Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.026%

Price spread now: Lighter against OKX−0.080%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$430.430% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.262%−$26 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now −0.080%, 7d avg −0.019%

Together, before fees−0.196%+ Points / potential airdropLighter: Season 3 · farm board−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Lighter is 0.061% cheaper against OKX than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX VIRTUAL-USDT-SWAP	0.7088	0.0100	pay 0.0050% / 4h	2h 41m	$2.8M	$9.8M	20x
Short	Lighter VIRTUAL	0.7082	−0.0040	pay 0.0005% / 1h	41m 22s	$322K	$402K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$29.4
Price spread: −0.080% → −0.019%: −$6.12
Slippage, 4 orders: −$33.04
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$78.56
Costs to cover: 0.430%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Lighter: live order book, 63 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 OKX live order book, 2 min ago	0.70 bp	13.6 bp −$14	32.8 bp −$328	doesn't fit	doesn't fit
Sell Lighter live order book, 63 min ago	4.93 bp	8.7 bp −$9	63.6 bp −$636	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	−0.0455%	1h	0.7088	0.000%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0144%	1h	0.7087	−0.014%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7089	+0.020%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7126	+0.532%	$11K	$36K	5x	as long as short
Lighter VIRTUALshort	−0.0040%	1h	0.7082	−0.080%	$322K	$402K	5x
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7091	+0.044%	$14K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0030%	1h	0.7087	−0.021%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.409%	$46	$88K	5.5x	as long as short
Bybit VIRTUALUSDT	+0.0065%	4h	0.7082	−0.085%	$16.3M	$18.8M	50x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0076%	4h	0.7086	−0.028%	$14K	$1.4M	10x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7101	+0.188%	$8.7M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7085	−0.036%	$92K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7094	+0.085%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7077	−0.155%	$16.0M	$41.5M	75x	as long as short
OKX VIRTUAL-USDT-SWAPlong	+0.0100%	4h	0.7088	long leg	$2.8M	$9.8M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7094	+0.085%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7089	+0.014%	$15.6M	$4.9M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7091	+0.042%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7091	+0.042%	$6.0M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7088	0.000%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7097	+0.127%	$237K	$210K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7108	+0.286%	$532K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7101	+0.180%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7115	+0.375%	$628K	$987K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7103	+0.212%	$40K	$237K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7093	+0.071%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7092	+0.056%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7084	−0.052%	$56K	$302K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7085	−0.037%	$18K	—	3x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0281%	1h	0.7096	+0.113%	$579K	$676K	50x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0317% / S −0.0269%	1h	0.7091	+0.041%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7082	−0.085%	$787K	$988K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0432%	1h	0.7162	+1.044%	$199K	$104K	50x	as long as short