VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0252%/8h= +27.6% APRnext payment +$0.32 per $10,000 · paid last 24h +0.032%

Price spread now: Hyperliquid against Lighter+0.125%7-day average +0.098% · you sell dearer than you buy

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$320.318% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.344%+$34 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.125%, 7d avg +0.098%

Together, before fees+0.294%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$29 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.027% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.098%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7138	−0.0152	get 0.0019% / 1h	52m 52s	$325K	$414K	5x
Short	Hyperliquid VIRTUAL	0.7147	0.0100	get 0.0013% / 1h	52m 52s	$8.7M	$3.7M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.125%Rate

Funding earned: $52.92
Price spread: +0.125% → +0.098%: $2.71
Slippage, 4 orders: −$22.75
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $23.87
Costs to cover: 0.318%
Break-even: 3.8 days

Slippage from Lighter: live order book, 22 min ago; Hyperliquid: live order book, 9 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, 22 min ago	3.83 bp	5.6 bp −$6	57.8 bp −$578	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	0.49 bp	10.5 bp −$11	doesn't fit	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	−0.0868%	1h	0.7147	+0.129%	$15K	$40K	10x	as long as short
Lighter VIRTUALlong	−0.0152%	1h	0.7138	long leg	$325K	$414K	5x
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7146	+0.115%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7151	+0.185%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7188	+0.709%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7151	+0.191%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.291%	$46	$88K	5.5x	as long as short
SoDEX VIRTUAL-USD	+0.0088%	1h	0.7144	+0.084%	$1K	$9K	5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7147	+0.129%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7147	+0.125%	$8.7M	$3.7M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7141	+0.039%	$193K	$82K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7167	+0.415%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7137	−0.011%	$16.3M	$37.5M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7136	−0.025%	$15.4M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7136	−0.025%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7140	+0.031%	$1.4M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7137	−0.011%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7144	+0.087%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7141	+0.045%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7138	+0.003%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7141	+0.045%	$235K	$157K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7178	+0.569%	$526K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7185	+0.667%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7184	+0.650%	$636K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7188	+0.703%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7157	+0.266%	$29K	$818K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7146	+0.115%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7133	−0.069%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7147	+0.128%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7152	+0.199%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7145	+0.101%	$808K	$790K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	+0.535%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0512%	1h	0.7160	+0.308%	$536K	$544K	50x	as long as short