Funding arb · Price arb /

POL

all POL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.007%

Price spread now: Bybit against Lighter−0.121%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$520.523% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)+0.035%+$4 · spread now −0.121%, 7d avg −0.084%

Together, before fees−0.062%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.037% cheaper against Lighter than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter POL	0.1114	0.0096	pay 0.0012% / 1h	39m 44s	$311K	$559K	8x
Short	Bybit POLUSDT	0.1112	0.0100	get 0.0050% / 4h	2h 39m	$16.0M	$16.5M	75x

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 −0.121%Rate

Funding earned: $0.84
Price spread: −0.121% → −0.084%: −$3.68
Slippage, 4 orders: −$41.35
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$55.19
Costs to cover: 0.523%
Break-even: 466.9 days

Slippage from Lighter: live order book, 44 min ago; Bybit: live order book, 4 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, 44 min ago	6.23 bp	6.3 bp −$6	49.5 bp −$495	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.45 bp	19.5 bp −$20	39.8 bp −$398	doesn't fit	doesn't fit

POL on 25 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
ApeX Omni POLUSDT	−0.0227%	1h	0.1112	−0.157%	$197K	$661K	50x	as long as short
Coinbase International POL-PERP-INTX	−0.0080%	1h	0.1111	−0.247%	$202K	$254K	50x	as long as short
Kraken Futures PF_POLUSD	−0.0072%	1h	0.1114	+0.004%	$1.2M	$1.8M	50x	as long as short
Orderly PERP_POL_USDC	−0.0040%	4h	0.1113	−0.085%	$11K	$209K	20x	as long as short
Reya POLRUSDPERP	−0.0006%	1h	0.1113	−0.083%	$3K	—	—	as long as short
gTrade (Gains Network) POL/USD	L +0.0004% / S −0.0006%	1h	0.1114	0.000%	$22K	—	150x	as long as short
dYdX POL-USD	+0.0004%	1h	0.1114	+0.053%	$17K	$3K	5x	as long as short
Injective POL/USDC PERP	+0.0033%	1h	0.1111	−0.247%	$3K	$124K	12x	as long as short
GRVT POL_USDT_Perp	+0.0036%	4h	0.1111	−0.218%	$1.1M	$3.5M	10x	as long as short
OKX POL-USDT-SWAP	+0.0089%	4h	0.1113	−0.085%	$5.8M	$12.1M	50x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter POLlong	+0.0096%	1h	0.1114	long leg	$311K	$559K	8x
Hyperliquid POL	+0.0100%	1h	0.1115	+0.148%	$7.6M	$4.6M	5x	as long as short
Aster POLUSDT	+0.0100%	4h	0.1114	+0.057%	$370K	$383K	20x	as long as short
Binance POLUSDT	+0.0100%	4h	0.1113	−0.041%	$17.0M	$51.9M	75x	as long as short
Bybit POLUSDTshort	+0.0100%	4h	0.1112	−0.121%	$16.0M	$16.5M	75x
Gate POL_USDT	+0.0100%	4h	0.1114	−0.004%	$1.9M	$1.4M	75x	as long as short
MEXC POL_USDT	+0.0100%	4h	0.1113	−0.040%	$23.4M	$4.0M	125x	as long as short
KuCoin POLUSDTM	+0.0100%	4h	0.1113	−0.040%	$2.8M	$1.1M	50x	as long as short
Bitget POLUSDT	+0.0100%	4h	0.1113	−0.040%	$4.1M	$6.0M	50x	as long as short
BingX POL-USDC	+0.0100%	4h	0.1113	−0.085%	—	$1.6M	—	as long as short
Variational Omni POL	+0.0100%	4h	0.1111	−0.219%	$657K	$211K	—	as long as short
Extended POL-USD	+0.0104%	1h	0.1113	−0.054%	$93K	$427K	10x	as long as short
Aevo POL-PERP	+0.0104%	1h	0.1112	−0.201%	$41K	—	3x	as long as short
GMX POL/USD [ETH-USDC]	L +0.0211% / S −0.0606%	1h	0.1114	−0.005%	$3K	—	100x	as long as short
BloFin POL-USDT	+0.0340%	4h	0.1112	−0.130%	$907K	$167K	75x	as long as short