Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.036%

Price spread now: BingX against Lighter+0.014%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs+$5as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$260.260% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.312%+$31 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now +0.014%, 7d avg +0.009%

Together, before fees+0.251%+ Points / potential airdropLighter: Season 3 · farm board+$25 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7193	0.0096	pay 0.0012% / 1h	10m 00s	$332K	$381K	5x
Short	BingX VIRTUAL-USDT	0.7194	0.0100	get 0.0050% / 4h	10m 00s	—	$7.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now +0.014%Rate

Funding earned: $0.84
Price spread: +0.014% → +0.009%: $0.47
Slippage, 4 orders: −$15.96
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$24.65
Costs to cover: 0.260%
Break-even: 212.4 days

Slippage from Lighter: live order book, 22 min ago; BingX: live order book, 6 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 Lighter live order book, 22 min ago	2.24 bp	3.3 bp −$3	51.7 bp −$517	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	1.39 bp	8.7 bp −$9	12.9 bp −$129	25.4 bp −$2,536	82.6 bp −$41.3K

VIRTUAL on 33 exchanges

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
Phoenix VIRTUAL	−0.0146%	1h	0.7197	+0.053%	$11K	$32K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7189	−0.062%	$24	—	10x	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0010%	1h	0.7200	+0.099%	$568K	$736K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7193	0.000%	$25K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7194	+0.008%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.057%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0078%	4h	0.7191	−0.028%	$15K	$1.6M	10x	as long as short
Lighter VIRTUALlong	+0.0096%	1h	0.7193	long leg	$332K	$381K	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7209	+0.222%	$100K	$304K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7197	+0.050%	$71K	$38K	5x	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7205	+0.173%	$16.2M	$39.7M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7203	+0.139%	$16.9M	$18.2M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7200	+0.097%	$2.8M	$8.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7196	+0.042%	$1.6M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7193	0.000%	$14.4M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7196	+0.042%	$3.4M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7196	+0.042%	$6.2M	$4.8M	25x	as long as short
BingX VIRTUAL-USDTshort	+0.0100%	4h	0.7194	+0.014%	—	$7.6M	—
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7197	+0.056%	$249K	$186K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7185	−0.111%	$672K	$559K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7194	+0.011%	$19K	$252K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7193	0.000%	$641K	$1.6M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7199	+0.083%	$41K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7197	+0.056%	$31K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7197	+0.056%	$2K	$1.2M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7192	−0.007%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7190	−0.042%	$54K	$391K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7192	−0.015%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0291%	1h	0.7206	+0.186%	$9.0M	$3.2M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7192	−0.009%	$33K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7188	−0.070%	$777K	$892K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0520%	1h	0.7210	+0.236%	$203K	$77K	50x	as long as short
01 Exchange VIRTUALUSD	+1.2816%	1h	0.7436	+3.378%	$2K	$366	10x	as long as short