Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.113%

Price spread now: Aster against Lighter+0.022%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$104as in the Price arb table

costs, in and out, $10k−$1011.014% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)+0.231%+$23 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now +0.022%, 7d avg +0.047%

Together, before fees+0.309%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Aster is 0.025% cheaper against Lighter than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.047%). Swap the legs. Mind the row above: over the last 5 days funding on this pair paid +0.231%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.03934	0.0096	pay 0.0012% / 1h	13m 14s	$165K	$240K	5x
Short	Aster SUSDT	0.03935	0.0021	get 0.0011% / 4h	2h 13m	$43K	$212K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter. 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 LighterbpFee AsterbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$15.66
Price spread: +0.022% → +0.047%: −$2.46
Slippage, 4 orders: −$93.38
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$119.51
Costs to cover: 1.014%
Break-even: never at this rate

Slippage from Lighter: live order book, 69 min ago; Aster: live order book, 8 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 Lighter live order book, 69 min ago	12.59 bp	17.3 bp −$17	78.4 bp −$784	doesn't fit	doesn't fit
Sell Aster live order book, 8 min ago	10.19 bp	34.7 bp −$35	doesn't fit	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	−0.1452%	1h	0.03931	−0.065%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.745%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0878%	4h	0.03928	−0.157%	$611K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0191% / S +0.0185%	1h	0.03933	−0.031%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03928	−0.144%	$4	—	15x	as long as short
Orderly PERP_S_USDC	−0.0011%	4h	0.03931	−0.076%	$99K	$343K	10x	as long as short
01 Exchange SUSD	0.0000%	1h	0.03930	−0.102%	$24K	$3K	5x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03933	−0.036%	$606	—	150x	as long as short
Aster SUSDTshort	+0.0021%	4h	0.03935	+0.022%	$43K	$212K	10x
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.220%	$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
Lighter Slong	+0.0096%	1h	0.03934	long leg	$165K	$240K	5x
Hyperliquid S	+0.0100%	1h	0.03929	−0.137%	$993K	$900K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03931	−0.086%	$5.4M	$23.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03922	−0.305%	$5.6M	$6.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03928	−0.153%	$981K	$7.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03929	−0.127%	$321K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03932	−0.051%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03926	−0.203%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03933	−0.025%	$1.2M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03930	−0.102%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03940	+0.153%	$25K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03928	−0.149%	$221K	$883K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0258%	1h	0.03936	+0.051%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03934	0.000%	$269K	$159K	75x	as long as short
Backpack S_USDC_PERP	+0.0369%	1h	0.03940	+0.153%	$115K	$294K	5x	as long as short