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 −0.015%

Price spread now: Lighter against Gate+0.153%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$274as in the Funding arb table

Net, price: spread back to 7d avg − costs−$176as in the Price arb table

costs, in and out, $10k−$1851.847% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.889%−$89 on $10k

Price spread, last 4 days (all we have)+0.085%+$8 · spread now +0.153%, 7d avg +0.067%

Together, before fees−0.804%+ Points / potential airdropLighter: Season 3 · farm board−$80 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 0.086% dearer against Gate than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of +0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate S_USDT	0.03929	0.0100	pay 0.0050% / 4h	2h 14m	$321K	$292K	50x
Short	Lighter S	0.03935	0.0096	get 0.0012% / 1h	14m 22s	$165K	$240K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.153%Rate

Funding earned: −$0.84
Price spread: +0.153% → +0.067%: $8.61
Slippage, 4 orders: −$169.74
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$176.97
Costs to cover: 1.847%
Break-even: never at this rate

Slippage from Gate: live order book, 6 min ago; Lighter: live order book, 68 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 Gate live order book, 6 min ago	7.65 bp	76.9 bp −$77	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 68 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	+0.109%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.622%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0878%	4h	0.03928	−0.030%	$611K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0191% / S +0.0185%	1h	0.03934	+0.120%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03928	−0.018%	$4	—	15x	as long as short
Orderly PERP_S_USDC	−0.0012%	4h	0.03933	+0.102%	$99K	$343K	10x	as long as short
01 Exchange SUSD	0.0000%	1h	0.03920	−0.229%	$24K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03933	+0.096%	$606	—	150x	as long as short
Deribit S_USDC-PERPETUAL	+0.0004%	1h	0.03943	+0.356%	$66K	$10K	10x	as long as short
Aster SUSDT	+0.0026%	4h	0.03940	+0.270%	$43K	$212K	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	+4.352%	$2K	$37K	12x	as long as short
Lighter Sshort	+0.0096%	1h	0.03935	+0.153%	$165K	$240K	5x
Hyperliquid S	+0.0100%	1h	0.03927	−0.064%	$992K	$900K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03934	+0.127%	$5.4M	$23.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03923	−0.153%	$5.6M	$6.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03932	+0.076%	$979K	$7.3M	20x	as long as short
Gate S_USDTlong	+0.0100%	4h	0.03929	long leg	$321K	$292K	50x
MEXC S_USDT	+0.0100%	4h	0.03925	−0.102%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03929	0.000%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03933	+0.102%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03930	+0.025%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03940	+0.280%	$25K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03925	−0.091%	$221K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03934	+0.127%	$268K	$159K	75x	as long as short
Backpack S_USDC_PERP	+0.0345%	1h	0.03940	+0.280%	$115K	$294K	5x	as long as short