Funding arb · Price arb /

SKY

all SKY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: BingX against Lighter−0.048%7-day average −0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$610.610% of the position

Long on Lighter Short on BingX

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)−0.258%−$26 · spread now −0.048%, 7d avg −0.074%

Together, before fees−0.249%+ Points / potential airdropLighter: Season 3 · farm board−$25 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: BingX is 0.025% dearer against Lighter than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKY	0.07023	0.0096	pay 0.0012% / 1h	16m 56s	$189K	$171K	10x
Short	BingX SKY-USDT	0.07020	0.0100	get 0.0050% / 4h	3h 16m	—	$2.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now −0.048%Rate

Funding earned: $0.84
Price spread: −0.048% → −0.074%: $2.52
Slippage, 4 orders: −$51.05
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$57.69
Costs to cover: 0.610%
Break-even: 487.8 days

Slippage from Lighter: live order book, 38 min ago; BingX: live order book, 2 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 Lighter live order book, 38 min ago	13.52 bp	14.9 bp −$15	102.7 bp −$1,027	doesn't fit	doesn't fit
Sell BingX live order book, 2 min ago	2.84 bp	16.4 bp −$16	60.0 bp −$600	253.7 bp −$25.4K	822.5 bp −$411.2K

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
Variational Omni SKY	−0.0594%	4h	0.07042	+0.270%	$203K	$118K	—	as long as short
Bybit SKYUSDT	−0.0409%	4h	0.07013	−0.148%	$7.5M	$3.5M	25x	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.07172	+2.116%	$392	$303K	12x	as long as short
BloFin SKY-USDT	+0.0040%	4h	0.07039	+0.222%	$597K	$30K	75x	as long as short
Nado SKY-PERP	+0.0067%	1h	0.07030	+0.094%	$71K	$28K	5x	as long as short
Lighter SKYlong	+0.0096%	1h	0.07023	long leg	$189K	$171K	10x
Aster SKYUSDT	+0.0100%	4h	0.07029	+0.083%	$42K	$44K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07023	−0.006%	$16.2M	$10.9M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07014	−0.134%	$845K	$1.3M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.07032	+0.122%	$591K	$265K	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	0.07023	−0.006%	$1.0M	$285K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.07031	+0.108%	$415K	$293K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07022	−0.020%	$2.9M	$1.6M	75x	as long as short
BingX SKY-USDTshort	+0.0100%	4h	0.07020	−0.048%	—	$2.4M	—
ApeX Omni SKYUSDT	+0.0100%	1h	0.07056	+0.464%	$24K	$681K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.07025	+0.017%	$942	$3K	10x	as long as short
Hyperliquid SKY	+0.0118%	1h	0.07036	+0.181%	$2.9M	$903K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0526% / S −0.0248%	1h	0.07020	−0.050%	$83K	—	50x	as long as short