Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h +0.027%

Price spread now: edgeX against Lighter+0.228%49s7-day average −0.011% · 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—prices read too far apart to compare

costs, in and out, $10k−$330.325% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.276%+$28 on $10k

Price spread, last 4 days (all we have)−0.172%−$17 · spread now +0.228%, 7d avg −0.011%

Together, before fees+0.104%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and edgeX is 0.239% dearer against Lighter than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of −0.011%. The two prices were read 49 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	0.7131	−0.0008	get 0.0001% / 1h	4m 46s	$322K	$404K	5x
Short	edgeX VIRTUALUSDC	0.7148	0.0100	get 0.0050% / 4h	1h 04m	$19K	$261K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.228%Rate

Funding earned: $22.68
Price spread: +0.228% → −0.011%: $23.86
Slippage, 4 orders: −$23.52
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $14.02
Costs to cover: 0.325%
Break-even: 2.7 days

Slippage from Lighter: live order book, 30 min ago; edgeX: live order book, 38 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, 30 min ago	6.63 bp	9.0 bp −$9	48.4 bp −$484	doesn't fit	doesn't fit
Sell edgeX live order book, 38 min ago	2.81 bp	8.3 bp −$8	24.6 bp −$246	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7145	+0.194%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0101%	1h	0.7146	+0.201%	$11K	$36K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7144	+0.175%	$2K	$106	10x	as long as short
Variational Omni VIRTUAL	−0.0060%	4h	0.7149	+0.249%	$531K	$903K	—	as long as short
Lighter VIRTUALlong	−0.0008%	1h	0.7131	long leg	$322K	$404K	5x
Kraken Futures PF_VIRTUALUSD	−0.0005%	1h	0.7149	+0.247%	$522K	$761K	50x	as long as short
Bybit VIRTUALUSDT	0.0000%	4h	0.7133	+0.021%	$16.2M	$18.9M	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7147	+0.217%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7148	+0.231%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.203%	$46	$88K	5.5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_VIRTUAL_USDC	+0.0072%	4h	0.7146	+0.203%	$16K	$1.7M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7144	+0.179%	$92K	$302K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7152	+0.289%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7138	+0.095%	$16.1M	$42.3M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7140	+0.119%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7145	+0.189%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7138	+0.091%	$15.9M	$5.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7146	+0.203%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7145	+0.189%	$6.0M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7142	+0.147%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7145	+0.189%	$236K	$176K	10x	as long as short
edgeX VIRTUALUSDCshort	+0.0100%	4h	0.7148	+0.228%	$19K	$261K	10x
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7144	+0.180%	$630K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7150	+0.259%	$40K	$236K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7144	+0.174%	$47K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7146	+0.203%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7143	+0.160%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7136	+0.059%	$55K	$259K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7145	+0.193%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0203%	1h	0.7147	+0.215%	$8.8M	$3.9M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7146	+0.203%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7144	+0.175%	$783K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7175	+0.610%	$200K	$101K	50x	as long as short