Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.014%

Price spread now: Bybit against Lighter−0.427%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$340as in the Funding arb table

Net, price: spread back to 7d avg − costs−$477as in the Price arb table

costs, in and out, $10k−$4334.333% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.930%+$93 on $10k

Price spread, last 4 days (all we have)+0.481%+$48 · spread now −0.427%, 7d avg +0.011%

Together, before fees+1.411%+ Points / potential airdropLighter: Season 3 · farm board+$141 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 0.437% cheaper against Lighter than usual: you would sell low and buy high, −$44 on $10k if it goes back to its 7-day average of +0.011%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter STABLE	0.02506	0.0096	pay 0.0012% / 1h	34m 29s	$115K	$3K	3x
Short	Bybit STABLEUSDT	0.02496	0.0100	get 0.0050% / 4h	34m 29s	$1.5M	$755K	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 −0.427%Rate

Funding earned: $0.84
Price spread: −0.427% → +0.011%: −$43.75
Slippage, 4 orders: −$422.25
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$476.16
Costs to cover: 4.333%
Break-even: 3975.0 days

Slippage from Lighter: live order book, 25 min ago; Bybit: live order book, 2 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, 25 min ago	140.00 bp	206.1 bp −$206	338.4 bp −$3,384	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	4.01 bp	39.2 bp −$39	218.6 bp −$2,186	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	+0.0080%	4h	0.02494	−0.492%	$19K	$6K	20x	as long as short
Lighter STABLElong	+0.0096%	1h	0.02506	long leg	$115K	$3K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02494	−0.487%	$880K	$227K	3x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02494	−0.505%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDTshort	+0.0100%	4h	0.02496	−0.427%	$1.5M	$755K	25x
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02496	−0.407%	$205K	$410K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02494	−0.487%	$172K	$88K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02493	−0.527%	$665K	$155K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02499	−0.287%	$180K	$28K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02493	−0.527%	$294K	$116K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02496	−0.407%	—	$6.6M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02495	−0.438%	$146K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02494	−0.491%	$2K	$669K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02494	−0.506%	$12K	$175K	10x	as long as short
BloFin STABLE-USDT	+0.0152%	4h	0.02495	−0.447%	$113K	$7K	75x	as long as short