Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.014%

Price spread now: Lighter against Gate−0.106%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$570.570% of the position

Long on Gate 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)+0.201%+$20 · spread now −0.106%, 7d avg −0.031%

Together, before fees−0.080%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.075% cheaper against Gate than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate VIRTUAL_USDT	0.7187	0.0100	pay 0.0050% / 4h	2h 23m	$1.5M	$2.9M	75x
Short	Lighter VIRTUAL	0.7179	0.0096	get 0.0012% / 1h	23m 40s	$327K	$391K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now −0.106%Rate

Funding earned: −$0.84
Price spread: −0.106% → −0.031%: −$7.46
Slippage, 4 orders: −$41.98
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$65.28
Costs to cover: 0.570%
Break-even: never at this rate

Slippage from Gate: live order book, 4 min ago; Lighter: live order book, 60 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 Gate live order book, 4 min ago	4.87 bp	17.5 bp −$17	79.3 bp −$793	doesn't fit	doesn't fit
Sell Lighter live order book, 60 min ago	4.44 bp	9.9 bp −$10	67.6 bp −$676	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
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.974%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7181	−0.086%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7181	−0.077%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0096%	1h	0.7181	−0.083%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7185	−0.028%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7185	−0.032%	$12K	—	150x	as long as short
Variational Omni VIRTUAL	+0.0037%	4h	0.7192	+0.066%	$527K	$878K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0082%	4h	0.7183	−0.056%	$14K	$1.5M	10x	as long as short
Lighter VIRTUALshort	+0.0096%	1h	0.7179	−0.106%	$327K	$391K	5x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7191	+0.057%	$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	0.7187	−0.005%	$195K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7186	−0.020%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7185	−0.032%	$16.5M	$37.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7180	−0.097%	$15.5M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7182	−0.070%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDTlong	+0.0100%	4h	0.7187	long leg	$1.5M	$2.9M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7183	−0.056%	$17.2M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7187	0.000%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7186	−0.014%	$6.2M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7182	−0.070%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7187	0.000%	$236K	$159K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7187	+0.004%	$19K	$255K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7192	+0.070%	$637K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7193	+0.083%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7185	−0.032%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7183	−0.056%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7182	−0.070%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7181	−0.090%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7182	−0.073%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7185	−0.021%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7184	−0.042%	$816K	$803K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7203	+0.223%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0523%	1h	0.7194	+0.097%	$538K	$543K	50x	as long as short