Funding arb · Price arb /

CASHCAT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1809%/8h= +198.1% APRpaid last 24h +0.122%

Price spread now: Lighter against Bybit+0.028%7-day average −0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$1011.008% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.624%+$62 on $10k

Price spread, last 7 days−0.120%−$12 · spread now +0.028%, 7d avg −0.063%

Together, before fees+0.504%+ Points / potential airdropLighter: Season 3 · farm board+$50 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$54 a day on $10k at the current rate, and Lighter is 0.091% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.063%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.624% in total (about 32.5% a year). A funding rate is set anew for every payment. 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	Bybit CASHCATUSDT	0.1764	0.0255	pay 0.0127% / 4h	43m 06s	$13.2M	$18.1M	10x
Short	Lighter CASHCAT	0.1765	0.2064	get 0.0258% / 1h	43m 06s	$1.3M	$1.9M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.028%Rate

Funding earned: $379.95
Price spread: +0.028% → −0.063%: $9.09
Slippage, 4 orders: −$89.83
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $288.2
Costs to cover: 1.008%
Break-even: 1.7 days

Slippage from Bybit: live order book, just now; Lighter: live order book, 3 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 Bybit live order book, just now	1.99 bp	45.6 bp −$46	123.9 bp −$1,239	doesn't fit	doesn't fit
Sell Lighter live order book, 3 min ago	4.81 bp	8.5 bp −$9	16.8 bp −$168	doesn't fit	doesn't fit

CASHCAT on 22 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
Hyperliquid CASHCAT	+0.0100%	1h	0.1764	−0.040%	$49.8M	$18.5M	3x	as long as short
OKX CASHCAT-USDT-SWAP	+0.0100%	4h	0.1763	−0.068%	$1.1M	$10.7M	20x	as long as short
Gate CASHCAT_USDT	+0.0100%	4h	0.1763	−0.074%	$1.5M	$1.9M	20x	as long as short
KuCoin CASHCATUSDTM	+0.0100%	4h	0.1762	−0.136%	$597K	$2.4M	10x	as long as short
Variational Omni CASHCAT	+0.0100%	4h	0.1762	−0.151%	$1.5M	$1.6M	—	as long as short
ApeX Omni CASHCATUSDT	+0.0100%	1h	0.1771	+0.380%	$80K	$72K	50x	as long as short
SunX CASHCAT-USDT	+0.0100%	1h	0.1766	+0.081%	—	$2.6M	10x	as long as short
SoDEX CASHCAT-USD	+0.0100%	1h	0.1762	−0.147%	$528	$1K	3x	as long as short
HTX CASHCAT-USDT	+0.0100%	1h	0.1758	−0.377%	$19K	$394K	10x	as long as short
Nado CASHCAT-PERP	+0.0240%	1h	0.1762	−0.111%	$249K	$155K	5x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CASHCAT-USDT	+0.0244%	4h	0.1763	−0.068%	—	$1.0M	—	as long as short
Bybit CASHCATUSDTlong	+0.0255%	4h	0.1764	long leg	$13.2M	$18.1M	10x
MEXC CASHCAT_USDT	+0.0266%	4h	0.1762	−0.108%	$8.8M	$464K	20x	as long as short
BloFin CASHCAT-USDT	+0.0340%	4h	0.1759	−0.295%	$50K	$497K	20x	as long as short
Polymarket Perps CASHCAT-USD	+0.0422%	1h	0.1766	+0.074%	$66K	$1.2M	3x	as long as short
Extended CASHCAT-USD	+0.0480%	1h	0.1763	−0.061%	$103K	$469K	5x	as long as short
edgeX CASHCATUSDC	+0.0726%	4h	0.1764	−0.029%	$53K	$172K	5x	as long as short
Lighter RH CASHCAT	+0.1240%	1h	0.1764	0.000%	$338K	$816K	3x	as long as short
Arcus CASHCAT-USD	+0.1786%	1h	0.1762	−0.133%	$121K	$217K	5x	as long as short
Lighter CASHCATshort	+0.2064%	1h	0.1765	+0.028%	$1.3M	$1.9M	3x
Aster CASHCATUSDT	+0.2986%	1h	0.1763	−0.091%	$579K	$1.1M	10x	as long as short
Injective CASHCAT/USDC PERP	+0.5000%	1h	0.1850	+4.863%	$12K	$9K	5.5x	as long as short