OP

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0131%/8h= +14.3% APRnext payment +$0.16 per $10,000 · paid last 24h +0.063%

Price spread now: Kraken Futures against Lighter−0.050%7-day average +0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$102as in the Price arb table

costs, in and out, $10k−$920.922% of the position

Long on Lighter Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 3 days (all we have)+0.153%+$15 · spread now −0.050%, 7d avg +0.047%

Together, before fees+0.156%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.097% cheaper against Lighter than usual: you would sell low and buy high (spread −0.050% now, against its 7-day average of +0.047%). If the spread goes back, that is −$10 on $10k: about 2.5 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.003% in total) that is about 8 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OP	0.1270	0.0096	pay 0.0012% / 1h	30m 27s	$276K	$905K	15x
Short	Kraken Futures PF_OPUSD	0.1270	0.0227	get 0.0028% / 1h	30m 27s	$793K	$740K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.050%Rate

Funding earned: $27.44
Price spread: −0.050% → +0.047%: −$9.72
Slippage, 4 orders: −$82.22
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$74.5
Costs to cover: 0.922%
Break-even: 26.0 days

Slippage from Lighter: live order book, 50 min ago; Kraken Futures: live order book, 53 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 Lighter live order book, 50 min ago	5.92 bp	10.4 bp −$10	50.2 bp −$502	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 53 min ago	15.78 bp	32.4 bp −$32	97.3 bp −$973	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	−0.1710%	1h	0.1265	−0.425%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1270	−0.021%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1253	−1.370%	$21K	$63K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1270	−0.020%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1270	−0.031%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1270	−0.017%	—	—	150x	as long as short
Variational Omni OP	+0.0041%	8h	0.1269	−0.111%	$235K	$49K	—	as long as short
Orderly PERP_OP_USDC	+0.0057%	8h	0.1269	−0.110%	$6K	$49K	10x	as long as short
Lighter OPlong	+0.0096%	1h	0.1270	long leg	$276K	$905K	15x
OKX OP-USDT-SWAP	+0.0096%	8h	0.1270	−0.071%	$5.9M	$30.0M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1271	+0.031%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1270	−0.003%	$212K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1270	−0.071%	$20.6M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1269	−0.118%	$18.6M	$25.3M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1270	−0.063%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1269	−0.087%	$20.0M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1270	−0.031%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1270	−0.031%	$6.0M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1270	−0.063%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1269	−0.118%	$125K	$190K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1266	−0.341%	$11K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1265	−0.448%	$316K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1266	−0.346%	$45K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1269	−0.118%	$183	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1271	+0.079%	$176K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1269	−0.085%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1270	−0.044%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1268	−0.150%	$996K	$284K	75x	as long as short
Kraken Futures PF_OPUSDshort	+0.0227%	1h	0.1270	−0.050%	$793K	$740K	20x
Reya OPRUSDPERP	+0.0437%	1h	0.1269	−0.074%	$706	—	20x	as long as short