OP

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0345%/8h= −37.7% APRnext payment −$0.43 per $10,000 · paid last 24h −0.100%

Price spread now: Lighter against Reya+0.027%7-day average — · you sell dearer than you buy

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

Long on Reya Short on Lighter

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 airdropReya: Active · Lighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Lighter is 0.027% dearer against Reya than usual: you sell high and buy low (spread +0.027% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya OPRUSDPERP	0.1261	0.0441	pay 0.0055% / 1h	46m 52s	$701	—	20x
Short	Lighter OP	0.1261	0.0096	get 0.0012% / 1h	46m 52s	$279K	$938K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Reya. 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 ReyabpFee LighterbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$72.37
Price spread: +0.027% → 0.000%: $2.7
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$75.68
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Lighter: 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 Reya no order-book sample	—	—	—	—	—
Sell Lighter live order book, 8 min ago	8.27 bp	24.8 bp −$25	61.3 bp −$613	doesn't fit	doesn't fit

Reya: 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.

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	−0.1607%	1h	0.1253	−0.639%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1261	+0.022%	$13K	—	100x	as long as short
dYdX OP-USD	0.0000%	1h	0.1260	−0.085%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1261	−0.005%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1262	+0.047%	—	—	150x	as long as short
OKX OP-USDT-SWAP	+0.0036%	8h	0.1261	+0.019%	$6.2M	$28.8M	50x	as long as short
ApeX Omni OPUSDT	+0.0045%	1h	0.1257	−0.322%	$43K	$709K	50x	as long as short
Variational Omni OP	+0.0047%	8h	0.1260	−0.106%	$223K	$49K	—	as long as short
Orderly PERP_OP_USDC	+0.0054%	8h	0.1261	−0.005%	$6K	$44K	10x	as long as short
Lighter OPshort	+0.0096%	1h	0.1261	+0.027%	$279K	$938K	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1263	+0.170%	$3.7M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1262	+0.067%	$211K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1261	+0.023%	$20.4M	$60.8M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1261	−0.029%	$18.5M	$25.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1262	+0.075%	$2.0M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1261	+0.019%	$21.2M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1260	−0.084%	$2.9M	$6.6M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1262	+0.075%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1262	+0.075%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1261	−0.029%	$120K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1257	−0.350%	$4K	$389K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1257	−0.315%	$317K	$5.1M	10x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1260	−0.068%	$194	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1260	−0.044%	$173K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1260	−0.049%	$101K	$391K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1258	−0.203%	$3K	$1K	3x	as long as short
Coinbase International OP-PERP-INTX	+0.0168%	1h	0.1278	+1.343%	$25K	$71K	50x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1260	−0.052%	$1.0M	$277K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0349%	1h	0.1261	−0.043%	$789K	$570K	20x	as long as short
Reya OPRUSDPERPlong	+0.0441%	1h	0.1261	long leg	$701	—	20x