Funding arb · Price arb /

SKY

all SKY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against BingX+0.042%7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$113as in the Price arb table

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

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)+0.264%+$26 · spread now +0.042%, 7d avg +0.068%

Together, before fees+0.255%+ Points / potential airdropLighter: Season 3 · farm board+$26 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 0.026% cheaper against BingX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.068%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SKY-USDT	0.06868	0.0100	pay 0.0050% / 4h	1h 44m	—	$2.4M	—
Short	Lighter SKY	0.06871	0.0096	get 0.0012% / 1h	44m 38s	$179K	$117K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$0.84
Price spread: +0.042% → +0.068%: −$2.62
Slippage, 4 orders: −$100.26
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$113.72
Costs to cover: 1.103%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Lighter: live order book, 45 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 BingX live order book, 5 min ago	3.64 bp	18.4 bp −$18	61.7 bp −$617	292.9 bp −$29.3K	1014.2 bp −$507.1K
Sell Lighter live order book, 45 min ago	13.08 bp	43.8 bp −$44	131.0 bp −$1,310	doesn't fit	doesn't fit

SKY on 18 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
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+0.364%	$376	$303K	12x	as long as short
Variational Omni SKY	+0.0052%	4h	0.06852	−0.236%	$183K	$98K	—	as long as short
Lighter SKYshort	+0.0096%	1h	0.06871	+0.042%	$179K	$117K	10x
Nado SKY-PERP	+0.0100%	1h	0.06860	−0.109%	$72K	$31K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06872	+0.053%	$42K	$44K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06876	+0.116%	$15.6M	$11.2M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06870	+0.029%	$7.2M	$3.0M	25x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06870	+0.029%	$802K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06856	−0.175%	$585K	$286K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06875	+0.102%	$1.0M	$266K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.06873	+0.073%	$402K	$292K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06874	+0.087%	$2.8M	$1.4M	75x	as long as short
BingX SKY-USDTlong	+0.0100%	4h	0.06868	long leg	—	$2.4M	—
ApeX Omni SKYUSDT	+0.0100%	1h	0.06861	−0.102%	$26K	$645K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06869	+0.016%	$1K	$3K	10x	as long as short
BloFin SKY-USDT	+0.0116%	4h	0.06859	−0.131%	$582K	$29K	75x	as long as short
Hyperliquid SKY	+0.0132%	1h	0.06884	+0.237%	$2.8M	$885K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0523% / S −0.0248%	1h	0.06871	+0.050%	$81K	—	50x	as long as short