Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0172%/8h= +18.8% APRpaid last 24h +0.014%

Price spread now: KuCoin against Lighter+0.103%7-day average +0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$620.624% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.257%+$26 on $10k

Price spread, last 4 days (all we have)−0.236%−$24 · spread now +0.103%, 7d avg +0.019%

Together, before fees+0.021%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and KuCoin is 0.085% dearer against Lighter than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7158	−0.0072	get 0.0009% / 1h	58m 27s	$326K	$414K	5x
Short	KuCoin VIRTUALUSDTM	0.7165	0.0100	get 0.0050% / 4h	1h 58m	$4.3M	$4.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now +0.103%Rate

Funding earned: $36.12
Price spread: +0.103% → +0.019%: $8.49
Slippage, 4 orders: −$50.41
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$17.81
Costs to cover: 0.624%
Break-even: 10.5 days

Slippage from Lighter: live order book, 16 min ago; KuCoin: 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, 16 min ago	3.83 bp	5.6 bp −$6	57.8 bp −$578	doesn't fit	doesn't fit
Sell KuCoin live order book, 9 min ago	2.79 bp	18.8 bp −$19	46.7 bp −$467	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	0.7157	−0.015%	$24	—	10x	as long as short
Phoenix VIRTUAL	−0.0112%	1h	0.7158	+0.003%	$11K	$39K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7154	−0.050%	$2K	$131	10x	as long as short
Lighter VIRTUALlong	−0.0072%	1h	0.7158	long leg	$326K	$414K	5x
Deribit VIRTUAL_USDC-PERPETUAL	−0.0029%	1h	0.7166	+0.117%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7168	+0.147%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.567%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7166	+0.117%	$14K	$1.5M	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7153	−0.061%	$525K	$878K	—	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7167	+0.129%	$8.7M	$3.7M	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	0.7165	+0.109%	$194K	$83K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7165	+0.102%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7160	+0.027%	$16.4M	$37.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7155	−0.036%	$15.4M	$15.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7154	−0.050%	$2.8M	$9.1M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7165	+0.103%	$1.5M	$2.8M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7162	+0.061%	$17.2M	$4.1M	100x	as long as short
KuCoin VIRTUALUSDTMshort	+0.0100%	4h	0.7165	+0.103%	$4.3M	$4.2M	50x
Bitget VIRTUALUSDT	+0.0100%	4h	0.7163	+0.075%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7162	+0.061%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7170	+0.173%	$236K	$159K	10x	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7157	−0.003%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7157	−0.009%	$634K	$965K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7161	+0.048%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7161	+0.050%	$27K	$815K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7155	−0.036%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7163	+0.073%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7158	+0.007%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7165	+0.101%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0297% / S −0.0228%	1h	0.7168	+0.148%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7168	+0.145%	$815K	$792K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7176	+0.257%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0511%	1h	0.7171	+0.181%	$536K	$544K	50x	as long as short