Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: OKX against Lighter−0.118%7-day average −0.095% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$120as in the Price arb table

costs, in and out, $10k−$1181.176% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.105%−$10 · spread now −0.118%, 7d avg −0.095%

Together, before fees−0.108%+ Points / potential airdropLighter: Season 3 · farm board−$11 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: OKX is 0.023% cheaper against Lighter than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKY	0.06788	0.0096	pay 0.0012% / 1h	10m 52s	$179K	$107K	10x
Short	OKX SKY-USDT-SWAP	0.06780	0.0100	get 0.0050% / 4h	3h 10m	$791K	$1.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.118%Rate

Funding earned: $0.84
Price spread: −0.118% → −0.095%: −$2.27
Slippage, 4 orders: −$107.61
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$119.04
Costs to cover: 1.176%
Break-even: 999.0 days

Slippage from Lighter: live order book, 4 min ago; OKX: live order book, 1 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, 4 min ago	9.93 bp	12.2 bp −$12	106.7 bp −$1,067	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	4.42 bp	33.6 bp −$34	344.7 bp −$3,447	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	−0.0006%	4h	0.06792	+0.052%	$181K	$96K	—	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+1.547%	$376	$303K	12x	as long as short
BloFin SKY-USDT	+0.0051%	4h	0.06784	−0.059%	$571K	$28K	75x	as long as short
Lighter SKYlong	+0.0096%	1h	0.06788	long leg	$179K	$107K	10x
Nado SKY-PERP	+0.0100%	1h	0.06786	−0.022%	$67K	$35K	5x	as long as short
Hyperliquid SKY	+0.0100%	1h	0.06805	+0.246%	$2.8M	$929K	3x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06794	+0.085%	$41K	$45K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06794	+0.088%	$15.2M	$11.6M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06793	+0.074%	$7.1M	$3.3M	25x	as long as short
OKX SKY-USDT-SWAPshort	+0.0100%	4h	0.06780	−0.118%	$791K	$1.2M	20x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SKY_USDT	+0.0100%	4h	0.06782	−0.088%	$575K	$312K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06791	+0.044%	$1.0M	$269K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06794	+0.088%	$403K	$291K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06783	−0.074%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06792	+0.059%	—	$2.5M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06785	−0.044%	$34K	$652K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06786	−0.029%	$1K	$5K	10x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0517% / S −0.0249%	1h	0.06791	+0.046%	$81K	—	50x	as long as short