Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0548%/8h= −60.0% APRpaid last 24h −0.095%

Price spread now: Variational Omni against Lighter−0.271%7-day average −0.176% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.208%−$21 on $10k

Price spread, last 3 days (all we have)+0.184%+$18 · spread now −0.271%, 7d avg −0.176%

Together, before fees−0.024%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Variational Omni is 0.095% cheaper against Lighter than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.176%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MNT	0.6530	0.0648	pay 0.0081% / 1h	38m 06s	$139K	$69K	5x
Short	Variational Omni MNT	0.6512	0.0100	get 0.0100% / 8h	2h 38m	$293K	$117K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 LighterbpFee Variational OmnibpOrdersPrice spread, now −0.271%Rate

Funding earned: −$115.08
Price spread: −0.271% → −0.176%: −$9.48
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$124.56
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 44 min ago; Variational Omni: RFQ quote, 51 min ago. 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 Lighter live order book, 44 min ago	9.34 bp	29.7 bp −$30	105.0 bp −$1,050	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 51 min ago	3.83 bp	doesn't fit	71.2 bp −$712	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	0.6515	−0.227%	$19	—	100x	as long as short
Injective MNT/USDC PERP	−0.0092%	1h	0.6522	−0.118%	$3K	$171K	12x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6514	−0.243%	$782	—	150x	as long as short
Hyperliquid MNT	+0.0100%	1h	0.6522	−0.110%	$6.6M	$896K	5x	as long as short
Bybit MNTUSDT	+0.0100%	8h	0.6512	−0.271%	$43.0M	$13.6M	25x	as long as short
Gate MNT_USDT	+0.0100%	4h	0.6502	−0.424%	$413K	$115K	25x	as long as short
MEXC MNT_USDT	+0.0100%	8h	0.6509	−0.317%	$2.5M	$584K	100x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6510	−0.302%	—	$2.5M	—	as long as short
Variational Omni MNTshort	+0.0100%	8h	0.6512	−0.271%	$293K	$117K	—
ApeX Omni MNTUSDT	+0.0100%	1h	0.6513	−0.256%	$11K	$640K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6527	−0.041%	$1K	—	10x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6507	−0.348%	$89K	$217K	25x	as long as short
Kraken Futures PF_MNTUSD	+0.0228%	1h	0.6517	−0.201%	$17K	$20K	20x	as long as short
Backpack MNT_USDC_PERP	+0.0597%	1h	0.6513	−0.256%	$40K	$35K	10x	as long as short
Lighter MNTlong	+0.0648%	1h	0.6530	long leg	$139K	$69K	5x