Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against KuCoin−0.001%7-day average +0.106% · you buy dearer than you sell

Net, funding: paid 7d − costs−$630as in the Funding arb table

Net, price: spread back to 7d avg − costs−$640as in the Price arb table

costs, in and out, $10k−$6296.290% of the position

Long on KuCoin 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)+0.378%+$38 · spread now −0.001%, 7d avg +0.106%

Together, before fees+0.369%+ Points / potential airdropLighter: Season 3 · farm board+$37 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 0.108% cheaper against KuCoin than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.106%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SKYUSDTM	0.06849	0.0100	pay 0.0050% / 4h	2h 12m	$402K	$292K	50x
Short	Lighter SKY	0.06849	0.0096	get 0.0012% / 1h	12m 16s	$179K	$119K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.001%Rate

Funding earned: −$0.84
Price spread: −0.001% → +0.106%: −$10.76
Slippage, 4 orders: −$617.02
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$640.62
Costs to cover: 6.290%
Break-even: never at this rate

Slippage from KuCoin: live order book, 46 min ago; Lighter: live order book, 18 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 KuCoin live order book, 46 min ago	32.82 bp	279.2 bp −$279	458.6 bp −$4,586	doesn't fit	doesn't fit
Sell Lighter live order book, 18 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	+0.642%	$376	$303K	12x	as long as short
Variational Omni SKY	+0.0034%	4h	0.06826	−0.330%	$182K	$113K	—	as long as short
Lighter SKYshort	+0.0096%	1h	0.06849	−0.001%	$179K	$119K	10x
Nado SKY-PERP	+0.0100%	1h	0.06847	−0.033%	$71K	$34K	5x	as long as short
Hyperliquid SKY	+0.0100%	1h	0.06857	+0.124%	$2.8M	$899K	3x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06850	+0.022%	$42K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06850	+0.022%	$15.6M	$11.1M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06843	−0.088%	$7.1M	$3.0M	25x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06848	−0.015%	$806K	$1.1M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06835	−0.204%	$582K	$293K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.06851	+0.029%	$1.0M	$268K	100x	as long as short
KuCoin SKYUSDTMlong	+0.0100%	4h	0.06849	long leg	$402K	$292K	50x
Bitget SKYUSDT	+0.0100%	4h	0.06847	−0.029%	$2.8M	$1.4M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06850	+0.015%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06840	−0.131%	$27K	$646K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06850	+0.022%	$1K	$3K	10x	as long as short
BloFin SKY-USDT	+0.0153%	4h	0.06843	−0.088%	$575K	$29K	75x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0521% / S −0.0248%	1h	0.06849	−0.006%	$81K	—	50x	as long as short