Funding you earn now, next payment 00:00 UTC−0.0881%/8h= −96.5% APRnext payment −$1.10 per $10,000 · paid last 24h −0.118%
Price spread now: Backpack against Lighter−0.180%7-day average −0.142% · you buy dearer than you sell
Net, funding: paid 7d − costs−$107as in the Funding arb table
Net, price: spread back to 7d avg − costs−$56as in the Price arb table
costs, in and out, $10k−$530.526% of the position
Funding, last 7 days−0.541%−$54 on $10k
+Price spread, last 4 days (all we have)+0.067%+$7 · spread now −0.180%, 7d avg −0.142%
=Together, before fees−0.475%+ Points / potential airdropLighter: Season 3 · farm board−$47 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Backpack is 0.038% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.142%). Swap the legs.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.541% in total (about -28.2% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.10 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter AERO | 0.7060 | 0.1928 | pay 0.0241% / 1h | 31m 12s | $1.3M | $461K | 3x |
| Short | Backpack AERO_USDC_PERP | 0.7047 | 0.1047 | get 0.0131% / 1h | 31m 12s | $105K | $316K | 15x |
Lighter AERO
Backpack AERO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$184.98
- Price spread: −0.180% → −0.142%
- −$3.76
- Slippage, 4 orders
- −$42.62
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$241.36
- Costs to cover
- 0.526%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 5 min ago; Backpack: live order book, 47 min ago.
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 live order book, 5 min ago | 5.17 bp | 32.9 bp −$33 | 135.8 bp −$1,358 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 47 min ago | 0.36 bp | 6.1 bp −$6 | doesn't fit | doesn't fit | doesn't fit |
AERO on 23 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective AERO/USDC PERP | +0.0033% | 1h | 0.6902 | −2.239% | $4 | $209K | 5.5x | as long as short |
| Deribit AERO_USDC-PERPETUAL | +0.0034% | 1h | 0.7040 | −0.285% | $56K | $11K | 10x | as long as short |
| Aster AEROUSDT | +0.0100% | 4h | 0.7053 | −0.101% | $41K | $113K | 10x | as long as short |
| Binance AEROUSDT | +0.0100% | 4h | 0.7036 | −0.347% | $26.5M | $26.4M | 75x | as long as short |
| Bybit AEROUSDT | +0.0100% | 4h | 0.7037 | −0.327% | $22.8M | $21.7M | 25x | as long as short |
| OKX AERO-USDT-SWAP | +0.0100% | 4h | 0.7041 | −0.271% | $2.3M | $7.1M | 20x | as long as short |
| Gate AERO_USDT | +0.0100% | 4h | 0.7041 | −0.271% | $1.6M | $535K | 75x | as long as short |
| MEXC AERO_USDT | +0.0100% | 4h | 0.7041 | −0.271% | $8.4M | $1.7M | 100x | as long as short |
| KuCoin AEROUSDTM | +0.0100% | 4h | 0.7045 | −0.214% | $2.2M | $935K | 50x | as long as short |
| Bitget AEROUSDT | +0.0100% | 4h | 0.7039 | −0.299% | $4.1M | $2.2M | 75x | as long as short |
Injective AERO/USDC PERP
Deribit AERO_USDC-PERPETUAL
Aster AEROUSDT
Binance AEROUSDT
Bybit AEROUSDT
OKX AERO-USDT-SWAP
Gate AERO_USDT
MEXC AERO_USDT
KuCoin AEROUSDTM
Bitget AEROUSDTShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| BingX AERO-USDT | +0.0100% | 4h | 0.7045 | −0.214% | — | $1.8M | — | as long as short |
| Variational Omni AERO | +0.0100% | 4h | 0.7041 | −0.268% | $2.1M | $1.8M | — | as long as short |
| Extended AERO-USD | +0.0104% | 1h | 0.7037 | −0.327% | $218K | $1.3M | 10x | as long as short |
| Aevo AERO-PERP | +0.0104% | 1h | 0.7039 | −0.296% | $47K | — | 3x | as long as short |
| Reya AERORUSDPERP | +0.0228% | 1h | 0.7042 | −0.251% | $20K | $4K | 15x | as long as short |
| BloFin AERO-USDT | +0.0340% | 4h | 0.7040 | −0.285% | $944K | $717K | 25x | as long as short |
| GMX AERO/USD [ETH-USDC] | L +0.0514% / S −0.0250% | 1h | 0.7040 | −0.291% | $91K | — | 100x | as long as short |
| Coinbase International AERO-PERP-INTX | +0.0520% | 1h | 0.7530 | +6.656% | $100K | $35K | 25x | as long as short |
| RISEx AERO/USDC | +0.0563% | 1h | 0.7048 | −0.168% | $239K | $392K | 3x | as long as short |
| Hyperliquid AERO | +0.0623% | 1h | 0.7052 | −0.113% | $23.7M | $5.4M | 3x | as long as short |
| 01 Exchange AEROUSD | +0.0720% | 1h | 0.7053 | −0.098% | $191 | $111 | 3x | as long as short |
| Backpack AERO_USDC_PERPshort | +0.1047% | 1h | 0.7047 | −0.180% | $105K | $316K | 15x | |
| Lighter AEROlong | +0.1928% | 1h | 0.7060 | long leg | $1.3M | $461K | 3x |
BingX AERO-USDT
Variational Omni AERO
Extended AERO-USD
Aevo AERO-PERP
Reya AERORUSDPERP
BloFin AERO-USDT
GMX AERO/USD [ETH-USDC]
Coinbase International AERO-PERP-INTX
RISEx AERO/USDC
Hyperliquid AERO
01 Exchange AEROUSD