Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter against MEXC+0.073%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$138as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$570.569% of the position

Long on MEXC Short on Lighter

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)+0.012%+$1 · spread now +0.073%, 7d avg +0.021%

Together, before fees−0.797%+ Points / potential airdropLighter: Season 3 · farm board−$80 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: Lighter is 0.052% dearer against MEXC than usual: you sell high and buy low, +$5 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	MEXC S_USDT	0.04122	0.0100	pay 0.0050% / 4h	41m 24s	$4.2M	$1.8M	200x
Short	Lighter S	0.04125	0.0096	get 0.0012% / 1h	41m 24s	$179K	$140K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now +0.073%Rate

Funding earned: −$0.84
Price spread: +0.073% → +0.021%: $5.15
Slippage, 4 orders: −$52.9
Fee MEXC: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$52.58
Costs to cover: 0.569%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Lighter: live order book, 43 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 MEXC live order book, 1 min ago	2.42 bp	6.0 bp −$6	56.2 bp −$562	254.5 bp −$25.4K	doesn't fit
Sell Lighter live order book, 43 min ago	11.10 bp	23.5 bp −$23	96.6 bp −$966	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	−0.9128%	1h	0.03950	−4.173%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1917%	1h	0.04122	+0.004%	$36K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1064%	1h	0.03961	−3.906%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04123	+0.029%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04122	−0.011%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04123	+0.023%	$635	—	150x	as long as short
Variational Omni S	+0.0013%	4h	0.04091	−0.747%	$635K	$17K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−0.534%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0095%	4h	0.04123	+0.024%	$102K	$585K	10x	as long as short
Lighter Sshort	+0.0096%	1h	0.04125	+0.073%	$179K	$140K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04121	−0.019%	$1.0M	$580K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04122	+0.007%	$49K	$110K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04122	+0.007%	$5.9M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04115	−0.170%	$5.9M	$4.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04117	−0.121%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04116	−0.146%	$336K	$174K	50x	as long as short
MEXC S_USDTlong	+0.0100%	4h	0.04122	long leg	$4.2M	$1.8M	200x
KuCoin SUSDTM	+0.0100%	4h	0.04121	−0.024%	$1.9M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04121	−0.024%	$1.2M	$2.3M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04120	−0.049%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04110	−0.291%	$24K	$490K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04120	−0.039%	$232K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04115	−0.170%	$280K	$117K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0720%	1h	0.04127	+0.121%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1511%	1h	0.04130	+0.194%	$118K	$441K	5x	as long as short