Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.008%

Price spread now: Lighter against Bybit+0.332%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$176as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$890.891% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.873%−$87 on $10k

Price spread, last 4 days (all we have)−0.348%−$35 · spread now +0.332%, 7d avg +0.090%

Together, before fees−1.221%+ Points / potential airdropLighter: Season 3 · farm board−$122 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 0.242% dearer against Bybit than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of +0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSDT	0.03911	0.0100	pay 0.0050% / 4h	1h 52m	$5.6M	$6.2M	50x
Short	Lighter S	0.03924	0.0096	get 0.0012% / 1h	52m 56s	$164K	$222K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.332%Rate

Funding earned: −$0.84
Price spread: +0.332% → +0.090%: $24.2
Slippage, 4 orders: −$78.06
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$65.69
Costs to cover: 0.891%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Lighter: live order book, 21 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 Bybit live order book, 5 min ago	2.56 bp	22.3 bp −$22	74.9 bp −$749	doesn't fit	doesn't fit
Sell Lighter live order book, 21 min ago	15.24 bp	21.4 bp −$21	95.0 bp −$950	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	−0.1595%	1h	0.03919	+0.202%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.173%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0793%	4h	0.03918	+0.183%	$609K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0193% / S +0.0187%	1h	0.03923	+0.312%	$1K	—	100x	as long as short
01 Exchange SUSD	−0.0112%	1h	0.03920	+0.230%	$24K	$3K	5x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03918	+0.191%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03923	+0.317%	$605	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0005%	1h	0.03924	+0.332%	$66K	$10K	10x	as long as short
Orderly PERP_S_USDC	+0.0021%	4h	0.03920	+0.230%	$100K	$349K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.833%	$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
Aster SUSDT	+0.0038%	4h	0.03922	+0.290%	$43K	$212K	10x	as long as short
Hyperliquid S	+0.0083%	1h	0.03918	+0.184%	$984K	$787K	5x	as long as short
Lighter Sshort	+0.0096%	1h	0.03924	+0.332%	$164K	$222K	5x
Binance SUSDT	+0.0100%	4h	0.03917	+0.153%	$5.3M	$22.1M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.03911	long leg	$5.6M	$6.2M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03917	+0.153%	$978K	$6.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03912	+0.026%	$320K	$265K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03918	+0.179%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03919	+0.205%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03918	+0.179%	$1.2M	$2.8M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03917	+0.153%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03920	+0.230%	$23K	$469K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03917	+0.150%	$221K	$883K	10x	as long as short
Backpack S_USDC_PERP	+0.0138%	1h	0.03920	+0.230%	$114K	$299K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03918	+0.179%	$268K	$132K	75x	as long as short