VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0175%/8h= −19.2% APRnext payment −$0.22 per $10,000 · paid last 24h −0.113%

Price spread now: Lighter against Kraken Futures−0.185%7-day average −0.098% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$550.548% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.237%−$24 on $10k

Price spread, last 4 days (all we have)+0.240%+$24 · spread now −0.185%, 7d avg −0.098%

Together, before fees+0.003%+ Points / potential airdropLighter: Season 3 · farm board$0 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 0.087% cheaper against Kraken Futures than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.098%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_VIRTUALUSD	0.7168	0.0063	pay 0.0008% / 1h	55m 09s	$561K	$749K	50x
Short	Lighter VIRTUAL	0.7155	−0.0112	pay 0.0014% / 1h	55m 09s	$326K	$368K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.185%Rate

Funding earned: −$36.83
Price spread: −0.185% → −0.098%: −$8.66
Slippage, 4 orders: −$44.79
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$100.28
Costs to cover: 0.548%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 56 min ago; Lighter: live order book, 51 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 Kraken Futures live order book, 56 min ago	9.06 bp	16.2 bp −$16	42.0 bp −$420	doesn't fit	doesn't fit
Sell Lighter live order book, 51 min ago	3.00 bp	10.6 bp −$11	59.2 bp −$592	doesn't fit	doesn't fit

VIRTUAL on 33 exchanges

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	−0.0448%	1h	0.7158	−0.145%	$25K	$40K	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7155	−0.183%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0132%	1h	0.7173	+0.061%	$11K	$32K	5x	as long as short
Lighter VIRTUALshort	−0.0112%	1h	0.7155	−0.185%	$326K	$368K	5x
SoDEX VIRTUAL-USD	−0.0076%	1h	0.7157	−0.152%	$1K	$9K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7175	+0.093%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.717%	$46	$88K	5.5x	as long as short
Kraken Futures PF_VIRTUALUSDlong	+0.0063%	1h	0.7168	long leg	$561K	$749K	50x
Variational Omni VIRTUAL	+0.0076%	4h	0.7163	−0.080%	$680K	$816K	—	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0085%	4h	0.7158	−0.145%	$15K	$1.8M	10x	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid VIRTUAL	+0.0100%	1h	0.7168	−0.007%	$8.9M	$3.6M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7163	−0.069%	$92K	$297K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7164	−0.062%	$70K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7155	−0.182%	$16.0M	$40.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7155	−0.187%	$16.6M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7157	−0.159%	$2.8M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7163	−0.076%	$1.5M	$3.1M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7159	−0.131%	$14.8M	$5.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7160	−0.118%	$3.4M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7164	−0.062%	$6.1M	$5.4M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7162	−0.090%	—	$7.8M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7168	−0.006%	$245K	$177K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7172	+0.044%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7171	+0.031%	$632K	$1.4M	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7188	+0.273%	$40K	$234K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7165	−0.048%	$47K	$996K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7159	−0.131%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7155	−0.185%	$54K	$310K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7156	−0.172%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0312% / S −0.0258%	1h	0.7159	−0.131%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7160	−0.118%	$777K	$959K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0480%	1h	0.7193	+0.343%	$202K	$97K	50x	as long as short
01 Exchange VIRTUALUSD	+0.6232%	1h	0.7275	+1.487%	$2K	$27	10x	as long as short