Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.070%

Price spread now: BloFin against Lighter−0.124%7-day average −0.065% · you buy dearer than you sell

Net, funding: paid 7d − costs+$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$890.886% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+1.111%+$111 on $10k

Price spread, last 4 days (all we have)+0.004%$0 · spread now −0.124%, 7d avg −0.065%

Together, before fees+1.114%+ Points / potential airdropLighter: Season 3 · farm board+$111 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.059% cheaper against Lighter than usual: you would sell low and buy high (spread −0.124% now, against its 7-day average of −0.065%). If the spread goes back, that is −$6 on $10k: about 19 hours of funding at the current rate (+$7 a day). At the pace of the last 7 days (+1.111% in total) that is about 9 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.04021	0.0096	pay 0.0012% / 1h	21m 06s	$171K	$140K	5x
Short	BloFin S-USDT	0.04016	0.0340	get 0.0170% / 4h	2h 21m	$276K	$108K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.124%Rate

Funding earned: $51.24
Price spread: −0.124% → −0.065%: −$5.94
Slippage, 4 orders: −$76.56
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$43.26
Costs to cover: 0.886%
Break-even: 12.9 days

Slippage from Lighter: live order book, 9 min ago; BloFin: live order book, 3 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, 9 min ago	10.03 bp	21.0 bp −$21	89.4 bp −$894	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	9.95 bp	21.5 bp −$21	62.0 bp −$620	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	−0.9648%	1h	0.03850	−4.253%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1813%	1h	0.04010	−0.261%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1232%	1h	0.03961	−1.492%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04017	−0.090%	$1K	—	100x	as long as short
Variational Omni S	−0.0117%	4h	0.03992	−0.713%	$619K	$28K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04019	−0.060%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04017	−0.102%	$619	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.965%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0084%	4h	0.04018	−0.075%	$100K	$551K	10x	as long as short
Lighter Slong	+0.0096%	1h	0.04021	long leg	$171K	$140K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04017	−0.099%	$1.0M	$593K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04020	−0.017%	$47K	$111K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04017	−0.102%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04012	−0.224%	$5.7M	$4.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04016	−0.124%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04012	−0.224%	$326K	$185K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04017	−0.099%	$3.8M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04014	−0.174%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04017	−0.099%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04016	−0.124%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−0.025%	$24K	$483K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04016	−0.115%	$226K	$593K	10x	as long as short
BloFin S-USDTshort	+0.0340%	4h	0.04016	−0.124%	$276K	$108K	75x
Deribit S_USDC-PERPETUAL	+0.0746%	1h	0.04022	+0.025%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.2333%	1h	0.04030	+0.224%	$117K	$426K	5x	as long as short