Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.111%

Price spread now: Lighter against Bybit+0.222%7-day average +0.166% · you sell dearer than you buy

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$790.791% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.338%+$34 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.222%, 7d avg +0.166%

Together, before fees+0.262%+ Points / potential airdropLighter: Season 3 · farm board+$26 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: Lighter is 0.057% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.166%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit MNTUSDT	0.6431	0.0100	pay 0.0100% / 8h	1m 15s	$42.3M	$15.2M	25x
Short	Lighter MNT	0.6445	0.0104	get 0.0013% / 1h	1m 15s	$146K	$90K	5x

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 +0.222%Rate

Funding earned: $0.84
Price spread: +0.222% → +0.166%: $5.67
Slippage, 4 orders: −$68.1
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$72.59
Costs to cover: 0.791%
Break-even: 611.9 days

Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 18 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, 3 min ago	0.78 bp	19.1 bp −$19	76.8 bp −$768	doesn't fit	doesn't fit
Sell Lighter live order book, 18 min ago	9.63 bp	16.0 bp −$16	102.6 bp −$1,026	doesn't fit	doesn't fit

MNT on 15 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6431	+0.008%	$19	—	100x	as long as short
Kraken Futures PF_MNTUSD	−0.0088%	1h	0.6440	+0.143%	$16K	$40K	20x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6431	+0.008%	$772	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	+1.477%	$3K	$210K	12x	as long as short
Hyperliquid MNT	+0.0100%	1h	0.6439	+0.124%	$6.4M	$923K	5x	as long as short
Bybit MNTUSDTlong	+0.0100%	8h	0.6431	long leg	$42.3M	$15.2M	25x
Gate MNT_USDT	+0.0100%	4h	0.6423	−0.124%	$451K	$180K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6429	−0.031%	$2.4M	$110K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6432	+0.016%	—	$2.6M	—	as long as short
Backpack MNT_USDC_PERP	+0.0100%	1h	0.6426	−0.078%	$40K	$61K	10x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni MNT	+0.0100%	8h	0.6431	−0.006%	$288K	$112K	—	as long as short
ApeX Omni MNTUSDT	+0.0100%	1h	0.6430	−0.016%	$11K	$637K	50x	as long as short
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6439	+0.124%	$1K	$74	10x	as long as short
Lighter MNTshort	+0.0104%	1h	0.6445	+0.222%	$146K	$90K	5x
BloFin MNT-USDT	+0.0302%	8h	0.6424	−0.109%	$91K	$216K	25x	as long as short