Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h +0.004%

Price spread now: Lighter against Variational Omni+0.366%7-day average +0.011% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 3 days (all we have)−0.551%−$55 · spread now +0.366%, 7d avg +0.011%

Together, before fees−0.548%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$55 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.354% dearer against Variational Omni than usual: you sell high and buy low (spread +0.366% now, against its 7-day average of +0.011%): +$35 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 12 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni VIRTUAL	0.7153	0.0100	pay 0.0050% / 4h	1h 56m	$525K	$878K	—
Short	Lighter VIRTUAL	0.7179	0	get 0.0000% / 1h	56m 08s	$327K	$414K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.366%Rate

Funding earned: −$21
Price spread: +0.366% → +0.011%: $35.42
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $14.42
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 28 min ago; Lighter: live order book, 19 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 Variational Omni RFQ quote, 28 min ago	4.18 bp	doesn't fit	26.5 bp −$265	doesn't fit	doesn't fit
Sell Lighter live order book, 19 min ago	3.83 bp	7.3 bp −$7	84.9 bp −$849	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7184	+0.430%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7158	+0.064%	$11K	$39K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0104%	1h	0.7181	+0.388%	$2K	$131	10x	as long as short
Lighter VIRTUALshort	0.0000%	1h	0.7179	+0.366%	$327K	$414K	5x
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7187	+0.472%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7185	+0.443%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.507%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7185	+0.444%	$14K	$1.5M	10x	as long as short
Variational Omni VIRTUALlong	+0.0100%	4h	0.7153	long leg	$525K	$878K	—
Hyperliquid VIRTUAL	+0.0100%	1h	0.7194	+0.565%	$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	0.7184	+0.432%	$194K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7185	+0.444%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7186	+0.454%	$16.4M	$37.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7182	+0.402%	$15.5M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7188	+0.486%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7184	+0.430%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7187	+0.472%	$17.3M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7183	+0.416%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7191	+0.528%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7184	+0.430%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7190	+0.514%	$236K	$158K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7160	+0.088%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7157	+0.052%	$634K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7161	+0.108%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7189	+0.501%	$29K	$818K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7186	+0.458%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7185	+0.437%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7184	+0.432%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7186	+0.452%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7187	+0.468%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7167	+0.192%	$814K	$792K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	+0.318%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0510%	1h	0.7196	+0.593%	$538K	$544K	50x	as long as short