Funding you earn now, next payment 22:00 UTC+0.0234%/8h= +25.7% APRnext payment +$0.29 per $10,000 · paid last 24h +0.014%
Price spread now: Backpack against Lighter+0.076%7-day average +0.043% · you sell dearer than you buy
Net, funding: paid 7d − costs−$50as in the Funding arb table
Net, price: spread back to 7d avg − costs−$80as in the Price arb table
costs, in and out, $10k−$830.829% of the position
Funding, last 7 days+0.328%+$33 on $10k
+Price spread, last 4 days (all we have)−0.173%−$17 · spread now +0.076%, 7d avg +0.043%
=Together, before fees+0.155%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Backpack is 0.034% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.043%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter S | 0.03937 | 0.0096 | pay 0.0012% / 1h | 16m 22s | $165K | $240K | 5x |
| Short | Backpack S_USDC_PERP | 0.03940 | 0.0330 | get 0.0041% / 1h | 16m 22s | $115K | $294K | 5x |
Lighter S
Backpack S_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $49.24
- Price spread: +0.076% → +0.043%
- $3.35
- Slippage, 4 orders
- −$72.86
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$30.26
- Costs to cover
- 0.829%
- Break-even
- 11.3 days
Slippage from Lighter: live order book, 66 min ago; Backpack: live order book, 7 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, 66 min ago | 12.59 bp | 17.3 bp −$17 | 78.4 bp −$784 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 7 min ago | 12.71 bp | 32.3 bp −$32 | 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 | −0.1451% | 1h | 0.03933 | −0.090% | $33K | $30K | 10x | as long as short |
| Coinbase International S-PERP-INTX | −0.1264% | 1h | 0.03826 | −2.819% | $47K | $5K | 25x | as long as short |
| Variational Omni S | −0.0936% | 4h | 0.03921 | −0.412% | $610K | $34K | — | as long as short |
| GMX S/USD [WBTC.b-USDC] | L −0.0190% / S +0.0184% | 1h | 0.03937 | −0.008% | $1K | — | 100x | as long as short |
| Reya SRUSDPERP | −0.0101% | 1h | 0.03933 | −0.094% | $4 | — | 15x | as long as short |
| Orderly PERP_S_USDC | −0.0013% | 4h | 0.03935 | −0.051% | $99K | $342K | 10x | as long as short |
| 01 Exchange SUSD | 0.0000% | 1h | 0.03930 | −0.178% | $24K | $3K | 5x | as long as short |
| gTrade (Gains Network) S/USD | L +0.0001% / S +0.0006% | 1h | 0.03938 | +0.013% | $607 | — | 150x | as long as short |
| Aster SUSDT | +0.0015% | 4h | 0.03937 | +0.008% | $43K | $212K | 10x | as long as short |
| Injective S/USDC PERP | +0.0033% | 1h | 0.04100 | +4.140% | $2K | $37K | 12x | as long as short |
Kraken Futures PF_SUSD
Coinbase International S-PERP-INTX
Variational Omni S
GMX S/USD [WBTC.b-USDC]
Reya SRUSDPERP
Orderly PERP_S_USDC
01 Exchange SUSD
gTrade (Gains Network) S/USD
Aster SUSDT
Injective S/USDC PERPShow all 25 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Lighter Slong | +0.0096% | 1h | 0.03937 | long leg | $165K | $240K | 5x | |
| Hyperliquid S | +0.0100% | 1h | 0.03934 | −0.089% | $994K | $899K | 5x | as long as short |
| Binance SUSDT | +0.0100% | 4h | 0.03934 | −0.074% | $5.4M | $23.4M | 75x | as long as short |
| Bybit SUSDT | +0.0100% | 4h | 0.03929 | −0.203% | $5.6M | $6.3M | 50x | as long as short |
| OKX S-USDT-SWAP | +0.0100% | 4h | 0.03934 | −0.076% | $979K | $7.3M | 20x | as long as short |
| Gate S_USDT | +0.0100% | 4h | 0.03930 | −0.178% | $321K | $292K | 50x | as long as short |
| MEXC S_USDT | +0.0100% | 4h | 0.03934 | −0.076% | $3.5M | $2.6M | 200x | as long as short |
| KuCoin SUSDTM | +0.0100% | 4h | 0.03930 | −0.178% | $1.8M | $3.1M | 50x | as long as short |
| Bitget SUSDT | +0.0100% | 4h | 0.03935 | −0.051% | $1.2M | $3.0M | 50x | as long as short |
| BingX S-USDT | +0.0100% | 4h | 0.03932 | −0.127% | — | $6.8M | — | as long as short |
| ApeX Omni SUSDT | +0.0100% | 1h | 0.03930 | −0.178% | $25K | $471K | 50x | as long as short |
| Extended S-USD | +0.0104% | 1h | 0.03933 | −0.102% | $221K | $883K | 10x | as long as short |
| Backpack S_USDC_PERPshort | +0.0330% | 1h | 0.03940 | +0.076% | $115K | $294K | 5x | |
| BloFin S-USDT | +0.0340% | 4h | 0.03927 | −0.254% | $267K | $159K | 75x | as long as short |
| Deribit S_USDC-PERPETUAL | +0.0512% | 1h | 0.03941 | +0.102% | $66K | $10K | 10x | as long as short |
Hyperliquid S
Binance SUSDT
Bybit SUSDT
OKX S-USDT-SWAP
Gate S_USDT
MEXC S_USDT
KuCoin SUSDTM
Bitget SUSDT
BingX S-USDT
ApeX Omni SUSDT
Extended S-USD
BloFin S-USDT
Deribit S_USDC-PERPETUAL