Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h +0.001%

Price spread now: Bybit against Lighter−0.116%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 Bybit

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.116% cheaper against Lighter than usual: you would sell low and buy high (−$12 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 2Z	0.05152	0.0096	pay 0.0012% / 1h	52m 40s	$16K	$3K	3x
Short	Bybit 2ZUSDT	0.05146	0.0037	get 0.0018% / 4h	52m 40s	$703K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$12.41
Price spread: −0.116% → 0.000%: −$11.65
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$35.05
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Lighter: no order-book sample; Bybit: live order book, 1 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 Bybit live order book, 1 min ago	3.88 bp	23.7 bp −$24	355.1 bp −$3,551	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 exchanges

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
Kraken Futures PF_2ZUSD	−0.2839%	1h	0.05146	−0.110%	$5K	$3K	10x	as long as short
Backpack 2Z_USDC_PERP	−0.0986%	1h	0.05150	−0.039%	$45K	$2K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−3.339%	$867	$213	5.5x	as long as short
MEXC 2Z_USDT	+0.0036%	4h	0.05148	−0.078%	$305K	$137K	50x	as long as short
Bybit 2ZUSDTshort	+0.0037%	4h	0.05146	−0.116%	$703K	$1.0M	50x
Lighter 2Zlong	+0.0096%	1h	0.05152	long leg	$16K	$3K	3x
Hyperliquid 2Z	+0.0100%	1h	0.05146	−0.109%	$645K	$325K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05154	+0.032%	$12K	$20K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05144	−0.146%	$74K	$14K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05143	−0.166%	$2.0M	$2.1M	50x	as long as short

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05140	−0.233%	$427K	$723K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05148	−0.078%	$92K	$81K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05139	−0.258%	$165K	$63K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05150	−0.039%	$166K	$711K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05142	−0.194%	—	$6.5M	—	as long as short
Variational Omni 2Z	+0.0100%	4h	0.05159	+0.129%	$33K	$23K	—	as long as short
SunX 2Z-USDT	+0.0100%	4h	0.05152	0.000%	$1K	$1.1M	20x	as long as short