Funding arb · Price arb /

2Z

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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 Variational Omni+0.104%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

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 airdropVariational Omni: Active · Lighter: 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 0.104% dearer against Variational Omni than usual: you sell high and buy low, +$10 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	Variational Omni 2Z	0.05242	0.0100	pay 0.0050% / 4h	2h 00m	$33K	$23K	—
Short	Lighter 2Z	0.05247	0.0096	get 0.0012% / 1h	1h 00m	$17K	$6K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.104%Rate

Funding earned: −$0.84
Price spread: +0.104% → 0.000%: $10.44
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $9.6
Costs to cover: 0.000%
Break-even: from the start

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

Variational Omni 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	−0.0902%	1h	0.05234	−0.144%	$45K	$20K	5x	as long as short
Injective 2Z/USDC PERP	+0.0033%	1h	0.04980	−4.990%	$867	$213	5.5x	as long as short
Lighter 2Zshort	+0.0096%	1h	0.05247	+0.104%	$17K	$6K	3x
Hyperliquid 2Z	+0.0100%	1h	0.05241	−0.004%	$658K	$350K	3x	as long as short
Aster 2ZUSDT	+0.0100%	4h	0.05243	+0.021%	$12K	$57K	5x	as long as short
Pacifica 2Z	+0.0100%	1h	0.05243	+0.030%	$76K	$15K	3x	as long as short
Binance 2ZUSDT	+0.0100%	4h	0.05238	−0.064%	$2.1M	$2.1M	50x	as long as short
Bybit 2ZUSDT	+0.0100%	4h	0.05240	−0.029%	$713K	$948K	50x	as long as short
OKX 2Z-USDT-SWAP	+0.0100%	4h	0.05238	−0.067%	$444K	$715K	20x	as long as short
Gate 2Z_USDT	+0.0100%	4h	0.05236	−0.106%	$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	+0.047%	$341K	$134K	50x	as long as short
KuCoin 2ZUSDTM	+0.0100%	4h	0.05245	+0.059%	$180K	$52K	50x	as long as short
Bitget 2ZUSDT	+0.0100%	4h	0.05240	−0.029%	$154K	$647K	50x	as long as short
BingX 2Z-USDT	+0.0100%	4h	0.05240	−0.029%	—	$6.5M	—	as long as short
Variational Omni 2Zlong	+0.0100%	4h	0.05242	long leg	$33K	$23K	—
SunX 2Z-USDT	+0.0100%	4h	0.05244	+0.047%	$2K	$1.1M	20x	as long as short
Kraken Futures PF_2ZUSD	+0.0511%	1h	0.05214	−0.535%	$5K	$3K	10x	as long as short