Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.001%

Price spread now: Lighter against Bybit+0.153%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 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 0.153% dearer against Bybit than usual: you sell high and buy low, +$15 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	Bybit 2ZUSDT	0.05234	0.0100	pay 0.0050% / 4h	27m 07s	$690K	$978K	50x
Short	Lighter 2Z	0.05242	0.0096	get 0.0012% / 1h	27m 07s	$17K	$8K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.153%Rate

Funding earned: −$0.84
Price spread: +0.153% → 0.000%: $15.28
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $3.44
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 13 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 Bybit live order book, 13 min ago	4.80 bp	26.2 bp −$26	1636.5 bp −$16.4K	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	−0.0674%	1h	0.05228	−0.115%	$46K	$29K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.853%	$867	$213	5.5x	as long as short
Lighter 2Zshort	+0.0096%	1h	0.05242	+0.153%	$17K	$8K	3x
Hyperliquid 2Z	+0.0100%	1h	0.05238	+0.073%	$676K	$367K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05236	+0.038%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05232	−0.040%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05232	−0.038%	$2.1M	$2.2M	50x	as long as short
Bybit 2ZUSDTlong	+0.0100%	4h	0.05234	long leg	$690K	$978K	50x
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05235	+0.019%	$450K	$723K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05229	−0.096%	$91K	$65K	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	0.05236	+0.038%	$293K	$126K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05232	−0.031%	$193K	$53K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05228	−0.115%	$156K	$634K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05233	−0.019%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05225	−0.170%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05231	−0.057%	$1K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0797%	1h	0.05239	+0.096%	$5K	$3K	10x	as long as short