Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0324%/8h= +35.5% APRpaid last 24h +0.022%

Price spread now: Gate against Lighter+0.076%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$550.549% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+0.291%+$29 on $10k

Price spread, last 4 days (all we have)−0.118%−$12 · spread now +0.076%, 7d avg +0.034%

Together, before fees+0.174%+ Points / potential airdropLighter: Season 3 · farm board+$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Gate is 0.042% dearer against Lighter than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7151	−0.0224	get 0.0028% / 1h	9m 34s	$325K	$407K	5x
Short	Gate VIRTUAL_USDT	0.7156	0.0100	get 0.0050% / 4h	3h 09m	$1.5M	$3.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.076%Rate

Funding earned: $68.04
Price spread: +0.076% → +0.034%: $4.2
Slippage, 4 orders: −$39.88
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $17.36
Costs to cover: 0.549%
Break-even: 5.2 days

Slippage from Lighter: live order book, 35 min ago; Gate: live order book, 3 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, 35 min ago	4.93 bp	7.8 bp −$8	46.5 bp −$465	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	4.88 bp	20.2 bp −$20	94.6 bp −$946	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
Deribit VIRTUAL_USDC-PERPETUAL	−0.0588%	1h	0.7150	−0.008%	$15K	$40K	10x	as long as short
Lighter VIRTUALlong	−0.0224%	1h	0.7151	long leg	$325K	$407K	5x
01 Exchange VIRTUALUSD	−0.0160%	1h	0.7149	−0.022%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7152	+0.022%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0045%	1h	0.7149	−0.020%	$1K	$9K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7175	+0.344%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7154	+0.050%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.470%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0083%	4h	0.7153	+0.034%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7162	+0.155%	$8.8M	$4.1M	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7158	+0.106%	$94K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7155	+0.066%	$70K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7152	+0.018%	$16.2M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7149	−0.022%	$16.5M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7151	+0.006%	$2.8M	$9.9M	20x	as long as short
Gate VIRTUAL_USDTshort	+0.0100%	4h	0.7156	+0.076%	$1.5M	$3.4M	75x
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7154	+0.048%	$16.1M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7157	+0.090%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7154	+0.048%	$6.1M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7150	−0.008%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7152	+0.020%	$237K	$214K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7155	+0.064%	$536K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7173	+0.318%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7173	+0.314%	$637K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7181	+0.425%	$40K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7159	+0.115%	$53K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7160	+0.131%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7148	−0.038%	$57K	$259K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7148	−0.039%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7154	+0.051%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7157	+0.090%	$796K	$949K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7200	+0.691%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0489%	1h	0.7158	+0.103%	$586K	$670K	50x	as long as short