VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0833%/8h= −91.2% APRnext payment −$1.04 per $10,000 · paid last 24h −0.089%

Price spread now: Lighter against Kraken Futures−0.254%7-day average −0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$550.554% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.235%−$24 on $10k

Price spread, last 4 days (all we have)+0.475%+$47 · spread now −0.254%, 7d avg −0.100%

Together, before fees+0.239%+ Points / potential airdropLighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and Lighter is 0.154% cheaper against Kraken Futures than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.100%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.235% in total (about -12.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.04 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7168	0.0913	pay 0.0114% / 1h	5m 31s	$596K	$663K	50x
Short	Lighter VIRTUAL	0.7149	0.0080	get 0.0010% / 1h	5m 31s	$325K	$413K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.254%Rate

Funding earned: −$174.94
Price spread: −0.254% → −0.100%: −$15.38
Slippage, 4 orders: −$45.41
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$245.73
Costs to cover: 0.554%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 58 min ago; Lighter: live order book, 49 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 Kraken Futures live order book, 58 min ago	7.62 bp	18.0 bp −$18	49.4 bp −$494	doesn't fit	doesn't fit
Sell Lighter live order book, 49 min ago	4.74 bp	12.4 bp −$12	58.8 bp −$588	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	−0.0169%	1h	0.7157	−0.150%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7157	−0.146%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7158	−0.136%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7210	+0.590%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7159	−0.127%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.708%	$46	$88K	5.5x	as long as short
Lighter VIRTUALshort	+0.0080%	1h	0.7149	−0.254%	$325K	$413K	5x
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7156	−0.163%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7166	−0.023%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7157	−0.145%	$97K	$291K	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	0.7155	−0.175%	$70K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7162	−0.077%	$16.4M	$40.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7157	−0.150%	$16.6M	$18.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7158	−0.136%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7153	−0.205%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7153	−0.205%	$17.7M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7155	−0.177%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7162	−0.080%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7155	−0.177%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7159	−0.122%	$237K	$202K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7153	−0.204%	$533K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7176	+0.116%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7190	+0.305%	$641K	$867K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7196	+0.395%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7164	−0.052%	$51K	$989K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7158	−0.136%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7157	−0.143%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7155	−0.178%	$54K	$270K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7157	−0.156%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7159	−0.127%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7174	+0.088%	$810K	$893K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7190	+0.311%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0913%	1h	0.7168	long leg	$596K	$663K	50x