Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0268%/8h= −29.3% APRpaid last 24h −0.086%

Price spread now: Lighter against BloFin−0.081%90s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$330.334% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.687%−$69 on $10k

Price spread, last 3 days (all we have)+0.224%+$22 · spread now −0.081%, 7d avg −0.001%

Together, before fees−0.463%+ Points / potential airdropLighter: Season 3 · farm board−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Lighter is 0.080% cheaper against BloFin than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.001%). Swap the legs. The two prices were read 90 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin VIRTUAL-USDT	0.7165	0.0340	pay 0.0170% / 4h	2h 05m	$816K	$794K	75x
Short	Lighter VIRTUAL	0.7159	0.0072	get 0.0009% / 1h	5m 24s	$326K	$391K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$56.28
Price spread: −0.081% → −0.001%: −$8.04
Slippage, 4 orders: −$21.38
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$97.7
Costs to cover: 0.334%
Break-even: never at this rate

Slippage from BloFin: live order book, 16 min ago; Lighter: live order book, 9 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 BloFin live order book, 16 min ago	2.78 bp	9.5 bp −$9	14.1 bp −$141	41.8 bp −$4,175	doesn't fit
Sell Lighter live order book, 9 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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0588%	1h	0.7158	−0.098%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.670%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7156	−0.130%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7162	−0.038%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7157	−0.112%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7162	−0.046%	$12K	—	150x	as long as short
Lighter VIRTUALshort	+0.0072%	1h	0.7159	−0.081%	$326K	$391K	5x
Orderly PERP_VIRTUAL_USDC	+0.0086%	4h	0.7159	−0.084%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7166	+0.010%	$8.7M	$3.7M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7166	+0.012%	$194K	$82K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7167	+0.021%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7156	−0.123%	$16.4M	$37.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7154	−0.154%	$15.5M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7158	−0.098%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7160	−0.070%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7155	−0.140%	$17.2M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7164	−0.014%	$4.4M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7162	−0.042%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7162	−0.042%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7165	0.000%	$235K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7159	−0.081%	$525K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7169	+0.056%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7170	+0.070%	$635K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7174	+0.126%	$40K	$246K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7161	−0.050%	$27K	$815K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7158	−0.098%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7161	−0.050%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7156	−0.131%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7157	−0.112%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7163	−0.028%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7165	long leg	$816K	$794K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7203	+0.530%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0525%	1h	0.7174	+0.122%	$536K	$544K	50x	as long as short