Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Bybit against Lighter−0.171%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 6 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: Bybit is 0.171% cheaper against Lighter than usual: you would sell low and buy high, −$17 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	Lighter 1000NOT	0.0004917	0.0096	pay 0.0012% / 1h	31m 32s	$11K	$6K	3x
Short	Bybit NOTUSDT	0.0004909	0.0100	get 0.0050% / 4h	1h 31m	$2.1M	$811K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.171%Rate

Funding earned: $0.84
Price spread: −0.171% → 0.000%: −$17.08
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.24
Costs to cover: 0.110%
Break-even: 234.0 days

Slippage unknown: Lighter: no order-book sample; Bybit: live order book, 8 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 no order-book sample	—	—	—	—	—
Sell Bybit live order book, 8 min ago	3.02 bp	38.3 bp −$38	167.6 bp −$1,676	doesn't fit	doesn't fit

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 16 exchanges

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	+0.0016%	4h	0.0004945	+0.566%	$70K	$37K	—	as long as short
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−0.883%	$1K	$13K	5.5x	as long as short
Lighter 1000NOTlong	+0.0096%	1h	0.0004917	long leg	$11K	$6K	3x
Hyperliquid NOT	+0.0100%	1h	0.0004910	−0.150%	$325K	$69K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0004911	−0.128%	$13K	$3K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0004914	−0.071%	$2.0M	$2.8M	50x	as long as short
Bybit NOTUSDTshort	+0.0100%	4h	0.0004909	−0.171%	$2.1M	$811K	25x
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0004909	−0.171%	$626K	$648K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0004905	−0.252%	$136K	$61K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0004909	−0.171%	$1.3M	$448K	200x	as long as short

Show all 16 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTM	+0.0100%	4h	0.0004909	−0.171%	$483K	$138K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0004919	+0.033%	$654K	$514K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0004911	−0.130%	—	$735K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0004910	−0.159%	$4K	—	5x	as long as short
BloFin NOT-USDT	+0.0134%	4h	0.0004926	+0.175%	$108K	$17K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.1062%	1h	0.0004950	+0.666%	$48K	$5K	10x	as long as short