Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.092%

Price spread now: BloFin against Lighter+0.207%90s7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs+$29as 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−$400.403% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.690%+$69 on $10k

Price spread, last 3 days (all we have)−0.250%−$25 · spread now +0.207%, 7d avg +0.007%

Together, before fees+0.439%+ Points / potential airdropLighter: Season 3 · farm board+$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and BloFin is 0.200% dearer against Lighter than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.007%. 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	Lighter VIRTUAL	0.7295	0.0056	pay 0.0007% / 1h	31m 47s	$331K	$417K	5x
Short	BloFin VIRTUAL-USDT	0.7310	0.0340	get 0.0170% / 4h	3h 31m	$828K	$842K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.207%Rate

Funding earned: $59.64
Price spread: +0.207% → +0.007%: $19.98
Slippage, 4 orders: −$28.35
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $39.27
Costs to cover: 0.403%
Break-even: 2.4 days

Slippage from Lighter: live order book, 33 min ago; BloFin: live order book, 40 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, 33 min ago	4.93 bp	8.5 bp −$8	48.9 bp −$489	doesn't fit	doesn't fit
Sell BloFin live order book, 40 min ago	1.38 bp	10.0 bp −$10	15.9 bp −$159	47.7 bp −$4,769	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7299	+0.055%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7316	+0.289%	$12K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7296	+0.015%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7304	+0.125%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7299	+0.058%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.439%	$46	$88K	5.5x	as long as short
Lighter VIRTUALlong	+0.0056%	1h	0.7295	long leg	$331K	$417K	5x
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7307	+0.166%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7309	+0.189%	$199K	$155K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7302	+0.102%	$72K	$45K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7304	+0.123%	$16.9M	$39.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7302	+0.097%	$16.5M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7300	+0.070%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7308	+0.180%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7307	+0.166%	$18.4M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7308	+0.180%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7306	+0.152%	$6.3M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7300	+0.070%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7307	+0.166%	$248K	$165K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7338	+0.589%	$549K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7326	+0.432%	$19K	$259K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7327	+0.442%	$651K	$889K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7326	+0.426%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7305	+0.141%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7295	+0.001%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7300	+0.073%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7309	+0.193%	$57K	$311K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7305	+0.137%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0186%	1h	0.7310	+0.202%	$9.1M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7299	+0.051%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDTshort	+0.0340%	4h	0.7310	+0.207%	$828K	$842K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7310	+0.207%	$198K	$91K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0740%	1h	0.7313	+0.254%	$604K	$639K	50x	as long as short