VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0012%/8h= +1.3% APRnext payment +$0.01 per $10,000 · paid last 24h +0.001%

Price spread now: Polymarket Perps against Lighter+0.102%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$320.318% of the position

Long on Lighter Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.045%+$5 on $10k

Price spread, last 3 days (all we have)+0.232%+$23 · spread now +0.102%, 7d avg +0.033%

Together, before fees+0.278%+ Points / potential airdropLighter: Season 3 · farm board+$28 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Polymarket Perps is 0.069% dearer against Lighter than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7190	0.0088	pay 0.0011% / 1h	14m 59s	$327K	$391K	5x
Short	Polymarket Perps VIRTUAL-USD	0.7198	0.0100	get 0.0013% / 1h	14m 59s	$30K	$810K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now +0.102%Rate

Funding earned: $2.52
Price spread: +0.102% → +0.033%: $6.9
Slippage, 4 orders: −$23.76
Fee Lighter: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$22.35
Costs to cover: 0.318%
Break-even: 69.1 days

Slippage from Lighter: live order book, 68 min ago; Polymarket Perps: live order book, 8 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, 68 min ago	4.44 bp	8.1 bp −$8	42.9 bp −$429	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 8 min ago	2.71 bp	6.7 bp −$7	6.8 bp −$68	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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−1.018%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7192	+0.027%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7193	+0.036%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7203	+0.178%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7195	+0.067%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7196	+0.082%	$13K	—	150x	as long as short
Variational Omni VIRTUAL	+0.0079%	4h	0.7187	−0.042%	$527K	$878K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0083%	4h	0.7194	+0.053%	$14K	$1.5M	10x	as long as short
Lighter VIRTUALlong	+0.0088%	1h	0.7190	long leg	$327K	$391K	5x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7204	+0.188%	$8.8M	$3.7M	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	0.7195	+0.061%	$195K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7193	+0.045%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7192	+0.025%	$16.5M	$37.2M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7189	−0.017%	$15.6M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7193	+0.039%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7195	+0.067%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7192	+0.025%	$17.3M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7198	+0.108%	$3.6M	$4.0M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7197	+0.095%	$6.2M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7192	+0.025%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7198	+0.108%	$236K	$159K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7194	+0.051%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7190	−0.001%	$637K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7195	+0.067%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USDshort	+0.0100%	1h	0.7198	+0.102%	$30K	$810K	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7193	+0.039%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7193	+0.035%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7192	+0.024%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7194	+0.058%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7196	+0.079%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7186	−0.058%	$812K	$802K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7203	+0.178%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0522%	1h	0.7205	+0.202%	$538K	$544K	50x	as long as short