VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0979%/8h= +107.2% APRnext payment +$1.22 per $10,000 · paid last 24h +0.080%

Price spread now: Kraken Futures against Lighter+0.408%7-day average +0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$690.689% of the position

Long on Lighter Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.228%+$23 on $10k

Price spread, last 3 days (all we have)−0.343%−$34 · spread now +0.408%, 7d avg +0.100%

Together, before fees−0.114%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$29 a day on $10k at the current rate, and Kraken Futures is 0.309% dearer against Lighter than usual: you sell high and buy low: +$31 more if the spread goes back to its 7-day average of +0.100%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.228% in total (about 11.9% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.22 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7218	0.0040	pay 0.0005% / 1h	44m 26s	$328K	$413K	5x
Short	Kraken Futures PF_VIRTUALUSD	0.7248	0.1019	get 0.0127% / 1h	44m 26s	$598K	$661K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.408%Rate

Funding earned: $205.51
Price spread: +0.408% → +0.100%: $30.86
Slippage, 4 orders: −$58.94
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $167.43
Costs to cover: 0.689%
Break-even: 1.3 days

Slippage from Lighter: live order book, 15 min ago; Kraken Futures: live order book, 24 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, 15 min ago	5.58 bp	8.3 bp −$8	52.9 bp −$529	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 24 min ago	20.93 bp	26.2 bp −$26	50.5 bp −$505	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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7226	+0.115%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0080%	1h	0.7238	+0.276%	$2K	$131	10x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7236	+0.248%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7234	+0.224%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7241	+0.321%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.401%	$46	$88K	5.5x	as long as short
Lighter VIRTUALlong	+0.0040%	1h	0.7218	long leg	$328K	$413K	5x
Orderly PERP_VIRTUAL_USDC	+0.0089%	4h	0.7237	+0.262%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7239	+0.291%	$8.9M	$4.2M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7223	+0.072%	$171K	$194K	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	0.7225	+0.089%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7232	+0.190%	$16.6M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7236	+0.248%	$16.5M	$17.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7239	+0.290%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7228	+0.137%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7231	+0.179%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7230	+0.165%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7242	+0.331%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7232	+0.193%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7227	+0.123%	$246K	$176K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7231	+0.184%	$528K	$900K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7239	+0.292%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7261	+0.594%	$643K	$878K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7242	+0.331%	$41K	$244K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7236	+0.245%	$52K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7230	+0.165%	$1K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7238	+0.283%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7240	+0.299%	$56K	$275K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7238	+0.275%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7232	+0.199%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7252	+0.470%	$826K	$858K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7274	+0.774%	$197K	$93K	50x	as long as short
Kraken Futures PF_VIRTUALUSDshort	+0.1019%	1h	0.7248	+0.408%	$598K	$661K	50x