Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.008%

Price spread now: Variational Omni against Lighter−0.531%7-day average −0.011% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.286%+$29 on $10k

Price spread, last 3 days (all we have)+0.606%+$61 · spread now −0.531%, 7d avg −0.011%

Together, before fees+0.892%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$89 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: Variational Omni is 0.520% cheaper against Lighter than usual: you would sell low and buy high, −$52 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	0.02502	0.0096	pay 0.0012% / 1h	55m 59s	$115K	$8K	3x
Short	Variational Omni STABLE	0.02489	0.0100	get 0.0050% / 4h	2h 55m	$146K	$50K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.531%Rate

Funding earned: $0.84
Price spread: −0.531% → −0.011%: −$52.04
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$51.2
Costs to cover: 0.000%
Break-even: 433.7 days

Slippage unknown: Lighter: live order book, 59 min ago; Variational Omni: RFQ quote, 13 min ago. Net counts fees only.

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, 59 min ago	114.44 bp	344.4 bp −$344	426.1 bp −$4,261	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 13 min ago	11.96 bp	doesn't fit	191.3 bp −$1,913	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
BloFin STABLE-USDT	+0.0062%	4h	0.02489	−0.516%	$116K	$7K	75x	as long as short
Lighter STABLElong	+0.0096%	1h	0.02502	long leg	$115K	$8K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02486	−0.652%	$876K	$210K	3x	as long as short
Aster STABLEUSDT	+0.0100%	4h	0.02487	−0.579%	$19K	$7K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02486	−0.650%	$2.5M	$3.0M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02488	−0.556%	$1.5M	$769K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02489	−0.516%	$201K	$429K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02488	−0.556%	$173K	$69K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02488	−0.556%	$613K	$172K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02497	−0.196%	$185K	$30K	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	0.02487	−0.596%	$291K	$96K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02487	−0.596%	—	$6.5M	—	as long as short
Variational Omni STABLEshort	+0.0100%	4h	0.02489	−0.531%	$146K	$50K	—
SunX STABLE-USDT	+0.0100%	4h	0.02485	−0.687%	$2K	$806K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02486	−0.620%	$13K	$146K	10x	as long as short