Funding arb · Price arb /

FIL

all FIL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0614%/8h= −67.2% APRpaid last 24h −0.026%

Price spread now: Lighter against Bitget−0.130%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$460.464% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 4 days (all we have)−0.235%−$23 · spread now −0.130%, 7d avg +0.009%

Together, before fees−0.289%+ Points / potential airdropLighter: Season 3 · farm board−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Lighter is 0.140% cheaper against Bitget than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.054% in total (about -2.8% 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	Bitget FILUSDT	0.9735	−0.0026	get 0.0026% / 8h	2h 50m	$10.7M	$22.0M	75x
Short	Lighter FIL	0.9722	−0.0640	pay 0.0080% / 1h	50m 00s	$155K	$332K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$128.94
Price spread: −0.130% → +0.009%: −$13.97
Slippage, 4 orders: −$34.36
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$189.27
Costs to cover: 0.464%
Break-even: never at this rate

Slippage from Bitget: live order book, 4 min ago; Lighter: live order book, 33 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 Bitget live order book, 4 min ago	0.51 bp	12.1 bp −$12	19.5 bp −$195	53.4 bp −$5,336	doesn't fit
Sell Lighter live order book, 33 min ago	10.61 bp	10.7 bp −$11	26.1 bp −$261	doesn't fit	doesn't fit

FIL on 29 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
Deribit FIL_USDC-PERPETUAL	−0.1083%	1h	0.9740	+0.051%	$168K	$23K	25x	as long as short
Lighter FILshort	−0.0640%	1h	0.9722	−0.130%	$155K	$332K	5x
Kraken Futures PF_FILUSD	−0.0629%	1h	0.9732	−0.028%	$1.4M	$2.3M	50x	as long as short
Coinbase International FIL-PERP-INTX	−0.0328%	1h	0.9729	−0.062%	$311K	$1.9M	50x	as long as short
Bybit FILUSDT	−0.0100%	8h	0.9742	+0.072%	$15.3M	$18.0M	25x	as long as short
Variational Omni FIL	−0.0048%	8h	0.9723	−0.128%	$434K	$273K	—	as long as short
Hyperliquid FIL	−0.0028%	1h	0.9736	+0.006%	$8.5M	$9.4M	5x	as long as short
Bitget FILUSDTlong	−0.0026%	8h	0.9735	long leg	$10.7M	$22.0M	75x
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9737	+0.018%	$24K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9739	+0.046%	$57K	$2K	10x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX FIL-USDT-SWAP	+0.0015%	8h	0.9740	+0.051%	$17.9M	$96.5M	50x	as long as short
Injective FIL/USDC PERP	+0.0033%	1h	0.9658	−0.791%	$2K	$118K	12x	as long as short
KuCoin FILUSDTM	+0.0042%	8h	0.9734	−0.010%	$7.3M	$7.2M	50x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9734	−0.011%	$483K	$507K	20x	as long as short
Binance FILUSDT	+0.0100%	8h	0.9738	+0.031%	$55.8M	$176.9M	75x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9735	0.000%	$7.7M	$16.2M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9731	−0.041%	$247K	$103K	50x	as long as short
BingX FIL-USDT	+0.0100%	8h	0.9735	0.000%	—	$11.8M	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9723	−0.127%	$45K	$293K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9767	+0.327%	$293K	$809K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9720	−0.154%	$41K	$193K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9740	+0.056%	$4K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9730	−0.051%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9729	−0.062%	$470	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9743	+0.082%	$613K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9730	−0.051%	$1.0M	$2.2M	50x	as long as short
Extended FIL-USD	+0.0104%	1h	0.9729	−0.059%	$678K	$2.3M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9725	−0.103%	$2.6M	$615K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0610% / S −0.0849%	1h	0.9739	+0.036%	$206K	—	100x	as long as short