Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0342%/8h= −37.4% APRpaid last 24h −0.026%

Price spread now: Lighter against KuCoin−0.042%7-day average −0.023% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$470.468% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.089%+$9 on $10k

Price spread, last 4 days (all we have)−0.131%−$13 · spread now −0.042%, 7d avg −0.023%

Together, before fees−0.043%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.023%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.089%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.089% in total (about 4.6% 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	KuCoin FILUSDTM	0.9801	0.0022	pay 0.0022% / 8h	2h 08m	$7.3M	$7.0M	50x
Short	Lighter FIL	0.9797	−0.0320	pay 0.0040% / 1h	8m 45s	$156K	$337K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$71.82
Price spread: −0.042% → −0.023%: −$1.87
Slippage, 4 orders: −$34.81
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$120.49
Costs to cover: 0.468%
Break-even: never at this rate

Slippage from KuCoin: live order book, 9 min ago; Lighter: live order book, 6 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 KuCoin live order book, 9 min ago	4.07 bp	16.6 bp −$17	46.2 bp −$462	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	5.13 bp	8.8 bp −$9	23.6 bp −$236	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	−0.1277%	1h	0.9806	+0.051%	$169K	$23K	25x	as long as short
Kraken Futures PF_FILUSD	−0.0625%	1h	0.9805	+0.038%	$1.4M	$2.2M	50x	as long as short
Coinbase International FIL-PERP-INTX	−0.0328%	1h	0.9856	+0.561%	$315K	$1.9M	50x	as long as short
Lighter FILshort	−0.0320%	1h	0.9797	−0.042%	$156K	$337K	5x
Bybit FILUSDT	−0.0035%	8h	0.9805	+0.041%	$15.4M	$17.9M	25x	as long as short
Bitget FILUSDT	−0.0032%	8h	0.9801	0.000%	$10.8M	$21.4M	75x	as long as short
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9805	+0.041%	$24K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9807	+0.057%	$57K	$2K	10x	as long as short
OKX FIL-USDT-SWAP	+0.0018%	8h	0.9802	+0.010%	$18.1M	$95.6M	50x	as long as short
KuCoin FILUSDTMlong	+0.0022%	8h	0.9801	long leg	$7.3M	$7.0M	50x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective FIL/USDC PERP	+0.0033%	1h	0.9850	+0.500%	$2K	$182K	12x	as long as short
Variational Omni FIL	+0.0037%	8h	0.9797	−0.038%	$435K	$276K	—	as long as short
Binance FILUSDT	+0.0088%	8h	0.9804	+0.031%	$56.3M	$174.6M	75x	as long as short
Extended FIL-USD	+0.0088%	1h	0.9800	−0.010%	$685K	$2.3M	10x	as long as short
MEXC FIL_USDC	+0.0088%	8h	0.9794	−0.071%	$249K	$106K	50x	as long as short
Hyperliquid FIL	+0.0091%	1h	0.9804	+0.030%	$8.6M	$9.5M	5x	as long as short
BingX FIL-USDC	+0.0098%	8h	0.9799	−0.020%	—	$6.5M	—	as long as short
Aster FILUSDT	+0.0100%	8h	0.9800	−0.012%	$485K	$514K	20x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9803	+0.020%	$7.8M	$16.4M	50x	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9795	−0.061%	$45K	$292K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9798	−0.030%	$287K	$801K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9810	+0.092%	$30K	$198K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9807	+0.058%	$5K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9800	−0.010%	$3K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9798	−0.031%	$478	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9800	−0.010%	$621K	$5.7M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9800	−0.010%	$1.0M	$2.3M	50x	as long as short
BloFin FIL-USDT	+0.0208%	8h	0.9798	−0.031%	$2.6M	$640K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0624% / S −0.0759%	1h	0.9804	+0.035%	$217K	—	100x	as long as short