VIRTUAL

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0043%/8h= −4.7% APRnext payment −$0.05 per $10,000 · paid last 24h −0.055%

Price spread now: Reya against Lighter+0.124%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Reya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Reya is 0.124% dearer against Lighter than usual: you sell high and buy low (spread +0.124% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 9.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter VIRTUAL	0.7248	−0.0096	get 0.0012% / 1h	23m 51s	$330K	$415K	5x
Short	Reya VIRTUALRUSDPERP	0.7257	−0.0139	pay 0.0017% / 1h	23m 51s	$24	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.124%Rate

Funding earned: −$9.06
Price spread: +0.124% → 0.000%: $12.36
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Reya: 3 bp × 2 orders: −$6
Net: −$2.71
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Lighter: live order book, 46 min ago; Reya: no order-book sample. Net counts fees only.

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, 46 min ago	3.90 bp	5.8 bp −$6	57.9 bp −$579	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0439%	1h	0.7257	+0.124%	$15K	$40K	10x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7259	+0.152%	$2K	$131	10x	as long as short
Reya VIRTUALRUSDPERPshort	−0.0139%	1h	0.7257	+0.124%	$24	—	10x
Lighter VIRTUALlong	−0.0096%	1h	0.7248	long leg	$330K	$415K	5x
Phoenix VIRTUAL	−0.0066%	1h	0.7304	+0.774%	$11K	$40K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0010%	1h	0.7264	+0.216%	$8K	—	150x	as long as short
SoDEX VIRTUAL-USD	+0.0022%	1h	0.7254	+0.076%	$1K	$9K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.807%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0091%	4h	0.7257	+0.124%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7259	+0.148%	$9.0M	$4.0M	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	0.7259	+0.151%	$199K	$102K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7268	+0.271%	$73K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7254	+0.083%	$16.5M	$38.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7247	−0.014%	$16.1M	$16.7M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7246	−0.028%	$2.9M	$9.5M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7254	+0.083%	$1.5M	$3.0M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7253	+0.069%	$18.1M	$4.3M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7259	+0.152%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7252	+0.055%	$6.3M	$5.5M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7253	+0.069%	—	$8.2M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7259	+0.152%	$245K	$169K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7281	+0.451%	$533K	$878K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7291	+0.600%	$19K	$257K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7296	+0.660%	$648K	$915K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7291	+0.593%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7265	+0.232%	$37K	$957K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7257	+0.124%	$1K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7251	+0.035%	$54K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7257	+0.123%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7263	+0.207%	$31K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7274	+0.359%	$820K	$847K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0448%	1h	0.7305	+0.786%	$198K	$94K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0867%	1h	0.7269	+0.285%	$594K	$581K	50x	as long as short