Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.002%

Price spread now: BingX against Lighter−0.077%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 BingX

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: BingX is 0.077% cheaper against Lighter than usual: you would sell low and buy high, −$8 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	0.05189	0.0096	pay 0.0012% / 1h	5m 55s	$16K	$8K	3x
Short	BingX 2Z-USDT	0.05185	0.0100	get 0.0050% / 4h	2h 05m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.077%Rate

Funding earned: $0.84
Price spread: −0.077% → 0.000%: −$7.71
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$16.87
Costs to cover: 0.100%
Break-even: 147.6 days

Slippage unknown: Lighter: no order-book sample; BingX: live order book, 15 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 BingX live order book, 15 min ago	5.76 bp	29.5 bp −$30	91.6 bp −$916	687.0 bp −$68.7K	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	−0.0553%	1h	0.05181	−0.154%	$45K	$32K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.028%	$867	$213	5.5x	as long as short
Lighter 2Zlong	+0.0096%	1h	0.05189	long leg	$16K	$8K	3x
Hyperliquid 2Z	+0.0100%	1h	0.05183	−0.118%	$662K	$371K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05187	−0.047%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05185	−0.069%	$75K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05181	−0.151%	$2.1M	$2.3M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05189	0.000%	$682K	$959K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05185	−0.077%	$445K	$705K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05182	−0.135%	$90K	$70K	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	0.05188	−0.019%	$294K	$125K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05181	−0.160%	$191K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05180	−0.173%	$145K	$615K	50x	as long as short
BingX 2Z-USDTshort	+0.0100%	4h	0.05185	−0.077%	—	$6.5M	—
Variational Omni 2Z	+0.0100%	4h	0.05186	−0.056%	$33K	$29K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05187	−0.039%	$1K	$1.2M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.1050%	1h	0.05198	+0.168%	$6K	$3K	10x	as long as short