Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.008%

Price spread now: Bybit against Lighter−0.204%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs+$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$87as in the Price arb table

costs, in and out, $10k−$760.764% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.873%+$87 on $10k

Price spread, last 4 days (all we have)+0.101%+$10 · spread now −0.204%, 7d avg −0.095%

Together, before fees+0.975%+ Points / potential airdropLighter: Season 3 · farm board+$97 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: Bybit is 0.109% cheaper against Lighter than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.03921	0.0096	pay 0.0012% / 1h	31m 44s	$164K	$217K	5x
Short	Bybit SUSDT	0.03913	0.0100	get 0.0050% / 4h	31m 44s	$5.6M	$5.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.204%Rate

Funding earned: $0.84
Price spread: −0.204% → −0.095%: −$10.87
Slippage, 4 orders: −$65.41
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$86.44
Costs to cover: 0.764%
Break-even: 727.3 days

Slippage from Lighter: live order book, 29 min ago; Bybit: live order book, 1 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, 29 min ago	2.55 bp	22.6 bp −$23	93.8 bp −$938	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.28 bp	25.3 bp −$25	73.3 bp −$733	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	−0.6168%	1h	0.03850	−1.811%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2130%	1h	0.03916	−0.122%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.423%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1003%	4h	0.03900	−0.534%	$607K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0202% / S +0.0194%	1h	0.03919	−0.056%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03915	−0.146%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03919	−0.043%	$604	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03916	−0.128%	$100K	$340K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.565%	$2K	$37K	12x	as long as short
Lighter Slong	+0.0096%	1h	0.03921	long leg	$164K	$217K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03918	−0.069%	$982K	$695K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03928	+0.182%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03918	−0.081%	$5.4M	$17.3M	75x	as long as short
Bybit SUSDTshort	+0.0100%	4h	0.03913	−0.204%	$5.6M	$5.3M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03916	−0.128%	$980K	$5.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03913	−0.204%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03918	−0.077%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03917	−0.102%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03920	−0.026%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03916	−0.128%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	−0.281%	$25K	$454K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03916	−0.126%	$220K	$877K	10x	as long as short
Backpack S_USDC_PERP	+0.0173%	1h	0.03920	−0.026%	$114K	$312K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03910	−0.281%	$267K	$125K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0515%	1h	0.03922	+0.026%	$66K	$10K	10x	as long as short