Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0006%/8h= +0.7% APRpaid last 24h −0.011%

Price spread now: Lighter against Orderly−0.048%7-day average −0.001% · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 4 days (all we have)+0.316%+$32 · spread now −0.048%, 7d avg −0.001%

Together, before fees+0.208%+ Points / potential airdropLighter: Season 3 · farm board+$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.048% cheaper against Orderly than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_VIRTUAL_USDC	0.7225	0.0090	pay 0.0045% / 4h	1h 31m	$14K	$1.5M	10x
Short	Lighter VIRTUAL	0.7221	0.0096	get 0.0012% / 1h	31m 54s	$328K	$413K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.048%Rate

Funding earned: $1.32
Price spread: −0.048% → −0.001%: −$4.77
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$9.45
Costs to cover: 0.060%
Break-even: 57.0 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 23 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 23 min ago	4.74 bp	12.4 bp −$12	58.8 bp −$588	doesn't fit	doesn't fit

Orderly: 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
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7226	+0.014%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0056%	1h	0.7229	+0.055%	$2K	$131	10x	as long as short
Phoenix VIRTUAL	0.0000%	1h	0.7179	−0.630%	$11K	$37K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7225	0.000%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7226	+0.013%	$4K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.495%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDClong	+0.0090%	4h	0.7225	long leg	$14K	$1.5M	10x
Lighter VIRTUALshort	+0.0096%	1h	0.7221	−0.048%	$328K	$413K	5x
Hyperliquid VIRTUAL	+0.0100%	1h	0.7232	+0.104%	$8.9M	$4.1M	5x	as long as short
Aster VIRTUALUSDT	+0.0100%	4h	0.7228	+0.046%	$98K	$291K	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	0.7235	+0.136%	$71K	$42K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7227	+0.028%	$16.5M	$40.4M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7229	+0.055%	$16.7M	$18.1M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7228	+0.042%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7230	+0.069%	$1.4M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7229	+0.055%	$17.5M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7227	+0.028%	$3.0M	$4.4M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7230	+0.069%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7228	+0.042%	—	$8.0M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7226	+0.014%	$239K	$161K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7208	−0.234%	$536K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7211	−0.199%	$19K	$260K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7217	−0.111%	$640K	$859K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7216	−0.125%	$41K	$240K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7236	+0.145%	$52K	$993K	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7227	+0.028%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7223	−0.024%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7227	+0.030%	$54K	$274K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7225	−0.007%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7225	+0.006%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7227	+0.028%	$814K	$850K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7247	+0.304%	$189K	$80K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0905%	1h	0.7234	+0.120%	$603K	$659K	50x	as long as short