Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.011%

Price spread now: KuCoin against Lighter−0.164%7-day average −0.090% · you buy dearer than you sell

Net, funding: paid 7d − costs−$198as in the Funding arb table

Net, price: spread back to 7d avg − costs−$290as in the Price arb table

costs, in and out, $10k−$2822.823% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.841%+$84 on $10k

Price spread, last 4 days (all we have)−0.437%−$44 · spread now −0.164%, 7d avg −0.090%

Together, before fees+0.404%+ Points / potential airdropLighter: Season 3 · farm board+$40 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: KuCoin is 0.074% cheaper against Lighter than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.090%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.04274	0.0096	pay 0.0012% / 1h	50m 21s	$183K	$99K	5x
Short	KuCoin SUSDTM	0.04267	0.0100	get 0.0050% / 4h	3h 50m	$2.0M	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.164%Rate

Funding earned: $0.84
Price spread: −0.164% → −0.090%: −$7.42
Slippage, 4 orders: −$270.28
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$288.86
Costs to cover: 2.823%
Break-even: 2414.2 days

Slippage from Lighter: live order book, 29 min ago; KuCoin: 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, 29 min ago	16.64 bp	17.0 bp −$17	76.0 bp −$760	doesn't fit	doesn't fit
Sell KuCoin live order book, 7 min ago	8.13 bp	127.2 bp −$127	263.0 bp −$2,630	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	−0.2654%	1h	0.04276	+0.040%	$35K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04238	−0.842%	$52K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04285	+0.269%	$2K	—	100x	as long as short
Variational Omni S	−0.0114%	4h	0.04280	+0.136%	$660K	$7K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04277	+0.066%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04287	+0.294%	$661	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−4.071%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0078%	4h	0.04279	+0.117%	$106K	$619K	10x	as long as short
Lighter Slong	+0.0096%	1h	0.04274	long leg	$183K	$99K	5x
Hyperliquid S	+0.0100%	1h	0.04278	+0.103%	$1.1M	$710K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0100%	4h	0.04282	+0.186%	$46K	$175K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04282	+0.183%	$6.2M	$16.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04274	0.000%	$6.1M	$4.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04272	−0.047%	$1.2M	$4.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04274	0.000%	$357K	$216K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04280	+0.140%	$4.4M	$2.2M	200x	as long as short
KuCoin SUSDTMshort	+0.0100%	4h	0.04267	−0.164%	$2.0M	$2.8M	50x
Bitget SUSDT	+0.0100%	4h	0.04278	+0.094%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04281	+0.164%	—	$6.9M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.04280	+0.140%	$101K	$472K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04280	+0.140%	$25K	$507K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04269	−0.107%	$237K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04269	−0.117%	$317K	$121K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0683%	1h	0.04289	+0.351%	$72K	$10K	10x	as long as short
01 Exchange SUSD	+0.6336%	1h	0.04270	−0.094%	$26K	$2K	5x	as long as short