Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.002%

Price spread now: Lighter against Binance+0.095%7-day average — · you sell dearer than you buy

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

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 6 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 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.095% dearer against Binance than usual: you sell high and buy low, +$10 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance 2ZUSDT	0.05186	0.0100	pay 0.0050% / 4h	2h 38m	$2.1M	$2.0M	50x
Short	Lighter 2Z	0.05191	0.0096	get 0.0012% / 1h	38m 55s	$16K	$6K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$0.84
Price spread: +0.095% → 0.000%: $9.54
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$1.3
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 10 min ago; Lighter: 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 Binance live order book, 10 min ago	1.91 bp	23.7 bp −$24	163.8 bp −$1,638	doesn't fit	doesn't fit
Sell Lighter no order-book sample	—	—	—	—	—

Lighter: 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.

2Z on 17 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
Backpack 2Z_USDC_PERP	−0.0863%	1h	0.05180	−0.117%	$45K	$20K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−3.973%	$867	$213	5.5x	as long as short
Lighter 2Zshort	+0.0096%	1h	0.05191	+0.095%	$16K	$6K	3x
Hyperliquid 2Z	+0.0100%	1h	0.05184	−0.040%	$653K	$350K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05189	+0.049%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05170	−0.310%	$74K	$15K	3x	as long as short
Binance 2ZUSDTlong	+0.0100%	4h	0.05186	long leg	$2.1M	$2.0M	50x
Bybit 2ZUSDT	+0.0100%	4h	0.05189	+0.057%	$707K	$943K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05188	+0.038%	$441K	$691K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05179	−0.136%	$90K	$60K	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05190	+0.076%	$322K	$126K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05188	+0.038%	$178K	$51K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05185	−0.020%	$147K	$635K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05183	−0.059%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05200	+0.263%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05189	+0.057%	$1K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0517%	1h	0.05153	−0.629%	$5K	$3K	10x	as long as short