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: MEXC against Lighter+0.028%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$780.783% of the position

Long on Lighter Short on MEXC

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)−0.720%−$72 · spread now +0.028%, 7d avg −0.026%

Together, before fees−0.711%+ Points / potential airdropLighter: Season 3 · farm board−$71 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: MEXC is 0.054% dearer against Lighter than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKY	0.06870	0.0096	pay 0.0012% / 1h	46m 43s	$179K	$177K	10x
Short	MEXC SKY_USDT	0.06872	0.0100	get 0.0050% / 4h	46m 43s	$1.0M	$262K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.028%Rate

Funding earned: $0.84
Price spread: +0.028% → −0.026%: $5.37
Slippage, 4 orders: −$74.27
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$72.06
Costs to cover: 0.783%
Break-even: 607.5 days

Slippage from Lighter: live order book, 58 min ago; MEXC: 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, 58 min ago	10.90 bp	18.8 bp −$19	111.4 bp −$1,114	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	1.46 bp	10.3 bp −$10	76.8 bp −$768	277.2 bp −$27.7K	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	−0.0252%	4h	0.06861	−0.128%	$183K	$113K	—	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+0.333%	$376	$303K	12x	as long as short
Bybit SKYUSDT	+0.0068%	4h	0.06866	−0.060%	$7.2M	$3.2M	25x	as long as short
BloFin SKY-USDT	+0.0073%	4h	0.06872	+0.028%	$584K	$29K	75x	as long as short
Lighter SKYlong	+0.0096%	1h	0.06870	long leg	$179K	$177K	10x
Nado SKY-PERP	+0.0100%	1h	0.06867	−0.049%	$73K	$30K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06870	−0.008%	$42K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06874	+0.064%	$15.7M	$10.9M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06872	+0.028%	$822K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06866	−0.060%	$596K	$271K	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_USDTshort	+0.0100%	4h	0.06872	+0.028%	$1.0M	$262K	100x
KuCoin SKYUSDTM	+0.0100%	4h	0.06869	−0.016%	$404K	$291K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06870	−0.001%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06872	+0.028%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06871	+0.013%	$27K	$661K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06869	−0.010%	$1K	$3K	10x	as long as short
Hyperliquid SKY	+0.0207%	1h	0.06882	+0.166%	$2.8M	$929K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0523% / S −0.0248%	1h	0.06867	−0.038%	$81K	—	50x	as long as short