VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0020%/8h= −2.2% APRnext payment −$0.02 per $10,000 · paid last 24h −0.007%

Price spread now: Lighter against Polymarket Perps−0.196%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$310.311% of the position

Long on Polymarket Perps Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.045%−$5 on $10k

Price spread, last 4 days (all we have)−0.817%−$82 · spread now −0.196%, 7d avg −0.043%

Together, before fees−0.862%+ Points / potential airdropLighter: Season 3 · farm board−$86 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.154% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.043%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps VIRTUAL-USD	0.7228	0.0100	pay 0.0013% / 1h	21m 05s	$52K	$1.2M	5x
Short	Lighter VIRTUAL	0.7214	0.0080	get 0.0010% / 1h	21m 05s	$328K	$415K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Polymarket Perps. 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 Polymarket PerpsbpFee LighterbpOrdersPrice spread, now −0.196%Rate

Funding earned: −$4.2
Price spread: −0.196% → −0.043%: −$15.4
Slippage, 4 orders: −$23.08
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$50.67
Costs to cover: 0.311%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Lighter: live order book, 39 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 Polymarket Perps live order book, 2 min ago	1.79 bp	9.9 bp −$10	10.2 bp −$102	doesn't fit	doesn't fit
Sell Lighter live order book, 39 min ago	5.58 bp	7.1 bp −$7	67.9 bp −$679	doesn't fit	doesn't fit

VIRTUAL on 32 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	−0.0304%	1h	0.7220	−0.108%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7216	−0.160%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7224	−0.053%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7222	−0.079%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7260	+0.440%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.533%	$46	$88K	5.5x	as long as short
Lighter VIRTUALshort	+0.0080%	1h	0.7214	−0.196%	$328K	$415K	5x
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7221	−0.094%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7222	−0.083%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7222	−0.077%	$98K	$296K	20x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7225	−0.039%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7213	−0.201%	$16.5M	$41.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7209	−0.260%	$16.6M	$18.4M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7209	−0.260%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7219	−0.122%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7213	−0.205%	$17.6M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7218	−0.136%	$3.0M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7214	−0.191%	$6.2M	$6.1M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7217	−0.149%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7218	−0.136%	$244K	$170K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7218	−0.133%	$537K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7229	+0.016%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7248	+0.280%	$643K	$888K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7229	+0.017%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USDlong	+0.0100%	1h	0.7228	long leg	$52K	$1.2M	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7225	−0.039%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7219	−0.116%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7217	−0.146%	$56K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7219	−0.127%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7220	−0.101%	$30K	—	100x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7261	+0.459%	$190K	$101K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1021%	1h	0.7232	+0.052%	$598K	$668K	50x	as long as short