Funding arb · Price arb /

TIA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.005%

Price spread now: Bybit against Lighter−0.143%7-day average −0.099% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.012%+$1 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now −0.143%, 7d avg −0.099%

Together, before fees+0.093%+ 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: Bybit is 0.044% 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 −0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter TIA	0.4334	0.0096	pay 0.0012% / 1h	36m 39s	$128K	$351K	10x
Short	Bybit TIAUSDT	0.4328	0.0100	get 0.0050% / 4h	1h 36m	$9.5M	$13.2M	50x

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 −0.143%Rate

Funding earned: $0.84
Price spread: −0.143% → −0.099%: −$4.37
Slippage, 4 orders: −$34.77
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$49.3
Costs to cover: 0.458%
Break-even: 417.8 days

Slippage from Lighter: live order book, 38 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, 38 min ago	1.85 bp	14.1 bp −$14	71.9 bp −$719	326.9 bp −$32.7K	doesn't fit
Sell Bybit live order book, 2 min ago	1.15 bp	14.7 bp −$15	38.0 bp −$380	214.6 bp −$21.5K	doesn't fit

TIA on 27 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
Kraken Futures PF_TIAUSD	−0.0228%	1h	0.4334	−0.013%	$354K	$242K	50x	as long as short
Deribit TIA_USDC-PERPETUAL	−0.0212%	1h	0.4329	−0.120%	$30K	$27K	25x	as long as short
OKX TIA-USDT-SWAP	−0.0045%	4h	0.4325	−0.212%	$2.7M	$5.9M	50x	as long as short
KuCoin TIAUSDTM	−0.0042%	4h	0.4328	−0.143%	$4.2M	$8.5M	50x	as long as short
Gate TIA_USDT	−0.0038%	4h	0.4327	−0.166%	$994K	$1.8M	75x	as long as short
gTrade (Gains Network) TIA/USD	L +0.0002% / S 0.0000%	1h	0.4331	−0.067%	$1K	—	150x	as long as short
Variational Omni TIA	+0.0090%	4h	0.4337	+0.065%	$101K	$84K	—	as long as short
Lighter TIAlong	+0.0096%	1h	0.4334	long leg	$128K	$351K	10x
Orderly PERP_TIA_USDC	+0.0098%	4h	0.4328	−0.143%	$5K	$361K	10x	as long as short
Hyperliquid TIA	+0.0100%	1h	0.4336	+0.032%	$4.2M	$1.5M	5x	as long as short

Show all 27 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster TIAUSDT	+0.0100%	4h	0.4327	−0.155%	$35K	$267K	10x	as long as short
Binance TIAUSDT	+0.0100%	4h	0.4328	−0.139%	$14.6M	$41.9M	75x	as long as short
Bybit TIAUSDTshort	+0.0100%	4h	0.4328	−0.143%	$9.5M	$13.2M	50x
MEXC TIA_USDT	+0.0100%	4h	0.4329	−0.120%	$14.1M	$6.7M	300x	as long as short
Bitget TIAUSDT	+0.0100%	4h	0.4327	−0.166%	$4.5M	$3.5M	75x	as long as short
BingX TIA-USDC	+0.0100%	4h	0.4328	−0.143%	—	$6.5M	—	as long as short
Backpack TIA_USDC_PERP	+0.0100%	1h	0.4330	−0.085%	$100K	$149K	10x	as long as short
ApeX Omni TIAUSDT	+0.0100%	1h	0.4339	+0.111%	$49K	$237K	50x	as long as short
HTX TIA-USDT	+0.0100%	4h	0.4330	−0.097%	$64K	$42K	50x	as long as short
Extended TIA-USD	+0.0104%	1h	0.4326	−0.195%	$57K	$171K	25x	as long as short
Aevo TIA-PERP	+0.0104%	1h	0.4331	−0.078%	$7K	—	3x	as long as short
Injective TIA/USDC PERP	+0.0106%	1h	0.4342	+0.180%	$26K	$10K	12x	as long as short
Reya TIARUSDPERP	+0.0179%	1h	0.4325	−0.213%	$6K	—	15x	as long as short
Coinbase International TIA-PERP-INTX	+0.0216%	1h	0.4339	+0.111%	$47K	$74K	50x	as long as short
BloFin TIA-USDT	+0.0340%	4h	0.4332	−0.051%	$1.1M	$549K	75x	as long as short
GMX TIA/USD [ETH-USDC]	L +0.0457% / S −0.3505%	1h	0.4331	−0.081%	$35K	—	100x	as long as short
dYdX TIA-USD	+0.0714%	1h	0.4331	−0.066%	$51K	$59	10x	as long as short