Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.014%

Price spread now: SunX against Lighter+0.060%7-day average +0.023% · you sell dearer than you buy

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

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.363%+$36 on $10k

Price spread, last 3 days (all we have)−0.343%−$34 · spread now +0.060%, 7d avg +0.023%

Together, before fees+0.020%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and SunX is 0.038% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7109	0.0080	pay 0.0010% / 1h	51m 14s	$323K	$391K	5x
Short	SunX VIRTUAL-USDT	0.7113	0.0100	get 0.0050% / 4h	2h 51m	$1K	$1.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.060%Rate

Funding earned: $4.2
Price spread: +0.060% → +0.023%: $3.76
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$0.04
Costs to cover: 0.080%
Break-even: 7.1 days

Slippage unknown: Lighter: live order book, 32 min ago; SunX: live order book, 3 min ago. 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, 32 min ago	4.44 bp	8.1 bp −$8	42.9 bp −$429	doesn't fit	doesn't fit
Sell SunX live order book, 3 min ago	500.98 bp	doesn't fit	doesn't fit	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0172%	1h	0.7113	+0.060%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	+0.117%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7109	+0.011%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7114	+0.073%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0088%	1h	0.7107	−0.024%	$2K	$131	10x	as long as short
Variational Omni VIRTUAL	−0.0023%	4h	0.7121	+0.180%	$518K	$872K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7112	+0.041%	$12K	—	150x	as long as short
Lighter VIRTUALlong	+0.0080%	1h	0.7109	long leg	$323K	$391K	5x
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7111	+0.032%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7119	+0.139%	$8.7M	$3.6M	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	0.7114	+0.075%	$193K	$76K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7107	−0.021%	$73K	$41K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7111	+0.032%	$16.3M	$36.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7107	−0.024%	$15.3M	$15.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7111	+0.032%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7111	+0.032%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7110	+0.018%	$17.0M	$4.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7107	−0.024%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7111	+0.032%	$6.0M	$5.2M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7108	−0.010%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7113	+0.060%	$237K	$157K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7112	+0.053%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7122	+0.192%	$631K	$994K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7114	+0.075%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7113	+0.060%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDTshort	+0.0100%	4h	0.7113	+0.060%	$1K	$1.3M	20x
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7109	−0.001%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7109	+0.003%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7112	+0.052%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0296% / S −0.0228%	1h	0.7114	+0.068%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7108	−0.010%	$813K	$799K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7152	+0.609%	$195K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0529%	1h	0.7118	+0.131%	$519K	$517K	50x	as long as short