Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.031%

Price spread now: Lighter against Bybit+0.521%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$646as in the Funding arb table

Net, price: spread back to 7d avg − costs−$498as in the Price arb table

costs, in and out, $10k−$5535.528% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.935%−$94 on $10k

Price spread, last 4 days (all we have)−0.596%−$60 · spread now +0.521%, 7d avg −0.030%

Together, before fees−1.531%+ Points / potential airdropLighter: Season 3 · farm board−$153 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: Lighter is 0.551% dearer against Bybit than usual: you sell high and buy low, +$55 on $10k if it goes back to its 7-day average of −0.030%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit STABLEUSDT	0.02477	0.0100	pay 0.0050% / 4h	2h 54m	$1.5M	$819K	25x
Short	Lighter STABLE	0.02490	0.0096	get 0.0012% / 1h	54m 25s	$114K	$3K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.521%Rate

Funding earned: −$0.84
Price spread: +0.521% → −0.030%: $55.06
Slippage, 4 orders: −$541.77
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$498.55
Costs to cover: 5.528%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Lighter: live order book, 27 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 Bybit live order book, 2 min ago	4.04 bp	40.7 bp −$41	582.4 bp −$5,824	doesn't fit	doesn't fit
Sell Lighter live order book, 27 min ago	177.29 bp	187.4 bp −$187	557.2 bp −$5,572	doesn't fit	doesn't fit

STABLE on 15 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
Aster STABLEUSDT	−0.0186%	4h	0.02471	−0.213%	$19K	$7K	20x	as long as short
BloFin STABLE-USDT	+0.0094%	4h	0.02476	−0.028%	$115K	$8K	75x	as long as short
Lighter STABLEshort	+0.0096%	1h	0.02490	+0.521%	$114K	$3K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02474	−0.109%	$873K	$234K	3x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02474	−0.105%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDTlong	+0.0100%	4h	0.02477	long leg	$1.5M	$819K	25x
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02474	−0.109%	$204K	$417K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02474	−0.109%	$171K	$87K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02475	−0.069%	$660K	$156K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02481	+0.174%	$175K	$27K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget STABLEUSDT	+0.0100%	4h	0.02477	+0.012%	$292K	$117K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02475	−0.069%	—	$6.6M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02475	−0.049%	$145K	$51K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02475	−0.048%	$2K	$642K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02474	−0.100%	$12K	$175K	10x	as long as short