S

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0234%/8h= −25.7% APRnext payment −$0.29 per $10,000 · paid last 24h −0.014%

Price spread now: Lighter against Backpack−0.076%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$116as in the Funding arb table

Net, price: spread back to 7d avg − costs−$86as in the Price arb table

costs, in and out, $10k−$830.829% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.328%−$33 on $10k

Price spread, last 4 days (all we have)+0.173%+$17 · spread now −0.076%, 7d avg −0.043%

Together, before fees−0.155%+ Points / potential airdropLighter: Season 3 · farm board−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.033% cheaper against Backpack than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.043%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.03940	0.0330	pay 0.0041% / 1h	16m 21s	$115K	$294K	5x
Short	Lighter S	0.03937	0.0096	get 0.0012% / 1h	16m 21s	$165K	$240K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Backpack. 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 BackpackbpFee LighterbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$49.24
Price spread: −0.076% → −0.043%: −$3.35
Slippage, 4 orders: −$72.86
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$135.45
Costs to cover: 0.829%
Break-even: never at this rate

Slippage from Backpack: live order book, 7 min ago; Lighter: live order book, 66 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 Backpack live order book, 7 min ago	12.71 bp	17.7 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 66 min ago	12.59 bp	15.5 bp −$16	83.8 bp −$838	doesn't fit	doesn't fit

S 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
Kraken Futures PF_SUSD	−0.1451%	1h	0.03933	−0.166%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.893%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0936%	4h	0.03921	−0.488%	$610K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0190% / S +0.0184%	1h	0.03937	−0.084%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03933	−0.170%	$4	—	15x	as long as short
Orderly PERP_S_USDC	−0.0013%	4h	0.03935	−0.127%	$99K	$342K	10x	as long as short
01 Exchange SUSD	0.0000%	1h	0.03930	−0.254%	$24K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03938	−0.063%	$607	—	150x	as long as short
Aster SUSDT	+0.0015%	4h	0.03937	−0.068%	$43K	$212K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.061%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter Sshort	+0.0096%	1h	0.03937	−0.076%	$165K	$240K	5x
Hyperliquid S	+0.0100%	1h	0.03934	−0.165%	$994K	$899K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03934	−0.150%	$5.4M	$23.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03929	−0.279%	$5.6M	$6.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03934	−0.152%	$979K	$7.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03930	−0.254%	$321K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03934	−0.152%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03930	−0.254%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03935	−0.127%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03932	−0.203%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.254%	$25K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03933	−0.178%	$221K	$883K	10x	as long as short
Backpack S_USDC_PERPlong	+0.0330%	1h	0.03940	long leg	$115K	$294K	5x
BloFin S-USDT	+0.0340%	4h	0.03927	−0.330%	$267K	$159K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0512%	1h	0.03941	+0.025%	$66K	$10K	10x	as long as short