Funding arb · Price arb /

2Z

all 2Z markets

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 Gate+0.192%7-day average — · you sell dearer than you buy

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

Long on Gate 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 0.192% dearer against Gate than usual: you sell high and buy low, +$19 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	Gate 2Z_USDT	0.05198	0.0100	pay 0.0050% / 4h	2h 41m	$90K	$60K	50x
Short	Lighter 2Z	0.05208	0.0096	get 0.0012% / 1h	41m 06s	$16K	$6K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.192%Rate

Funding earned: −$0.84
Price spread: +0.192% → 0.000%: $19.24
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: $3.4
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Gate: no order-book sample; 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 Gate no order-book sample	—	—	—	—	—
Sell Lighter no order-book sample	—	—	—	—	—

Gate and 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	−0.0778%	1h	0.05189	−0.173%	$45K	$20K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.194%	$867	$213	5.5x	as long as short
Lighter 2Zshort	+0.0096%	1h	0.05208	+0.192%	$16K	$6K	3x
Hyperliquid 2Z	+0.0100%	1h	0.05187	−0.204%	$653K	$351K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05191	−0.127%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05204	+0.119%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05186	−0.231%	$2.1M	$2.0M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05192	−0.115%	$723K	$917K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05192	−0.115%	$443K	$687K	20x	as long as short
Gate 2Z_USDTlong	+0.0100%	4h	0.05198	long leg	$90K	$60K	50x

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC 2Z_USDT	+0.0100%	4h	0.05196	−0.038%	$327K	$122K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05198	+0.006%	$177K	$50K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05198	0.000%	$155K	$623K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05190	−0.154%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05200	+0.033%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05206	+0.154%	$1K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0514%	1h	0.05192	−0.124%	$5K	$3K	10x	as long as short