Funding arb · Price arb /

VIRTUAL

all VIRTUAL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0092%/8h= +10.1% APRpaid last 24h +0.020%

Price spread now: MEXC against Lighter+0.041%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$260.263% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.284%+$28 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now +0.041%, 7d avg −0.005%

Together, before fees+0.131%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and MEXC is 0.046% dearer against Lighter than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7330	0.0008	pay 0.0001% / 1h	35m 31s	$333K	$417K	5x
Short	MEXC VIRTUAL_USDT	0.7333	0.0100	get 0.0050% / 4h	3h 35m	$18.5M	$4.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.041%Rate

Funding earned: $19.32
Price spread: +0.041% → −0.005%: $4.61
Slippage, 4 orders: −$26.35
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$2.42
Costs to cover: 0.263%
Break-even: 7.9 days

Slippage from Lighter: live order book, 29 min ago; MEXC: 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, 29 min ago	4.93 bp	8.5 bp −$8	48.9 bp −$489	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.37 bp	3.4 bp −$3	8.1 bp −$81	74.5 bp −$7,446	259.5 bp −$129.8K

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	0.7321	−0.117%	$25	—	10x	as long as short
Phoenix VIRTUAL	−0.0109%	1h	0.7329	−0.014%	$12K	$40K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0072%	1h	0.7322	−0.109%	$2K	$131	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7339	+0.129%	$9K	—	150x	as long as short
Lighter VIRTUALlong	+0.0008%	1h	0.7330	long leg	$333K	$417K	5x
Deribit VIRTUAL_USDC-PERPETUAL	+0.0022%	1h	0.7343	+0.177%	$15K	$40K	10x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−2.906%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0088%	4h	0.7342	+0.164%	$14K	$1.5M	10x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7342	+0.166%	$200K	$155K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7337	+0.096%	$73K	$45K	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance VIRTUALUSDT	+0.0100%	4h	0.7330	−0.006%	$17.0M	$39.3M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7324	−0.082%	$16.6M	$17.0M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7318	−0.164%	$2.9M	$9.7M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7336	+0.082%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDTshort	+0.0100%	4h	0.7333	+0.041%	$18.5M	$4.1M	100x
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7337	+0.095%	$4.4M	$4.1M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7328	−0.027%	$6.4M	$5.6M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7335	+0.068%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7345	+0.205%	$249K	$165K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7338	+0.107%	$549K	$885K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7311	−0.259%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7302	−0.381%	$648K	$889K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7326	−0.055%	$40K	$243K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7329	−0.016%	$47K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7340	+0.136%	$1K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7341	+0.153%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7330	−0.004%	$55K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7340	+0.135%	$18K	—	3x	as long as short
Hyperliquid VIRTUAL	+0.0169%	1h	0.7347	+0.225%	$9.2M	$4.0M	5x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0300% / S −0.0228%	1h	0.7340	+0.139%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7328	−0.027%	$833K	$844K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7343	+0.177%	$199K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0736%	1h	0.7352	+0.303%	$607K	$634K	50x	as long as short