VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0091%/8h= −10.0% APRnext payment −$0.11 per $10,000 · paid last 24h −0.043%

Price spread now: Reya against Lighter−0.075%75s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Reya: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Reya is 0.075% cheaper against Lighter than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 75 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	0.7138	−0.0048	get 0.0006% / 1h	15m 43s	$322K	$403K	5x
Short	Reya VIRTUALRUSDPERP	0.7133	−0.0139	pay 0.0017% / 1h	15m 43s	$24	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.075%Rate

Funding earned: −$19.1
Price spread: −0.075% → 0.000%: −$7.52
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: −$32.62
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 14 min ago; Reya: no order-book sample. Net counts fees only.

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, 14 min ago	5.20 bp	6.1 bp −$6	53.9 bp −$539	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Kraken Futures PF_VIRTUALUSD	−0.0336%	1h	0.7147	+0.133%	$519K	$741K	50x	as long as short
Reya VIRTUALRUSDPERPshort	−0.0139%	1h	0.7133	−0.075%	$24	—	10x
Variational Omni VIRTUAL	−0.0084%	4h	0.7138	+0.006%	$535K	$837K	—	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7152	+0.196%	$2K	$106	10x	as long as short
Phoenix VIRTUAL	−0.0067%	1h	0.7137	−0.013%	$11K	$36K	5x	as long as short
Lighter VIRTUALlong	−0.0048%	1h	0.7138	long leg	$322K	$403K	5x
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7145	+0.098%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7144	+0.091%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.294%	$46	$88K	5.5x	as long as short
Bybit VIRTUALUSDT	+0.0072%	4h	0.7143	+0.070%	$16.2M	$18.8M	50x	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	+0.0073%	4h	0.7144	+0.084%	$16K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7149	+0.148%	$92K	$303K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7146	+0.109%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7149	+0.148%	$16.1M	$42.0M	75x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7147	+0.126%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7148	+0.140%	$1.5M	$3.4M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7145	+0.098%	$15.6M	$5.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7150	+0.168%	$3.0M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7148	+0.140%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7146	+0.112%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7148	+0.140%	$237K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7130	−0.110%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7132	−0.084%	$635K	$1.1M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7138	0.000%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7144	+0.080%	$45K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7146	+0.112%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7142	+0.053%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7144	+0.078%	$53K	$304K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7145	+0.096%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7143	+0.069%	$32K	—	100x	as long as short
Hyperliquid VIRTUAL	+0.0320%	1h	0.7159	+0.290%	$8.8M	$3.8M	5x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7132	−0.084%	$782K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7170	+0.448%	$200K	$100K	50x	as long as short