Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0307%/8h= −33.6% APRpaid last 24h −0.138%

Price spread now: Variational Omni against Lighter−0.427%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 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 · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Variational Omni is 0.427% cheaper against Lighter than usual: you would sell low and buy high (−$43 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000NOT	0.0005056	0.0096	pay 0.0012% / 1h	53m 34s	$11K	$5K	3x
Short	Variational Omni NOT	0.0005034	−0.0211	pay 0.0105% / 4h	2h 53m	$71K	$39K	—

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

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 Variational OmnibpOrdersPrice spread, now −0.427%Rate

Funding earned: −$64.46
Price spread: −0.427% → 0.000%: −$42.68
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$107.15
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: no order-book sample; Variational Omni: 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 Lighter no order-book sample	—	—	—	—	—
Sell Variational Omni no order-book sample	—	—	—	—	—

Lighter and Variational Omni: 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 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 NOTshort	−0.0211%	4h	0.0005034	−0.427%	$71K	$39K	—
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.596%	$1K	$13K	5.5x	as long as short
BloFin NOT-USDT	+0.0060%	4h	0.0005038	−0.352%	$112K	$17K	50x	as long as short
Bybit NOTUSDT	+0.0062%	4h	0.0005044	−0.233%	$2.1M	$860K	25x	as long as short
KuCoin NOTUSDTM	+0.0082%	4h	0.0005038	−0.352%	$460K	$135K	50x	as long as short
Lighter 1000NOTlong	+0.0096%	1h	0.0005056	long leg	$11K	$5K	3x
Hyperliquid NOT	+0.0100%	1h	0.0005050	−0.115%	$368K	$51K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005049	−0.133%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005047	−0.168%	$2.1M	$3.2M	50x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005051	−0.095%	$620K	$632K	20x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate NOT_USDT	+0.0100%	4h	0.0005028	−0.550%	$142K	$81K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005048	−0.154%	$1.3M	$465K	200x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005047	−0.174%	$666K	$407K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005042	−0.273%	—	$719K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005045	−0.217%	$4K	$491	5x	as long as short
Kraken Futures PF_NOTUSD	+0.0203%	1h	0.0005061	+0.105%	$49K	$10K	10x	as long as short