Funding arb · Price arb /

STABLE

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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 +0.005%

Price spread now: OKX against Lighter−0.612%7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$322as in the Funding arb table

Net, price: spread back to 7d avg − costs−$474as in the Price arb table

costs, in and out, $10k−$4194.185% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.965%+$96 on $10k

Price spread, last 4 days (all we have)+0.628%+$63 · spread now −0.612%, 7d avg −0.057%

Together, before fees+1.593%+ Points / potential airdropLighter: Season 3 · farm board+$159 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 0.555% cheaper against Lighter than usual: you would sell low and buy high, −$56 on $10k if it goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter STABLE	0.02483	0.0096	pay 0.0012% / 1h	39m 09s	$114K	$10K	3x
Short	OKX STABLE-USDT-SWAP	0.02468	0.0100	get 0.0050% / 4h	3h 39m	$211K	$449K	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 −0.612%Rate

Funding earned: $0.84
Price spread: −0.612% → −0.057%: −$55.52
Slippage, 4 orders: −$408.53
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$473.21
Costs to cover: 4.185%
Break-even: 3950.4 days

Slippage from Lighter: live order book, 40 min ago; OKX: live order book, 56 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, 40 min ago	134.14 bp	209.3 bp −$209	325.0 bp −$3,250	doesn't fit	doesn't fit
Sell OKX live order book, 56 min ago	6.16 bp	26.8 bp −$27	2154.1 bp −$21.5K	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
Lighter STABLElong	+0.0096%	1h	0.02483	long leg	$114K	$10K	3x
BloFin STABLE-USDT	+0.0099%	4h	0.02465	−0.733%	$113K	$11K	75x	as long as short
Hyperliquid STABLE	+0.0100%	1h	0.02468	−0.620%	$868K	$165K	3x	as long as short
Aster STABLEUSDT	+0.0100%	4h	0.02468	−0.599%	$18K	$9K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02467	−0.671%	$2.5M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02470	−0.532%	$1.5M	$770K	25x	as long as short
OKX STABLE-USDT-SWAPshort	+0.0100%	4h	0.02468	−0.612%	$211K	$449K	20x
Gate STABLE_USDT	+0.0100%	4h	0.02470	−0.532%	$178K	$56K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02468	−0.612%	$597K	$159K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02479	−0.169%	$185K	$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	0.02470	−0.532%	$284K	$89K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02469	−0.572%	—	$6.6M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02475	−0.327%	$145K	$8K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02467	−0.636%	$1K	$954K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02468	−0.627%	$12K	$211K	10x	as long as short