Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.021%

Price spread now: Bybit against Lighter−0.168%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$880.885% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.168%, 7d avg −0.093%

Together, before fees−0.039%+ Points / potential airdropLighter: Season 3 · farm board−$4 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: Bybit is 0.076% cheaper against Lighter than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.093%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKY	0.06891	0.0096	pay 0.0012% / 1h	28m 50s	$180K	$177K	10x
Short	Bybit SKYUSDT	0.06879	0.0100	get 0.0050% / 4h	28m 50s	$7.2M	$3.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.168%Rate

Funding earned: $0.84
Price spread: −0.168% → −0.093%: −$7.57
Slippage, 4 orders: −$77.49
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$95.22
Costs to cover: 0.885%
Break-even: 800.5 days

Slippage from Lighter: live order book, 11 min ago; Bybit: live order book, 4 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, 11 min ago	11.20 bp	11.4 bp −$11	107.8 bp −$1,078	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	2.91 bp	32.8 bp −$33	198.8 bp −$1,988	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
Variational Omni SKY	−0.0154%	4h	0.06875	−0.222%	$183K	$113K	—	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+0.035%	$376	$303K	12x	as long as short
Lighter SKYlong	+0.0096%	1h	0.06891	long leg	$180K	$177K	10x
Nado SKY-PERP	+0.0100%	1h	0.06892	+0.020%	$73K	$30K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06893	+0.035%	$42K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06885	−0.076%	$15.7M	$11.0M	75x	as long as short
Bybit SKYUSDTshort	+0.0100%	4h	0.06879	−0.168%	$7.2M	$3.2M	25x
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06880	−0.154%	$823K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06887	−0.052%	$597K	$272K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06885	−0.081%	$1.0M	$264K	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	0.06881	−0.139%	$405K	$291K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06887	−0.052%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06882	−0.125%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06871	−0.284%	$27K	$661K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06893	+0.041%	$1K	$3K	10x	as long as short
BloFin SKY-USDT	+0.0123%	4h	0.06895	+0.064%	$584K	$29K	75x	as long as short
Hyperliquid SKY	+0.0338%	1h	0.06901	+0.149%	$2.8M	$922K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0523% / S −0.0248%	1h	0.06892	+0.025%	$82K	—	50x	as long as short