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 0.000%

Price spread now: MEXC against Lighter0.000%7-day average −0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs+$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$590.589% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.809%+$81 on $10k

Price spread, last 4 days (all we have)−0.085%−$8 · spread now 0.000%, 7d avg −0.021%

Together, before fees+0.724%+ Points / potential airdropLighter: Season 3 · farm board+$72 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: MEXC is 0.021% dearer against Lighter than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.04420	0.0096	pay 0.0012% / 1h	59m 37s	$190K	$98K	5x
Short	MEXC S_USDT	0.04420	0.0100	get 0.0050% / 4h	3h 59m	$4.8M	$2.1M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0.84
Price spread: 0.000% → −0.021%: $2.13
Slippage, 4 orders: −$54.92
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$55.96
Costs to cover: 0.589%
Break-even: 473.3 days

Slippage from Lighter: live order book, 20 min ago; MEXC: 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, 20 min ago	16.64 bp	17.0 bp −$17	76.0 bp −$760	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	3.42 bp	5.4 bp −$5	65.9 bp −$659	263.1 bp −$26.3K	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	−0.1792%	1h	0.04410	−0.216%	$36K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1064%	1h	0.04342	−1.765%	$53K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04413	−0.152%	$2K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04405	−0.341%	$4	—	15x	as long as short
Variational Omni S	−0.0079%	4h	0.04433	+0.303%	$684K	$7K	—	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04413	−0.158%	$74K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04411	−0.203%	$682	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−7.240%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0087%	4h	0.04411	−0.204%	$110K	$611K	10x	as long as short
Lighter Slong	+0.0096%	1h	0.04420	long leg	$190K	$98K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04417	−0.059%	$1.1M	$653K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04423	+0.078%	$48K	$173K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04424	+0.090%	$6.5M	$15.9M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04418	−0.045%	$6.4M	$4.6M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04393	−0.611%	$1.2M	$4.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04398	−0.498%	$353K	$194K	50x	as long as short
MEXC S_USDTshort	+0.0100%	4h	0.04420	0.000%	$4.8M	$2.1M	200x
KuCoin SUSDTM	+0.0100%	4h	0.04417	−0.068%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04393	−0.611%	$1.3M	$2.6M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04394	−0.588%	—	$6.9M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04390	−0.679%	$26K	$505K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04388	−0.725%	$243K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04433	+0.294%	$308K	$123K	75x	as long as short
Backpack S_USDC_PERP	+0.0880%	1h	0.04420	0.000%	$105K	$467K	5x	as long as short
01 Exchange SUSD	+0.6624%	1h	0.04470	+1.131%	$28K	$2K	5x	as long as short