Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0156%/8h= −17.1% APRpaid last 24h −0.027%

Price spread now: Lighter against Bybit−0.070%7-day average +0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$350.348% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.252%−$25 on $10k

Price spread, last 4 days (all we have)+0.129%+$13 · spread now −0.070%, 7d avg +0.020%

Together, before fees−0.123%+ Points / potential airdropLighter: Season 3 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Lighter is 0.090% cheaper against Bybit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit VIRTUALUSDT	0.7138	0.0100	pay 0.0050% / 4h	3h 52m	$16.3M	$18.9M	50x
Short	Lighter VIRTUAL	0.7133	−0.0056	pay 0.0007% / 1h	52m 01s	$322K	$400K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$32.76
Price spread: −0.070% → +0.020%: −$9.03
Slippage, 4 orders: −$23.81
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$76.59
Costs to cover: 0.348%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Lighter: live order book, 37 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 Bybit live order book, 1 min ago	1.40 bp	11.4 bp −$11	23.6 bp −$236	doesn't fit	doesn't fit
Sell Lighter live order book, 37 min ago	5.20 bp	5.7 bp −$6	66.2 bp −$662	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
Kraken Futures PF_VIRTUALUSD	−0.0225%	1h	0.7139	+0.020%	$513K	$745K	50x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0170%	1h	0.7136	−0.028%	$15K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7140	+0.023%	$24	—	10x	as long as short
Lighter VIRTUALshort	−0.0056%	1h	0.7133	−0.070%	$322K	$400K	5x
Variational Omni VIRTUAL	−0.0034%	4h	0.7135	−0.038%	$535K	$830K	—	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7133	−0.077%	$11K	$36K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7133	−0.070%	$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
Orderly PERP_VIRTUAL_USDC	+0.0073%	4h	0.7138	0.000%	$15K	$1.8M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7142	+0.057%	$92K	$302K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7143	+0.065%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7137	−0.014%	$16.1M	$42.0M	75x	as long as short
Bybit VIRTUALUSDTlong	+0.0100%	4h	0.7138	long leg	$16.3M	$18.9M	50x
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7140	+0.028%	$2.9M	$10.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7142	+0.056%	$1.5M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7138	0.000%	$15.5M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7142	+0.056%	$3.3M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7139	+0.014%	$6.0M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7140	+0.028%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7142	+0.056%	$236K	$175K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7129	−0.127%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7145	+0.098%	$641K	$1.2M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7125	−0.182%	$40K	$235K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7147	+0.133%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7130	−0.112%	$841	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7133	−0.073%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7130	−0.109%	$55K	$310K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7135	−0.046%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0313% / S −0.0258%	1h	0.7141	+0.041%	$32K	—	100x	as long as short
Hyperliquid VIRTUAL	+0.0329%	1h	0.7150	+0.163%	$8.8M	$3.8M	5x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7136	−0.028%	$784K	$1.0M	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0512%	1h	0.7148	+0.140%	$199K	$101K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6304%	1h	0.7279	+1.975%	$2K	$106	10x	as long as short