Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.015%

Price spread now: Lighter against OKX−0.176%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.261%−$26 on $10k

Price spread, last 4 days (all we have)+0.152%+$15 · spread now −0.176%, 7d avg −0.018%

Together, before fees−0.109%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.158% cheaper against OKX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX VIRTUAL-USDT-SWAP	0.7178	0.0100	pay 0.0050% / 4h	1h 26m	$2.8M	$9.2M	20x
Short	Lighter VIRTUAL	0.7165	−0.0120	pay 0.0015% / 1h	26m 21s	$326K	$414K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.176%Rate

Funding earned: −$46.2
Price spread: −0.176% → −0.018%: −$15.78
Slippage, 4 orders: −$26.77
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$98.75
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Lighter: live order book, 48 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 OKX live order book, 2 min ago	0.70 bp	13.1 bp −$13	38.7 bp −$387	doesn't fit	doesn't fit
Sell Lighter live order book, 48 min ago	3.83 bp	7.3 bp −$7	84.9 bp −$849	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	0.7175	−0.048%	$24	—	10x	as long as short
Lighter VIRTUALshort	−0.0120%	1h	0.7165	−0.176%	$326K	$414K	5x
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7172	−0.084%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	−0.0045%	1h	0.7136	−0.589%	$11K	$40K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7180	+0.028%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0004%	1h	0.7179	+0.011%	$12K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.850%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7177	−0.014%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUAL	+0.0100%	1h	0.7186	+0.107%	$8.7M	$3.8M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7177	−0.020%	$196K	$84K	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	0.7173	−0.070%	$72K	$44K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7178	+0.002%	$16.3M	$37.6M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7175	−0.042%	$15.5M	$15.8M	50x	as long as short
OKX VIRTUAL-USDT-SWAPlong	+0.0100%	4h	0.7178	long leg	$2.8M	$9.2M	20x
Gate VIRTUAL_USDT	+0.0100%	4h	0.7177	−0.014%	$1.5M	$2.9M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7172	−0.084%	$17.2M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7173	−0.070%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7177	−0.014%	$6.1M	$5.3M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7177	−0.014%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7182	+0.056%	$239K	$159K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7139	−0.542%	$521K	$877K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7146	−0.440%	$19K	$256K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7162	−0.225%	$634K	$918K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7149	−0.404%	$40K	$245K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7179	+0.018%	$31K	$869K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7177	−0.014%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7177	−0.017%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7166	−0.171%	$53K	$246K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7179	+0.016%	$18K	$505	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0298% / S −0.0228%	1h	0.7178	+0.006%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7177	−0.014%	$811K	$792K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0472%	1h	0.7167	−0.153%	$195K	$95K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0510%	1h	0.7192	+0.200%	$584K	$597K	50x	as long as short