VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0272%/8h= +29.8% APRnext payment +$0.34 per $10,000 · paid last 24h +0.021%

Price spread now: Extended against Lighter+0.080%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$470.469% of the position

Long on Lighter Short on Extended

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)−0.148%−$15 · spread now +0.080%, 7d avg −0.033%

Together, before fees+0.134%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Extended is 0.112% dearer against Lighter than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7098	−0.0168	get 0.0021% / 1h	41m 56s	$323K	$415K	5x
Short	Extended VIRTUAL-USD	0.7104	0.0104	get 0.0013% / 1h	41m 56s	$55K	$267K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.080%Rate

Funding earned: $57.12
Price spread: +0.080% → −0.033%: $11.25
Slippage, 4 orders: −$41.87
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: $21.5
Costs to cover: 0.469%
Break-even: 4.4 days

Slippage from Lighter: live order book, 8 min ago; Extended: live order book, 15 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, 8 min ago	5.07 bp	9.0 bp −$9	58.3 bp −$583	doesn't fit	doesn't fit
Sell Extended live order book, 15 min ago	2.66 bp	15.9 bp −$16	128.1 bp −$1,281	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	−0.0312%	1h	0.7108	+0.134%	$15K	$40K	10x	as long as short
Lighter VIRTUALlong	−0.0168%	1h	0.7098	long leg	$323K	$415K	5x
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7105	+0.088%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0128%	1h	0.7101	+0.035%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7123	+0.347%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7111	+0.170%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.261%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0060%	1h	0.7103	+0.063%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0087%	4h	0.7107	+0.120%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7115	+0.232%	$8.7M	$4.1M	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	0.7108	+0.132%	$95K	$292K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7111	+0.176%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7104	+0.077%	$16.1M	$40.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7103	+0.063%	$16.3M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7107	+0.120%	$2.8M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7105	+0.092%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7106	+0.106%	$17.3M	$4.4M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7107	+0.120%	$2.9M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7110	+0.162%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7106	+0.106%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7109	+0.148%	$235K	$209K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7098	−0.004%	$530K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7096	−0.036%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7105	+0.087%	$630K	$868K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7099	+0.007%	$40K	$239K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7109	+0.148%	$54K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7105	+0.092%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USDshort	+0.0104%	1h	0.7104	+0.080%	$55K	$267K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7105	+0.098%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7110	+0.162%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7102	+0.049%	$805K	$888K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0416%	1h	0.7179	+1.134%	$207K	$98K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0806%	1h	0.7114	+0.218%	$590K	$665K	50x	as long as short