Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0605%/8h= +66.3% APRpaid last 24h +0.350%

Price spread now: Lighter against Variational Omni+0.372%7-day average +0.180% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.444%+$44 on $10k

Price spread, last 4 days (all we have)−1.322%−$132 · spread now +0.372%, 7d avg +0.180%

Together, before fees−0.878%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$88 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Lighter is 0.192% dearer against Variational Omni than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.180%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni S	0.04066	−0.0509	get 0.0255% / 4h	2h 32m	$632K	$30K	—
Short	Lighter S	0.04081	0.0096	get 0.0012% / 1h	32m 08s	$168K	$165K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.372%Rate

Funding earned: $127.08
Price spread: +0.372% → +0.180%: $19.24
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $146.32
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 37 min ago; Lighter: live order book, 18 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 Variational Omni RFQ quote, 37 min ago	7.50 bp	doesn't fit	80.0 bp −$800	doesn't fit	doesn't fit
Sell Lighter live order book, 18 min ago	6.21 bp	16.0 bp −$16	84.3 bp −$843	doesn't fit	doesn't fit

S on 24 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	−0.7480%	1h	0.03940	−3.096%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04022	−1.079%	$48K	$16K	25x	as long as short
Kraken Futures PF_SUSD	−0.1244%	1h	0.04072	+0.154%	$35K	$16K	10x	as long as short
Variational Omni Slong	−0.0509%	4h	0.04066	long leg	$632K	$30K	—
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04077	+0.264%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04075	+0.222%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04077	+0.273%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.839%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0041%	4h	0.04075	+0.225%	$103K	$337K	10x	as long as short
Lighter Sshort	+0.0096%	1h	0.04081	+0.372%	$168K	$165K	5x

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04077	+0.284%	$1.0M	$572K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04078	+0.290%	$45K	$135K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04076	+0.257%	$5.6M	$15.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04071	+0.126%	$5.8M	$4.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04076	+0.249%	$1.0M	$4.3M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04073	+0.175%	$337K	$203K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04076	+0.249%	$4.0M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04075	+0.225%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04076	+0.249%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04075	+0.225%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04060	−0.144%	$26K	$452K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04075	+0.229%	$231K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0485%	1h	0.04082	+0.397%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.1077%	1h	0.04080	+0.348%	$122K	$345K	5x	as long as short