Funding arb · Price arb /

LIT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.003%

Price spread now: Polymarket Perps against Backpack−0.054%7-day average −0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$350.355% of the position

Long on Backpack Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.241%−$24 on $10k

Price spread, last 4 days (all we have)+0.802%+$80 · spread now −0.054%, 7d avg −0.016%

Together, before fees+0.561%+$56 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.038% cheaper against Backpack than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack LIT_USDC_PERP	4.8153	0.0100	pay 0.0013% / 1h	0m 55s	$679K	$1.1M	5x
Short	Polymarket Perps LIT-USD	4.8127	0.0100	get 0.0013% / 1h	0m 55s	$452K	$83K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Backpack. 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 BackpackbpFee Polymarket PerpsbpOrdersPrice spread, now −0.054%Rate

Funding earned: $0
Price spread: −0.054% → −0.016%: −$3.84
Slippage, 4 orders: −$17.46
Fee Backpack: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$39.3
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Backpack: live order book, 3 min ago; Polymarket Perps: live order book, 46 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 Backpack live order book, 3 min ago	0.52 bp	8.1 bp −$8	17.5 bp −$175	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 46 min ago	1.37 bp	15.5 bp −$16	15.7 bp −$157	doesn't fit	doesn't fit

LIT on 42 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
Coinbase International LIT-PERP-INTX	−0.0448%	1h	4.8177	+0.050%	$610K	$370K	50x	as long as short
Orderly PERP_LIT_USDC	−0.0368%	4h	4.8071	−0.170%	$33K	$1K	10x	as long as short
Deribit LIT_USDC-PERPETUAL	−0.0246%	1h	4.8144	−0.018%	$42K	$40K	10x	as long as short
01 Exchange LITUSD	−0.0176%	1h	4.8128	−0.052%	$31K	$3K	5x	as long as short
OKX LIT-USDT-SWAP	−0.0162%	4h	4.8120	−0.069%	$25.8M	$62.6M	50x	as long as short
Bullet LIT-USD	−0.0162%	1h	4.8120	−0.069%	$86K	$66K	20x	as long as short
GRVT LIT_USDT_Perp	−0.0064%	4h	4.8180	+0.057%	$893K	$1.9M	10x	as long as short
Phoenix LIT	−0.0017%	1h	4.8232	+0.164%	$207K	$283K	5x	as long as short
RISEx LIT/USDC	−0.0012%	1h	4.8163	+0.020%	$803K	$2.2M	5x	as long as short
dYdX LIT-USD	0.0000%	1h	4.8151	−0.004%	$35K	—	5x	as long as short

Show all 42 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) LIT/USD	L +0.0003% / S −0.0002%	1h	4.8154	+0.002%	$12K	—	150x	as long as short
Injective LIT/USDC PERP	+0.0033%	1h	4.8040	−0.235%	$422	$178K	5.5x	as long as short
KuCoin LITUSDTM	+0.0070%	4h	4.8178	+0.052%	$5.4M	$1.0M	30x	as long as short
Paradex LIT-USD-PERP	+0.0095%	8h	4.8105	−0.099%	$7K	$2K	5x	as long as short
Phemex LITUSDT	+0.0095%	4h	4.8110	−0.089%	$1.4M	$2.8M	20x	as long as short
Lighter LIT	+0.0096%	1h	4.8181	+0.058%	$59.9M	$28.7M	5x	as long as short
Nado LIT-PERP	+0.0100%	1h	4.8133	−0.042%	$2.2M	$1.6M	10x	as long as short
Pacifica LIT	+0.0100%	1h	4.8146	−0.015%	$617K	$1.7M	10x	as long as short
Binance LITUSDT	+0.0100%	4h	4.8113	−0.082%	$77.2M	$77.8M	75x	as long as short
Bybit LITUSDT	+0.0100%	4h	4.8127	−0.054%	$41.6M	$28.8M	75x	as long as short
Arcus LIT-USD	+0.0100%	1h	4.8152	−0.002%	$119K	$466K	5x	as long as short
Gate LIT_USDT	+0.0100%	4h	4.8170	+0.035%	$2.8M	$4.3M	50x	as long as short
MEXC LIT_USDT	+0.0100%	4h	4.8128	−0.052%	$5.9M	$4.0M	100x	as long as short
Bitget LITUSDT	+0.0100%	4h	4.8150	−0.006%	$6.9M	$2.6M	20x	as long as short
Backpack LIT_USDC_PERPlong	+0.0100%	1h	4.8153	long leg	$679K	$1.1M	5x
edgeX LITUSDC	+0.0100%	4h	4.8167	+0.029%	$294K	$304K	10x	as long as short
ApeX Omni LITUSDT	+0.0100%	1h	4.8340	+0.388%	$58K	$75K	50x	as long as short
Polymarket Perps LIT-USDshort	+0.0100%	1h	4.8127	−0.054%	$452K	$83K	10x
Derive LIT-PERP	+0.0100%	1h	4.8154	+0.002%	$2K	—	6.7x	as long as short
SunX LIT-USDT	+0.0100%	4h	4.8098	−0.114%	$4K	$1.2M	20x	as long as short
SoDEX LIT-USD	+0.0100%	1h	4.8139	−0.029%	$1K	$336K	5x	as long as short
HTX LIT-USDT	+0.0100%	4h	4.8168	+0.031%	$200K	$343K	30x	as long as short
Bulk LIT-USD	+0.0100%	1h	4.8185	+0.067%	$120K	$7K	10x	as long as short
Extended LIT-USD	+0.0104%	1h	4.8125	−0.057%	$5.2M	$5.2M	25x	as long as short
Aevo LIT-PERP	+0.0104%	1h	4.8121	−0.067%	$150K	—	3x	as long as short
Perpl LIT	+0.0112%	43m	4.8159	+0.012%	$32K	$689K	33x	as long as short
Aftermath Perps LITUSD	+0.0142%	1h	4.8322	+0.352%	$10K	$219K	10x	as long as short
Lighter RH LIT	+0.0176%	1h	4.8205	+0.108%	$3.6M	$13.5M	5x	as long as short
Aster LITUSDT	+0.0238%	4h	4.8200	+0.097%	$12.9M	$2.0M	50x	as long as short
Hyperliquid LIT	+0.0311%	1h	4.8213	+0.125%	$217.4M	$41.6M	5x	as long as short
BloFin LIT-USDT	+0.0340%	4h	4.8103	−0.104%	$1.6M	$2.3M	75x	as long as short
GMX LIT/USD [ETH-USDC]	L +0.0426% / S −0.0217%	1h	4.8144	−0.019%	$64K	—	50x	as long as short