Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0113%/8h= −12.3% APRpaid last 24h −0.089%

Price spread now: Orderly against Lighter−0.051%7-day average −0.038% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 3 days (all we have)−0.238%−$24 · spread now −0.051%, 7d avg −0.038%

Together, before fees−0.098%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.038%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.140%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.03905	0.0096	pay 0.0012% / 1h	34m 18s	$164K	$240K	5x
Short	Orderly PERP_S_USDC	0.03903	−0.0017	pay 0.0008% / 4h	2h 34m	$101K	$339K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.051%Rate

Funding earned: −$23.65
Price spread: −0.051% → −0.038%: −$1.29
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$30.95
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 48 min ago; Orderly: no order-book sample. Net counts fees only.

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, 48 min ago	12.59 bp	17.3 bp −$17	78.4 bp −$784	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1463%	1h	0.03901	−0.094%	$33K	$32K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.023%	$47K	$5K	25x	as long as short
Variational Omni S	−0.1122%	4h	0.03894	−0.272%	$606K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0188% / S +0.0183%	1h	0.03905	0.000%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03902	−0.074%	$4	—	15x	as long as short
Aster SUSDT	−0.0032%	4h	0.03906	+0.035%	$43K	$212K	10x	as long as short
Orderly PERP_S_USDCshort	−0.0017%	4h	0.03903	−0.051%	$101K	$339K	10x
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03907	+0.040%	$602	—	150x	as long as short
01 Exchange SUSD	+0.0008%	1h	0.03900	−0.128%	$24K	$3K	5x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.994%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter Slong	+0.0096%	1h	0.03905	long leg	$164K	$240K	5x
Hyperliquid S	+0.0100%	1h	0.03903	−0.049%	$985K	$911K	5x	as long as short
Binance SUSDT	+0.0100%	4h	0.03904	−0.031%	$5.3M	$23.8M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03897	−0.205%	$5.6M	$6.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03900	−0.128%	$970K	$7.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03903	−0.051%	$320K	$292K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03905	0.000%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03902	−0.077%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03905	0.000%	$1.2M	$3.0M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03901	−0.102%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	+0.128%	$19K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03901	−0.113%	$219K	$883K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0262%	1h	0.03908	+0.077%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03903	−0.051%	$269K	$177K	75x	as long as short
Backpack S_USDC_PERP	+0.0564%	1h	0.03910	+0.128%	$114K	$288K	5x	as long as short