
Short	Orderly PERP_VIRTUAL_USDC	0.7305	0.0093	get 0.0047% / 4h	34m 00s	$14K	$1.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.068%Rate

Funding earned: $14.52
Price spread: −0.068% → −0.005%: −$6.35
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $2.18
Costs to cover: 0.060%
Break-even: 6.0 days

Slippage unknown: Lighter: live order book, 36 min ago; Orderly: no order-book sample. Net counts fees only.

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, 36 min ago	3.90 bp	5.8 bp −$6	57.9 bp −$579	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0160%	1h	0.7306	−0.055%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7303	−0.089%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7303	−0.096%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0066%	1h	0.7309	−0.007%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7308	−0.028%	$9K	—	150x	as long as short
Lighter VIRTUALlong	+0.0024%	1h	0.7310	long leg	$333K	$415K	5x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.640%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDCshort	+0.0093%	4h	0.7305	−0.068%	$14K	$1.5M	10x
Aster VIRTUALUSDT	+0.0100%	4h	0.7315	+0.065%	$201K	$101K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7312	+0.031%	$73K	$44K	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	0.7318	+0.104%	$16.6M	$38.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7320	+0.137%	$16.2M	$16.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7317	+0.096%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7315	+0.068%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7310	0.000%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7315	+0.068%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7323	+0.178%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7316	+0.082%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7318	+0.109%	$247K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7305	−0.073%	$535K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7295	−0.212%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7305	−0.068%	$649K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7295	−0.205%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7311	+0.008%	$36K	$954K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7302	−0.109%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7310	+0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7317	+0.092%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7309	−0.012%	$18K	$505	3x	as long as short
Hyperliquid VIRTUAL	+0.0136%	1h	0.7327	+0.226%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7308	−0.032%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7323	+0.178%	$815K	$849K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7339	+0.397%	$199K	$97K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0860%	1h	0.7325	+0.198%	$598K	$583K	50x	as long as short