Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.013%

Price spread now: Lighter against Bitget+0.025%7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs−$149as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$680.676% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.816%−$82 on $10k

Price spread, last 4 days (all we have)+0.070%+$7 · spread now +0.025%, 7d avg −0.019%

Together, before fees−0.746%+ Points / potential airdropLighter: Season 3 · farm board−$75 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 0.044% dearer against Bitget than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SUSDT	0.03996	0.0100	pay 0.0050% / 4h	3h 20m	$1.2M	$2.4M	50x
Short	Lighter S	0.03997	0.0096	get 0.0012% / 1h	20m 16s	$163K	$192K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$0.84
Price spread: +0.025% → −0.019%: $4.36
Slippage, 4 orders: −$55.57
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$64.05
Costs to cover: 0.676%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Lighter: live order book, 35 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 Bitget live order book, 2 min ago	5.02 bp	21.8 bp −$22	65.1 bp −$651	doesn't fit	doesn't fit
Sell Lighter live order book, 35 min ago	7.59 bp	15.3 bp −$15	100.4 bp −$1,004	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
01 Exchange SUSD	−0.2272%	1h	0.03990	−0.150%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2026%	1h	0.03988	−0.207%	$34K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03959	−0.926%	$49K	$5K	25x	as long as short
Variational Omni S	−0.0762%	4h	0.03982	−0.342%	$619K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03996	−0.005%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03992	−0.090%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03996	−0.003%	$616	—	150x	as long as short
Orderly PERP_S_USDC	+0.0026%	4h	0.03994	−0.050%	$102K	$331K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.603%	$2K	$37K	12x	as long as short
Lighter Sshort	+0.0096%	1h	0.03997	+0.025%	$163K	$192K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03995	−0.023%	$999K	$618K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03992	−0.108%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03995	−0.032%	$5.5M	$15.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03990	−0.150%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03992	−0.100%	$982K	$4.6M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03987	−0.225%	$326K	$218K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03995	−0.025%	$3.7M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03994	−0.050%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDTlong	+0.0100%	4h	0.03996	long leg	$1.2M	$2.4M	50x
BingX S-USDT	+0.0100%	4h	0.03993	−0.075%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03990	−0.150%	$116K	$324K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03990	−0.150%	$26K	$445K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03992	−0.098%	$224K	$1.2M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03987	−0.225%	$270K	$126K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0751%	1h	0.04000	+0.100%	$67K	$10K	10x	as long as short