Funding arb · Price arb /

CAP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1020%/8h= −111.7% APRpaid last 24h −0.082%

Price spread now: Bybit against Lighter+0.113%7-day average — · you sell dearer than you buy

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 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

The price spread pays, funding is against you. Bybit is 0.113% dearer against Lighter than usual: you sell high and buy low (spread +0.113% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CAP	0.04529	0.0096	pay 0.0012% / 1h	46m 42s	$19K	$2K	3x
Short	Bybit CAPUSDT	0.04534	−0.0924	pay 0.0462% / 4h	3h 46m	$4.4M	$4.1M	10x

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 +0.113%Rate

Funding earned: −$214.23
Price spread: +0.113% → 0.000%: $11.26
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$213.97
Costs to cover: 0.110%
Break-even: from the start

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	3.31 bp	32.3 bp −$32	288.8 bp −$2,888	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.

CAP on 14 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
Bybit CAPUSDTshort	−0.0924%	4h	0.04534	+0.113%	$4.4M	$4.1M	10x
KuCoin CAPUSDTM	−0.0838%	4h	0.04527	−0.042%	$4.3M	$1.4M	10x	as long as short
OKX CAP-USDT-SWAP	−0.0601%	4h	0.04528	−0.020%	$2.1M	$7.0M	10x	as long as short
Variational Omni CAP	−0.0205%	4h	0.04526	−0.068%	$8K	$8K	—	as long as short
Bitget CAPUSDT	−0.0078%	4h	0.04531	+0.046%	$1.0M	$559K	10x	as long as short
gTrade (Gains Network) CAP/USD	L 0.0000% / S 0.0000%	1h	0.04532	+0.071%	$491	—	150x	as long as short
BloFin CAP-USDT	+0.0080%	4h	0.04530	+0.024%	$374K	$58K	10x	as long as short
MEXC CAP_USDT	+0.0092%	4h	0.04531	+0.046%	$520K	$228K	20x	as long as short
Binance CAPUSDT	+0.0095%	4h	0.04532	+0.075%	$8.9M	$8.8M	10x	as long as short
Lighter CAPlong	+0.0096%	1h	0.04529	long leg	$19K	$2K	3x

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster CAPUSDT	+0.0100%	4h	0.04531	+0.042%	$27K	$71K	5x	as long as short
Gate CAP_USDT	+0.0100%	4h	0.04535	+0.135%	$331K	$1.1M	20x	as long as short
BingX CAP-USDT	+0.0100%	4h	0.04529	+0.002%	—	$1.6M	—	as long as short
Orderly PERP_CAP_USDC_mythos	+0.0100%	4h	0.04532	+0.057%	$5K	$582	10x	as long as short