Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.002%

Price spread now: Binance against Lighter−0.172%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Binance

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: Binance is 0.172% cheaper against Lighter than usual: you would sell low and buy high, −$17 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	Lighter 2Z	0.05247	0.0096	pay 0.0012% / 1h	59m 45s	$17K	$6K	3x
Short	Binance 2ZUSDT	0.05238	0.0100	get 0.0050% / 4h	1h 59m	$2.1M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.172%Rate

Funding earned: $0.84
Price spread: −0.172% → 0.000%: −$17.15
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$26.31
Costs to cover: 0.100%
Break-even: 226.3 days

Slippage unknown: Lighter: no order-book sample; Binance: live order book, 4 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 Lighter no order-book sample	—	—	—	—	—
Sell Binance live order book, 4 min ago	1.91 bp	23.9 bp −$24	137.9 bp −$1,379	doesn't fit	doesn't fit

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	−0.0902%	1h	0.05234	−0.248%	$45K	$20K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−5.089%	$867	$213	5.5x	as long as short
Lighter 2Zlong	+0.0096%	1h	0.05247	long leg	$17K	$6K	3x
Hyperliquid 2Z	+0.0100%	1h	0.05240	−0.128%	$658K	$350K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05243	−0.080%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05243	−0.074%	$76K	$15K	3x	as long as short
Binance 2ZUSDTshort	+0.0100%	4h	0.05238	−0.172%	$2.1M	$2.1M	50x
Bybit 2ZUSDT	+0.0100%	4h	0.05240	−0.133%	$713K	$948K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05243	−0.076%	$444K	$714K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05236	−0.210%	$90K	$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	0.05244	−0.057%	$341K	$134K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05245	−0.046%	$180K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05240	−0.133%	$154K	$647K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05241	−0.114%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05242	−0.104%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05244	−0.057%	$2K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0511%	1h	0.05214	−0.638%	$5K	$3K	10x	as long as short