Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.011%

Price spread now: Lighter against KuCoin+0.398%7-day average +0.090% · you sell dearer than you buy

Net, funding: paid 7d − costs−$366as in the Funding arb table

Net, price: spread back to 7d avg − costs−$251as in the Price arb table

costs, in and out, $10k−$2822.823% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.841%−$84 on $10k

Price spread, last 4 days (all we have)−0.245%−$25 · spread now +0.398%, 7d avg +0.090%

Together, before fees−1.087%+ Points / potential airdropLighter: Season 3 · farm board−$109 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 0.309% dearer against KuCoin than usual: you sell high and buy low, +$31 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	KuCoin SUSDTM	0.04266	0.0100	pay 0.0050% / 4h	3h 50m	$2.0M	$2.8M	50x
Short	Lighter S	0.04283	0.0096	get 0.0012% / 1h	50m 59s	$184K	$99K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.398%Rate

Funding earned: −$0.84
Price spread: +0.398% → +0.090%: $30.86
Slippage, 4 orders: −$270.28
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$252.26
Costs to cover: 2.823%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Lighter: live order book, 29 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 KuCoin live order book, 6 min ago	8.13 bp	107.7 bp −$108	351.7 bp −$3,517	doesn't fit	doesn't fit
Sell Lighter live order book, 29 min ago	16.64 bp	30.4 bp −$30	118.7 bp −$1,187	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	−0.2654%	1h	0.04276	+0.227%	$35K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04238	−0.656%	$52K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04285	+0.457%	$2K	—	100x	as long as short
Variational Omni S	−0.0116%	4h	0.04307	+0.956%	$667K	$7K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04283	+0.389%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04287	+0.482%	$661	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−3.891%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0078%	4h	0.04281	+0.352%	$106K	$618K	10x	as long as short
Lighter Sshort	+0.0096%	1h	0.04283	+0.398%	$184K	$99K	5x
Hyperliquid S	+0.0100%	1h	0.04274	+0.176%	$1.1M	$708K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0100%	4h	0.04270	+0.105%	$46K	$175K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04270	+0.094%	$6.2M	$16.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04268	+0.047%	$6.1M	$4.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04265	−0.023%	$1.2M	$4.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04268	+0.047%	$357K	$215K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04269	+0.070%	$4.4M	$2.2M	200x	as long as short
KuCoin SUSDTMlong	+0.0100%	4h	0.04266	long leg	$2.0M	$2.8M	50x
Bitget SUSDT	+0.0100%	4h	0.04269	+0.070%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04269	+0.070%	—	$6.9M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.04280	+0.328%	$101K	$472K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04280	+0.328%	$25K	$507K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04268	+0.045%	$237K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04269	+0.070%	$317K	$121K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0683%	1h	0.04289	+0.539%	$72K	$10K	10x	as long as short
01 Exchange SUSD	+0.6632%	1h	0.04370	+2.438%	$27K	$2K	5x	as long as short