Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Bitget against Lighter+0.444%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$1091.093% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.816%+$82 on $10k

Price spread, last 4 days (all we have)−0.513%−$51 · spread now +0.444%, 7d avg +0.010%

Together, before fees+0.303%+ Points / potential airdropLighter: Season 3 · farm board+$30 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: Bitget is 0.435% dearer against Lighter than usual: you sell high and buy low, +$43 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.04277	0.0096	pay 0.0012% / 1h	14m 52s	$184K	$143K	5x
Short	Bitget SUSDT	0.04296	0.0100	get 0.0050% / 4h	14m 52s	$1.3M	$2.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now +0.444%Rate

Funding earned: $0.84
Price spread: +0.444% → +0.010%: $43.45
Slippage, 4 orders: −$97.33
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$65.04
Costs to cover: 1.093%
Break-even: 549.0 days

Slippage from Lighter: live order book, 5 min ago; Bitget: live order book, 2 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, 5 min ago	16.64 bp	17.0 bp −$17	76.0 bp −$760	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	9.38 bp	30.2 bp −$30	122.4 bp −$1,224	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
01 Exchange SUSD	−1.1992%	1h	0.04070	−4.840%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1850%	1h	0.04271	−0.134%	$37K	$20K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1064%	1h	0.04073	−4.770%	$49K	$17K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04281	+0.089%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04281	+0.085%	$4	—	15x	as long as short
Variational Omni S	−0.0006%	4h	0.04257	−0.471%	$660K	$5K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04280	+0.071%	$660	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−4.138%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0089%	4h	0.04273	−0.094%	$106K	$601K	10x	as long as short
Lighter Slong	+0.0096%	1h	0.04277	long leg	$184K	$143K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04290	+0.313%	$1.1M	$623K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04292	+0.347%	$46K	$147K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04293	+0.374%	$6.1M	$14.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04286	+0.210%	$6.1M	$4.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04290	+0.304%	$1.1M	$4.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04288	+0.257%	$348K	$201K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04294	+0.397%	$4.3M	$2.0M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04286	+0.210%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDTshort	+0.0100%	4h	0.04296	+0.444%	$1.3M	$2.4M	50x
BingX S-USDT	+0.0100%	4h	0.04291	+0.327%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04200	−1.800%	$24K	$501K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04289	+0.292%	$239K	$1.3M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0218%	1h	0.04278	+0.023%	$72K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04298	+0.491%	$293K	$125K	75x	as long as short
Backpack S_USDC_PERP	+0.1002%	1h	0.04290	+0.304%	$107K	$466K	5x	as long as short