Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.010%

Price spread now: Lighter against Binance+0.060%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$151as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$710.715% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.795%−$79 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now +0.060%, 7d avg +0.025%

Together, before fees−0.823%+ Points / potential airdropLighter: Season 3 · farm board−$82 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: Lighter is 0.036% dearer against Binance than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SUSDT	0.03933	0.0100	pay 0.0050% / 4h	2h 48m	$5.4M	$24.6M	75x
Short	Lighter S	0.03935	0.0096	get 0.0012% / 1h	48m 36s	$165K	$240K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.060%Rate

Funding earned: −$0.84
Price spread: +0.060% → +0.025%: $3.57
Slippage, 4 orders: −$61.49
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$68.76
Costs to cover: 0.715%
Break-even: never at this rate

Slippage from Binance: live order book, 8 min ago; Lighter: live order book, 34 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 Binance live order book, 8 min ago	1.27 bp	18.2 bp −$18	73.2 bp −$732	doesn't fit	doesn't fit
Sell Lighter live order book, 34 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	0.03932	−0.011%	$33K	$33K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.711%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1204%	4h	0.03923	−0.244%	$610K	$38K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0173% / S +0.0169%	1h	0.03934	+0.035%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03929	−0.083%	$4	—	15x	as long as short
01 Exchange SUSD	−0.0056%	1h	0.03930	−0.067%	$24K	$3K	5x	as long as short
Aster SUSDT	−0.0034%	4h	0.03934	+0.040%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDC	−0.0019%	4h	0.03935	+0.060%	$101K	$340K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03934	+0.030%	$606	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0004%	1h	0.03937	+0.111%	$66K	$10K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.256%	$2K	$37K	12x	as long as short
OKX S-USDT-SWAP	+0.0088%	4h	0.03931	−0.041%	$978K	$7.8M	20x	as long as short
Lighter Sshort	+0.0096%	1h	0.03935	+0.060%	$165K	$240K	5x
Hyperliquid S	+0.0100%	1h	0.03931	−0.034%	$991K	$928K	5x	as long as short
Binance SUSDTlong	+0.0100%	4h	0.03933	long leg	$5.4M	$24.6M	75x
Bybit SUSDT	+0.0100%	4h	0.03925	−0.194%	$5.6M	$6.6M	50x	as long as short
Gate S_USDT	+0.0100%	4h	0.03928	−0.118%	$321K	$291K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03930	−0.067%	$3.5M	$2.5M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03930	−0.067%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03929	−0.092%	$1.2M	$3.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03929	−0.092%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.067%	$23K	$474K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03929	−0.101%	$221K	$883K	10x	as long as short
Backpack S_USDC_PERP	+0.0284%	1h	0.03940	+0.188%	$115K	$285K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03928	−0.118%	$274K	$179K	75x	as long as short