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 +0.022%

Price spread now: Lighter against OKX−0.112%7-day average +0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$179as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1101.103% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.683%−$68 on $10k

Price spread, last 4 days (all we have)+0.239%+$24 · spread now −0.112%, 7d avg +0.079%

Together, before fees−0.444%+ Points / potential airdropLighter: Season 3 · farm board−$44 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 0.191% cheaper against OKX than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of +0.079%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX S-USDT-SWAP	0.04460	0.0100	pay 0.0050% / 4h	3h 22m	$1.3M	$5.2M	20x
Short	Lighter S	0.04455	0.0096	get 0.0012% / 1h	22m 34s	$191K	$100K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$0.84
Price spread: −0.112% → +0.079%: −$19.13
Slippage, 4 orders: −$100.31
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$130.28
Costs to cover: 1.103%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Lighter: live order book, 57 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 OKX live order book, 5 min ago	3.43 bp	27.4 bp −$27	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 57 min ago	16.64 bp	30.4 bp −$30	118.7 bp −$1,187	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
Kraken Futures PF_SUSD	−0.2544%	1h	0.04461	+0.025%	$38K	$20K	10x	as long as short
01 Exchange SUSD	−0.2304%	1h	0.04390	−1.570%	$26K	$3K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04308	−3.408%	$53K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04460	−0.007%	$2K	—	100x	as long as short
Variational Omni S	−0.0102%	4h	0.04403	−1.275%	$682K	$7K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04461	+0.013%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04466	+0.135%	$75K	$11K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04464	+0.087%	$687	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−8.072%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0068%	4h	0.04463	+0.067%	$111K	$639K	10x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter Sshort	+0.0096%	1h	0.04455	−0.112%	$191K	$100K	5x
Hyperliquid S	+0.0100%	1h	0.04463	+0.063%	$1.1M	$737K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04453	−0.152%	$48K	$185K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04459	−0.022%	$6.6M	$17.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04458	−0.045%	$6.4M	$4.9M	50x	as long as short
OKX S-USDT-SWAPlong	+0.0100%	4h	0.04460	long leg	$1.3M	$5.2M	20x
Gate S_USDT	+0.0100%	4h	0.04452	−0.179%	$379K	$232K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04452	−0.179%	$4.7M	$2.4M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04451	−0.202%	$2.1M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04468	+0.179%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04452	−0.179%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04380	−1.794%	$25K	$514K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04452	−0.177%	$247K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04461	+0.022%	$314K	$121K	75x	as long as short
Backpack S_USDC_PERP	+0.0712%	1h	0.04470	+0.224%	$105K	$474K	5x	as long as short