VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0240%/8h= −26.3% APRnext payment −$0.30 per $10,000 · paid last 24h −0.021%

Price spread now: Lighter against Extended−0.046%7-day average +0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$470.469% of the position

Long on Extended Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.281%−$28 on $10k

Price spread, last 4 days (all we have)+0.114%+$11 · spread now −0.046%, 7d avg +0.033%

Together, before fees−0.167%+ Points / potential airdropExtended: Active · Lighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.079% cheaper against Extended than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended VIRTUAL-USD	0.7121	0.0104	pay 0.0013% / 1h	40m 28s	$55K	$267K	10x
Short	Lighter VIRTUAL	0.7118	−0.0136	pay 0.0017% / 1h	40m 28s	$324K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Extended. 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 ExtendedbpFee LighterbpOrdersPrice spread, now −0.046%Rate

Funding earned: −$50.4
Price spread: −0.046% → +0.033%: −$7.9
Slippage, 4 orders: −$41.87
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Lighter: 0 bp × 2 orders: $0
Net: −$105.16
Costs to cover: 0.469%
Break-even: never at this rate

Slippage from Extended: live order book, 17 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 Extended live order book, 17 min ago	2.66 bp	14.9 bp −$15	156.4 bp −$1,564	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	5.07 bp	7.1 bp −$7	62.7 bp −$627	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	0.7112	−0.129%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7118	−0.048%	$24	—	10x	as long as short
Lighter VIRTUALshort	−0.0136%	1h	0.7118	−0.046%	$324K	$415K	5x
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7121	−0.003%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7109	−0.172%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7112	−0.127%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.059%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0072%	1h	0.7109	−0.164%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0087%	4h	0.7111	−0.143%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7129	+0.114%	$8.7M	$4.1M	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	0.7124	+0.042%	$96K	$292K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7126	+0.062%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7123	+0.031%	$16.1M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7121	−0.003%	$16.4M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7122	+0.011%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7120	−0.017%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7121	−0.003%	$17.4M	$4.4M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7118	−0.045%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7122	+0.011%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7119	−0.031%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7116	−0.073%	$236K	$209K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7104	−0.246%	$531K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7113	−0.112%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7105	−0.231%	$630K	$868K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7099	−0.312%	$40K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7125	+0.056%	$52K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7109	−0.171%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USDlong	+0.0104%	1h	0.7121	long leg	$55K	$267K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7109	−0.176%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7110	−0.156%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7114	−0.101%	$800K	$890K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+0.812%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0806%	1h	0.7121	+0.004%	$590K	$665K	50x	as long as short