VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0068%/8h= +7.4% APRnext payment +$0.09 per $10,000 · paid last 24h +0.007%

Price spread now: Polymarket Perps against Lighter−0.112%7-day average +0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$310.313% of the position

Long on Lighter Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 4 days (all we have)−0.309%−$31 · spread now −0.112%, 7d avg +0.019%

Together, before fees−0.269%+ Points / potential airdropLighter: Season 3 · farm board−$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Polymarket Perps is 0.131% cheaper against Lighter than usual: you would sell low and buy high (spread −0.112% now, against its 7-day average of +0.019%). If the spread goes back, that is −$13 on $10k: about 6.4 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.040% in total) that is about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7221	0.0032	pay 0.0004% / 1h	54m 27s	$329K	$406K	5x
Short	Polymarket Perps VIRTUAL-USD	0.7213	0.0100	get 0.0013% / 1h	54m 27s	$55K	$1.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.112%Rate

Funding earned: $14.28
Price spread: −0.112% → +0.019%: −$13.13
Slippage, 4 orders: −$23.26
Fee Lighter: 0 bp × 2 orders: $0
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$30.11
Costs to cover: 0.313%
Break-even: 21.8 days

Slippage from Lighter: live order book, 55 min ago; Polymarket Perps: live order book, 4 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, 55 min ago	5.07 bp	9.0 bp −$9	58.3 bp −$583	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 4 min ago	3.61 bp	7.6 bp −$8	7.7 bp −$77	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	0.7198	−0.317%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0064%	1h	0.7210	−0.155%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0034%	1h	0.7182	−0.546%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7219	−0.028%	$14K	—	150x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	+0.0027%	1h	0.7221	−0.003%	$15K	$40K	10x	as long as short
Lighter VIRTUALlong	+0.0032%	1h	0.7221	long leg	$329K	$406K	5x
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.443%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0093%	4h	0.7219	−0.030%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7209	−0.173%	$8.8M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7222	+0.004%	$97K	$292K	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	+0.058%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7218	−0.044%	$16.4M	$40.8M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7203	−0.252%	$16.6M	$18.5M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7205	−0.224%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7225	+0.053%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7203	−0.252%	$17.2M	$4.6M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7213	−0.114%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7209	−0.169%	$6.2M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7224	+0.039%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7229	+0.108%	$241K	$208K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7188	−0.456%	$537K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7194	−0.375%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7190	−0.429%	$642K	$913K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7196	−0.349%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USDshort	+0.0100%	1h	0.7213	−0.112%	$55K	$1.1M	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7210	−0.155%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7222	+0.018%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7219	−0.034%	$54K	$263K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7216	−0.078%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7217	−0.052%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7219	−0.030%	$802K	$911K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7210	−0.155%	$201K	$105K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0484%	1h	0.7229	+0.112%	$596K	$667K	50x	as long as short