Funding arb · Price arb /

2Z

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Lighter−0.084%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 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 · Variational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.084% 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	0.05219	0.0096	pay 0.0012% / 1h	39m 49s	$17K	$5K	3x
Short	Variational Omni 2Z	0.05215	0.0100	get 0.0050% / 4h	3h 39m	$33K	$23K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.084%Rate

Funding earned: $0.84
Price spread: −0.084% → 0.000%: −$8.35
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$7.51
Costs to cover: 0.000%
Break-even: 69.6 days

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

Lighter and Variational Omni: 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
Kraken Futures PF_2ZUSD	−0.3895%	1h	0.05204	−0.282%	$5K	$3K	10x	as long as short
Backpack 2Z_USDC_PERP	−0.0216%	1h	0.05215	−0.077%	$46K	$21K	5x	as long as short
Bybit 2ZUSDT	−0.0057%	4h	0.05215	−0.077%	$723K	$988K	50x	as long as short
MEXC 2Z_USDT	+0.0002%	4h	0.05217	−0.038%	$337K	$138K	50x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.579%	$867	$213	5.5x	as long as short
Lighter 2Zlong	+0.0096%	1h	0.05219	long leg	$17K	$5K	3x
Hyperliquid 2Z	+0.0100%	1h	0.05218	−0.025%	$657K	$351K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05217	−0.046%	$12K	$55K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05220	+0.019%	$75K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05215	−0.077%	$2.1M	$2.1M	50x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05216	−0.057%	$438K	$735K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05216	−0.057%	$91K	$69K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05222	+0.056%	$183K	$53K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05216	−0.057%	$174K	$692K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05218	−0.019%	—	$6.5M	—	as long as short
Variational Omni 2Zshort	+0.0100%	4h	0.05215	−0.084%	$33K	$23K	—
SunX 2Z-USDT	+0.0100%	4h	0.05217	−0.038%	$2K	$1.1M	20x	as long as short