Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1039%/8h= −113.8% APRpaid last 24h −0.349%

Price spread now: Variational Omni against Lighter−0.366%7-day average −0.177% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.443%−$44 on $10k

Price spread, last 3 days (all we have)+0.585%+$59 · spread now −0.366%, 7d avg −0.177%

Together, before fees+0.142%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$31 a day on $10k at the current rate, and Variational Omni is 0.190% cheaper against Lighter than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.177%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.03989	0.0096	pay 0.0012% / 1h	42m 30s	$162K	$190K	5x
Short	Variational Omni S	0.03974	−0.0943	pay 0.0471% / 4h	3h 42m	$617K	$31K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.366%Rate

Funding earned: −$218.18
Price spread: −0.366% → −0.177%: −$18.97
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$237.15
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 13 min ago; Variational Omni: RFQ quote, 32 min ago. 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, 13 min ago	7.59 bp	9.1 bp −$9	79.7 bp −$797	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 32 min ago	5.10 bp	doesn't fit	66.3 bp −$663	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	−0.5360%	1h	0.03980	−0.226%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2031%	1h	0.03977	−0.303%	$34K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03826	−4.086%	$47K	$5K	25x	as long as short
Variational Omni Sshort	−0.0943%	4h	0.03974	−0.366%	$617K	$31K	—
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03984	−0.125%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03987	−0.040%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03985	−0.091%	$614	—	150x	as long as short
Orderly PERP_S_USDC	+0.0023%	4h	0.03983	−0.150%	$101K	$335K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.783%	$2K	$37K	12x	as long as short
Lighter Slong	+0.0096%	1h	0.03989	long leg	$162K	$190K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03988	−0.023%	$998K	$647K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03987	−0.050%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03988	−0.025%	$5.5M	$16.2M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03983	−0.150%	$5.7M	$5.0M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03987	−0.050%	$984K	$4.7M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03984	−0.125%	$326K	$216K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03987	−0.050%	$3.7M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03989	0.000%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03991	+0.050%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03987	−0.050%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03990	+0.025%	$116K	$317K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03970	−0.476%	$26K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03987	−0.052%	$224K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03971	−0.451%	$267K	$126K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0754%	1h	0.03990	+0.025%	$67K	$10K	10x	as long as short