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 +0.001%

Price spread now: Gate against Lighter−0.029%7-day average −0.149% · you buy dearer than you sell

Net, funding: paid 7d − costs−$259as in the Funding arb table

Net, price: spread back to 7d avg − costs−$230as in the Price arb table

costs, in and out, $10k−$2422.421% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$16 on $10k

Price spread, last 4 days (all we have)−1.156%−$116 · spread now −0.029%, 7d avg −0.149%

Together, before fees−1.320%+ Points / potential airdropLighter: Season 3 · farm board−$132 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: Gate is 0.119% dearer against Lighter than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of −0.149%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKY	0.06886	0.0096	pay 0.0012% / 1h	53m 05s	$180K	$177K	10x
Short	Gate SKY_USDT	0.06884	0.0100	get 0.0050% / 4h	53m 05s	$598K	$271K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.029%Rate

Funding earned: $0.84
Price spread: −0.029% → −0.149%: $11.95
Slippage, 4 orders: −$227.14
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$229.35
Costs to cover: 2.421%
Break-even: 1918.2 days

Slippage from Lighter: live order book, 52 min ago; Gate: live order book, 3 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, 52 min ago	10.90 bp	18.8 bp −$19	111.4 bp −$1,114	doesn't fit	doesn't fit
Sell Gate live order book, 3 min ago	4.36 bp	84.1 bp −$84	doesn't fit	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	−0.0293%	4h	0.06896	+0.143%	$184K	$115K	—	as long as short
Bybit SKYUSDT	+0.0026%	4h	0.06882	−0.058%	$7.2M	$3.2M	25x	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+0.102%	$376	$303K	12x	as long as short
Lighter SKYlong	+0.0096%	1h	0.06886	long leg	$180K	$177K	10x
BloFin SKY-USDT	+0.0098%	4h	0.06887	+0.015%	$587K	$29K	75x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06888	+0.029%	$73K	$30K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06887	+0.021%	$42K	$43K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06887	+0.010%	$15.7M	$10.9M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06884	−0.029%	$815K	$1.2M	20x	as long as short
Gate SKY_USDTshort	+0.0100%	4h	0.06884	−0.029%	$598K	$271K	50x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.06886	0.000%	$1.0M	$261K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06886	0.000%	$405K	$291K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06886	0.000%	$2.9M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06882	−0.058%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06896	+0.145%	$27K	$662K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06887	+0.015%	$1K	$3K	10x	as long as short
Hyperliquid SKY	+0.0120%	1h	0.06895	+0.129%	$2.8M	$927K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0522% / S −0.0248%	1h	0.06886	0.000%	$82K	—	50x	as long as short