VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0060%/8h= +6.6% APRnext payment +$0.07 per $10,000 · paid last 24h +0.031%

Price spread now: Hyperliquid against Lighter+0.170%7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$400.405% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.345%+$35 on $10k

Price spread, last 4 days (all we have)−0.096%−$10 · spread now +0.170%, 7d avg +0.098%

Together, before fees+0.250%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Hyperliquid is 0.073% dearer against Lighter than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7157	0.0040	pay 0.0005% / 1h	32m 20s	$326K	$391K	5x
Short	Hyperliquid VIRTUAL	0.7169	0.0100	get 0.0013% / 1h	32m 20s	$8.8M	$3.6M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.170%Rate

Funding earned: $12.6
Price spread: +0.170% → +0.098%: $7.28
Slippage, 4 orders: −$31.47
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$20.58
Costs to cover: 0.405%
Break-even: 18.4 days

Slippage from Lighter: live order book, 51 min ago; Hyperliquid: live order book, 10 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, 51 min ago	4.44 bp	8.1 bp −$8	42.9 bp −$429	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.56 bp	12.2 bp −$12	doesn't fit	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	−0.0308%	1h	0.7161	+0.054%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	−0.0160%	1h	0.7117	−0.560%	$46	$88K	5.5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7159	+0.033%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7179	+0.313%	$11K	$45K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7161	+0.054%	$2K	$131	10x	as long as short
Variational Omni VIRTUAL	+0.0005%	4h	0.7142	−0.207%	$521K	$874K	—	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7164	+0.099%	$12K	—	150x	as long as short
Lighter VIRTUALlong	+0.0040%	1h	0.7157	long leg	$326K	$391K	5x
Orderly PERP_VIRTUAL_USDC	+0.0081%	4h	0.7160	+0.041%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7169	+0.170%	$8.8M	$3.6M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7166	+0.125%	$195K	$81K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7163	+0.082%	$74K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7162	+0.063%	$16.4M	$36.9M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7157	−0.001%	$15.4M	$15.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7155	−0.029%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7164	+0.096%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7160	+0.041%	$17.1M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7165	+0.110%	$3.1M	$3.9M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7167	+0.138%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7162	+0.068%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7164	+0.096%	$235K	$158K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7154	−0.049%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7153	−0.051%	$633K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7151	−0.085%	$40K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7164	+0.098%	$33K	$783K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7162	+0.068%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7157	+0.006%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7159	+0.029%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7160	+0.043%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7164	+0.100%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7160	+0.041%	$813K	$802K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7180	+0.320%	$196K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0525%	1h	0.7170	+0.182%	$536K	$541K	50x	as long as short