OP

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0285%/8h= −31.2% APRnext payment −$0.36 per $10,000 · paid last 24h −0.074%

Price spread now: Lighter against Kraken Futures+0.028%7-day average −0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$1001.005% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 3 days (all we have)−0.124%−$12 · spread now +0.028%, 7d avg −0.047%

Together, before fees−0.140%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.076% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of −0.047%): +$8 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 7 days (−0.017% in total) that is about 32 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.017% in total (about -0.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_OPUSD	0.1275	0.0381	pay 0.0048% / 1h	9m 10s	$805K	$755K	20x
Short	Lighter OP	0.1275	0.0096	get 0.0012% / 1h	9m 10s	$284K	$953K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$59.77
Price spread: +0.028% → −0.047%: $7.55
Slippage, 4 orders: −$90.48
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$152.69
Costs to cover: 1.005%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 64 min ago; Lighter: live order book, 61 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 Kraken Futures live order book, 64 min ago	14.13 bp	31.8 bp −$32	172.3 bp −$1,723	doesn't fit	doesn't fit
Sell Lighter live order book, 61 min ago	5.10 bp	17.3 bp −$17	54.2 bp −$542	doesn't fit	doesn't fit

OP on 30 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
Injective OP/USDC PERP	−0.1656%	1h	0.1272	−0.246%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1274	−0.065%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1279	+0.303%	$25K	$77K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1275	−0.050%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1274	−0.089%	$42K	$167K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1275	−0.033%	—	—	150x	as long as short
Variational Omni OP	+0.0053%	8h	0.1272	−0.263%	$232K	$46K	—	as long as short
Orderly PERP_OP_USDC	+0.0058%	8h	0.1274	−0.089%	$6K	$47K	10x	as long as short
Lighter OPshort	+0.0096%	1h	0.1275	+0.028%	$284K	$953K	15x
Hyperliquid OP	+0.0100%	1h	0.1276	+0.099%	$4.0M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1275	−0.003%	$213K	$236K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1274	−0.052%	$20.6M	$62.1M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1274	−0.121%	$18.5M	$26.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1274	−0.121%	$6.2M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1275	−0.003%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1275	−0.011%	$20.2M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1274	−0.089%	$2.9M	$7.1M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1275	−0.011%	$6.0M	$6.4M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1275	−0.034%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1274	−0.097%	$123K	$190K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1273	−0.170%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1276	+0.084%	$315K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1274	−0.089%	$44K	$725K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1274	−0.074%	$181	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1275	−0.050%	$176K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1274	−0.116%	$107K	$389K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1275	−0.043%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1274	−0.066%	$1.0M	$276K	75x	as long as short
Kraken Futures PF_OPUSDlong	+0.0381%	1h	0.1275	long leg	$805K	$755K	20x
Reya OPRUSDPERP	+0.0439%	1h	0.1274	−0.072%	$709	—	20x	as long as short