Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.064%

Price spread now: Lighter against Bybit+0.117%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$155as in the Funding arb table

Net, price: spread back to 7d avg − costs−$155as in the Price arb table

costs, in and out, $10k−$1621.619% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)+0.084%+$8 · spread now +0.117%, 7d avg +0.050%

Together, before fees+0.153%+ Points / potential airdropLighter: Season 3 · farm board+$15 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 0.068% dearer against Bybit than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SYRUPUSDT	0.2301	0.0100	pay 0.0050% / 4h	3h 38m	$2.3M	$2.0M	25x
Short	Lighter SYRUP	0.2304	0.0096	get 0.0012% / 1h	38m 55s	$209K	$217K	5x

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 +0.117%Rate

Funding earned: −$0.84
Price spread: +0.117% → +0.050%: $6.78
Slippage, 4 orders: −$150.9
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$155.96
Costs to cover: 1.619%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 16 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, 3 min ago	2.82 bp	58.8 bp −$59	288.2 bp −$2,882	doesn't fit	doesn't fit
Sell Lighter live order book, 16 min ago	17.09 bp	36.1 bp −$36	629.8 bp −$6,298	doesn't fit	doesn't fit

SYRUP on 16 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 SYRUP-USDT	+0.0087%	4h	0.2301	−0.017%	$457K	$133K	50x	as long as short
Lighter SYRUPshort	+0.0096%	1h	0.2304	+0.117%	$209K	$217K	5x
Aster SYRUPUSDT	+0.0100%	4h	0.2300	−0.049%	$14K	$63K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2299	−0.122%	$9.6M	$6.8M	25x	as long as short
Bybit SYRUPUSDTlong	+0.0100%	4h	0.2301	long leg	$2.3M	$2.0M	25x
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2299	−0.104%	$1.2M	$1.1M	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2301	−0.039%	$428K	$68K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2299	−0.104%	$3.0M	$579K	100x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2300	−0.061%	$677K	$451K	20x	as long as short
BingX SYRUP-USDT	+0.0100%	4h	0.2300	−0.048%	—	$6.5M	—	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni SYRUP	+0.0100%	4h	0.2304	+0.108%	$166K	$46K	—	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2300	−0.049%	—	—	5x	as long as short
KuCoin SYRUPUSDTM	+0.0178%	4h	0.2309	+0.352%	$2.0M	$112K	25x	as long as short
GMX SYRUP/USD [ETH-USDC]	L +0.0330% / S −0.1447%	1h	0.2300	−0.049%	$3K	—	50x	as long as short
Hyperliquid SYRUP	+0.0462%	1h	0.2303	+0.078%	$5.8M	$1.6M	3x	as long as short
Kraken Futures PF_SYRUPUSD	+0.1569%	1h	0.2303	+0.073%	$41K	$23K	10x	as long as short