Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.034%

Price spread now: OKX against Lighter−0.253%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1211.207% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.674%+$67 on $10k

Price spread, last 4 days (all we have)+0.220%+$22 · spread now −0.253%, 7d avg −0.072%

Together, before fees+0.894%+ Points / potential airdropLighter: Season 3 · farm board+$89 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: OKX is 0.180% cheaper against Lighter than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.03958	0.0096	pay 0.0012% / 1h	9m 23s	$167K	$157K	5x
Short	OKX S-USDT-SWAP	0.03948	0.0100	get 0.0050% / 4h	3h 09m	$982K	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.253%Rate

Funding earned: $0.84
Price spread: −0.253% → −0.072%: −$18.03
Slippage, 4 orders: −$110.73
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$137.92
Costs to cover: 1.207%
Break-even: 1156.3 days

Slippage from Lighter: live order book, 25 min ago; OKX: 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, 25 min ago	17.71 bp	18.1 bp −$18	89.3 bp −$893	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	2.53 bp	38.3 bp −$38	doesn't fit	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	−0.5168%	1h	0.03850	−2.729%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2259%	1h	0.03944	−0.357%	$33K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1344%	1h	0.03927	−0.783%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03952	−0.144%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03952	−0.156%	$4	—	15x	as long as short
Variational Omni S	−0.0047%	4h	0.03947	−0.284%	$613K	$30K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03953	−0.122%	$609	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.588%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0083%	4h	0.03952	−0.152%	$98K	$297K	10x	as long as short
Lighter Slong	+0.0096%	1h	0.03958	long leg	$167K	$157K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03954	−0.099%	$991K	$589K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03955	−0.065%	$46K	$142K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03955	−0.086%	$5.5M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03946	−0.303%	$5.6M	$4.4M	50x	as long as short
OKX S-USDT-SWAPshort	+0.0100%	4h	0.03948	−0.253%	$982K	$3.8M	20x
Gate S_USDT	+0.0100%	4h	0.03948	−0.253%	$321K	$191K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03955	−0.076%	$3.6M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03950	−0.202%	$1.8M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03958	0.000%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03950	−0.202%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03970	+0.303%	$24K	$463K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03952	−0.146%	$224K	$593K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03967	+0.227%	$273K	$102K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0763%	1h	0.03954	−0.101%	$66K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1396%	1h	0.03960	+0.051%	$115K	$424K	5x	as long as short