Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.066%

Price spread now: Binance against Lighter−0.156%7-day average −0.113% · you buy dearer than you sell

Net, funding: paid 7d − costs−$120as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1121.117% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 4 days (all we have)−0.002%$0 · spread now −0.156%, 7d avg −0.113%

Together, before fees−0.087%+ Points / potential airdropLighter: Season 3 · farm board−$9 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: Binance is 0.043% cheaper against Lighter than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.113%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SYRUP	0.2302	0.0096	pay 0.0012% / 1h	22m 53s	$209K	$225K	5x
Short	Binance SYRUPUSDT	0.2299	0.0100	get 0.0050% / 4h	1h 22m	$9.6M	$6.5M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.156%Rate

Funding earned: $0.84
Price spread: −0.156% → −0.113%: −$4.3
Slippage, 4 orders: −$101.71
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$115.17
Costs to cover: 1.117%
Break-even: 966.8 days

Slippage from Lighter: live order book, 51 min ago; Binance: 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, 51 min ago	15.18 bp	15.6 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Binance live order book, 2 min ago	1.09 bp	31.5 bp −$31	98.5 bp −$985	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
Lighter SYRUPlong	+0.0096%	1h	0.2302	long leg	$209K	$225K	5x
Aster SYRUPUSDT	+0.0100%	4h	0.2297	−0.211%	$12K	$61K	10x	as long as short
Binance SYRUPUSDTshort	+0.0100%	4h	0.2299	−0.156%	$9.6M	$6.5M	25x
Bybit SYRUPUSDT	+0.0100%	4h	0.2299	−0.139%	$2.3M	$1.9M	25x	as long as short
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2300	−0.100%	$1.2M	$997K	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2297	−0.226%	$428K	$67K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2298	−0.187%	$3.0M	$577K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2307	+0.195%	$2.0M	$109K	25x	as long as short
Bitget SYRUPUSDT	+0.0100%	4h	0.2300	−0.100%	$671K	$439K	20x	as long as short
BingX SYRUP-USDT	+0.0100%	4h	0.2300	−0.087%	—	$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	0.2301	−0.067%	$165K	$51K	—	as long as short
BloFin SYRUP-USDT	+0.0111%	4h	0.2299	−0.152%	$462K	$132K	50x	as long as short
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2299	−0.152%	—	—	5x	as long as short
GMX SYRUP/USD [ETH-USDC]	L +0.0330% / S −0.1447%	1h	0.2297	−0.227%	$3K	—	50x	as long as short
Hyperliquid SYRUP	+0.0951%	1h	0.2302	−0.022%	$5.8M	$1.5M	3x	as long as short
Kraken Futures PF_SYRUPUSD	+0.1426%	1h	0.2299	−0.133%	$41K	$23K	10x	as long as short