Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0271%/8h= −29.7% APRpaid last 24h −0.083%

Price spread now: Lighter against Orderly−0.258%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Lighter

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

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Lighter is 0.258% cheaper against Orderly than usual: you would sell low and buy high (−$26 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_EDGE_USDC	0.5847	0.0367	pay 0.0183% / 4h	2h 44m	$3K	—	10x
Short	Lighter EDGE	0.5832	0.0096	get 0.0012% / 1h	44m 50s	$54K	$9K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.258%Rate

Funding earned: −$56.88
Price spread: −0.258% → 0.000%: −$25.83
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$88.71
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter no order-book sample	—	—	—	—	—

Orderly 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.

EDGE 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 EDGE_USDC_PERP	−0.0651%	1h	0.5844	−0.056%	$59K	$100K	3.3x	as long as short
Lighter EDGEshort	+0.0096%	1h	0.5832	−0.258%	$54K	$9K	3x
Bybit EDGEUSDT	+0.0100%	4h	0.5842	−0.086%	$6.9M	$3.3M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5840	−0.120%	$2.1M	$2.3M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5841	−0.103%	$4.6M	$986K	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5825	−0.384%	$190K	$130K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5835	−0.208%	$3K	$1.7M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5837	−0.171%	$6K	$295K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.6120	+4.669%	$4K	$599K	10x	as long as short
edgeX EDGEUSDC	+0.0158%	4h	0.5836	−0.193%	$13.9M	$3.4M	30x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster EDGEUSDT	+0.0177%	4h	0.5848	+0.017%	$67K	$134K	5x	as long as short
OKX EDGE-USDT-SWAP	+0.0191%	4h	0.5850	+0.051%	$3.6M	$5.7M	20x	as long as short
BloFin EDGE-USDT	+0.0193%	4h	0.5866	+0.325%	$637K	$126K	50x	as long as short
MEXC EDGE_USDT	+0.0202%	4h	0.5845	−0.034%	$1.2M	$920K	50x	as long as short
Extended EDGE-USD	+0.0208%	1h	0.5840	−0.112%	$26K	$230K	5x	as long as short
Binance EDGEUSDT	+0.0211%	4h	0.5843	−0.067%	$9.9M	$10.0M	50x	as long as short
Orderly PERP_EDGE_USDClong	+0.0367%	4h	0.5847	long leg	$3K	—	10x