VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0208%/8h= +22.8% APRnext payment +$0.26 per $10,000 · paid last 24h +0.037%

Price spread now: Extended against Lighter−0.046%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

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

costs, in and out, $10k−$420.425% of the position

Long on Lighter Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.272%+$27 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now −0.046%, 7d avg −0.029%

Together, before fees+0.245%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.029%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7102	−0.0104	get 0.0013% / 1h	51m 30s	$323K	$365K	5x
Short	Extended VIRTUAL-USD	0.7099	0.0104	get 0.0013% / 1h	51m 30s	$53K	$337K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.046%Rate

Funding earned: $43.68
Price spread: −0.046% → −0.029%: −$1.75
Slippage, 4 orders: −$37.45
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$0.52
Costs to cover: 0.425%
Break-even: 7.1 days

Slippage from Lighter: live order book, 46 min ago; Extended: live order book, 54 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, 46 min ago	2.59 bp	6.5 bp −$7	41.7 bp −$417	doesn't fit	doesn't fit
Sell Extended live order book, 54 min ago	1.96 bp	14.3 bp −$14	118.2 bp −$1,182	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	−0.0172%	1h	0.7109	+0.100%	$25K	$40K	10x	as long as short
Phoenix VIRTUAL	−0.0146%	1h	0.7123	+0.294%	$11K	$32K	5x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7099	−0.036%	$24	—	10x	as long as short
Lighter VIRTUALlong	−0.0104%	1h	0.7102	long leg	$323K	$365K	5x
ApeX Omni VIRTUALUSDT	−0.0054%	1h	0.7126	+0.339%	$40K	$234K	50x	as long as short
SoDEX VIRTUAL-USD	−0.0053%	1h	0.7108	+0.093%	$1K	$9K	5x	as long as short
Kraken Futures PF_VIRTUALUSD	−0.0010%	1h	0.7118	+0.229%	$563K	$745K	50x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0006%	1h	0.7112	+0.143%	$22K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	+0.213%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0080%	4h	0.7108	+0.086%	$14K	$1.7M	10x	as long as short

Show all 33 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7108	+0.085%	$99K	$306K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7109	+0.100%	$70K	$39K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7103	+0.012%	$15.8M	$40.2M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7102	+0.001%	$16.7M	$18.3M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7102	+0.001%	$2.8M	$9.6M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7109	+0.100%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7106	+0.058%	$14.4M	$5.0M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7111	+0.128%	$3.4M	$4.5M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7107	+0.072%	$6.1M	$5.1M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7103	+0.015%	—	$7.7M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7113	+0.156%	$242K	$180K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7121	+0.263%	$675K	$550K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7122	+0.278%	$19K	$253K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7121	+0.269%	$636K	$1.6M	10x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7106	+0.058%	$35K	$1.0M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7115	+0.184%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USDshort	+0.0104%	1h	0.7099	−0.046%	$53K	$337K	10x
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7109	+0.096%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0173%	1h	0.7115	+0.187%	$8.8M	$3.3M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0311% / S −0.0258%	1h	0.7112	+0.139%	$32K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7115	+0.184%	$771K	$903K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0520%	1h	0.7167	+0.917%	$201K	$94K	50x	as long as short
01 Exchange VIRTUALUSD	+1.4080%	1h	0.7431	+4.634%	$2K	$393	10x	as long as short