Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.011%

Price spread now: Lighter against Bybit+0.271%7-day average — · you sell dearer than you buy

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

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.271% dearer against Bybit than usual: you sell high and buy low, +$27 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NOTUSDT	0.0005090	0.0100	pay 0.0050% / 4h	2h 28m	$2.1M	$876K	25x
Short	Lighter 1000NOT	0.0005104	0.0096	get 0.0012% / 1h	28m 41s	$11K	$5K	3x

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 +0.271%Rate

Funding earned: −$0.84
Price spread: +0.271% → 0.000%: $27.11
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $15.27
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Bybit: live order book, 3 min ago; Lighter: no order-book sample. 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 Bybit live order book, 3 min ago	4.92 bp	30.4 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Lighter no order-book sample	—	—	—	—	—

Lighter: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

NOT 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
Variational Omni NOT	−0.0197%	4h	0.0005087	−0.065%	$72K	$39K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−4.244%	$1K	$13K	5.5x	as long as short
KuCoin NOTUSDTM	+0.0042%	4h	0.0005082	−0.157%	$465K	$134K	50x	as long as short
Lighter 1000NOTshort	+0.0096%	1h	0.0005104	+0.271%	$11K	$5K	3x
Hyperliquid NOT	+0.0100%	1h	0.0005090	0.000%	$371K	$51K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005090	+0.002%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005096	+0.118%	$2.1M	$3.1M	50x	as long as short
Bybit NOTUSDTlong	+0.0100%	4h	0.0005090	long leg	$2.1M	$876K	25x
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005096	+0.118%	$637K	$659K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005088	−0.039%	$144K	$81K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005096	+0.118%	$1.3M	$472K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005098	+0.157%	$672K	$408K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005091	+0.020%	—	$8.9M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005091	+0.017%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.0201%	1h	0.0005102	+0.226%	$50K	$10K	10x	as long as short