Funding arb · Price arb /

WIF

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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 +0.025%

Price spread now: Lighter against Bybit+0.078%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$400.401% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.153%+$15 on $10k

Price spread, last 4 days (all we have)−0.139%−$14 · spread now +0.078%, 7d avg +0.057%

Together, before fees+0.013%+ Points / potential airdropLighter: Season 3 · farm board+$1 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 0.022% dearer against Bybit than usual: you sell high and buy low, +$2 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	Bybit WIFUSDT	0.2427	0.0100	pay 0.0050% / 4h	1h 10m	$16.8M	$35.2M	50x
Short	Lighter WIF	0.2429	0.0096	get 0.0012% / 1h	10m 15s	$136K	$550K	10x

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 +0.078%Rate

Funding earned: −$0.84
Price spread: +0.078% → +0.057%: $2.17
Slippage, 4 orders: −$29.11
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$38.78
Costs to cover: 0.401%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 65 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, 4 min ago	2.06 bp	11.3 bp −$11	25.9 bp −$259	201.7 bp −$20.2K	doesn't fit
Sell Lighter live order book, 65 min ago	3.58 bp	7.4 bp −$7	57.1 bp −$571	doesn't fit	doesn't fit

WIF on 32 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
Backpack WIF_USDC_PERP	−0.0283%	1h	0.2418	−0.383%	$74K	$246K	10x	as long as short
KuCoin WIFUSDTM	−0.0030%	4h	0.2421	−0.247%	$4.1M	$11.2M	75x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2421	−0.247%	$18K	$582	10x	as long as short
Deribit WIF_USDC-PERPETUAL	0.0000%	1h	0.2429	+0.082%	$48K	$289K	25x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2429	+0.063%	$15K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	−1.319%	$10K	$10K	12x	as long as short
Orderly PERP_WIF_USDC	+0.0090%	4h	0.2427	0.000%	$5K	$1.3M	10x	as long as short
Lighter WIFshort	+0.0096%	1h	0.2429	+0.078%	$136K	$550K	10x
Popdex WIFUSDT	+0.0096%	1h	0.2422	−0.206%	$54K	$483K	20x	as long as short
Hyperliquid WIF	+0.0100%	1h	0.2425	−0.078%	$7.5M	$4.0M	5x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster WIFUSDT	+0.0100%	4h	0.2426	−0.061%	$25K	$255K	10x	as long as short
Pacifica WIF	+0.0100%	1h	0.2421	−0.228%	$76K	$49K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2428	+0.054%	$18.1M	$101.1M	75x	as long as short
Bybit WIFUSDTlong	+0.0100%	4h	0.2427	long leg	$16.8M	$35.2M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2427	0.000%	$6.1M	$31.5M	50x	as long as short
Gate WIF_USDT	+0.0100%	4h	0.2425	−0.082%	$1.2M	$7.0M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2424	−0.124%	$22.0M	$10.7M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2428	+0.041%	$7.5M	$11.7M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2426	−0.041%	—	$65.3M	—	as long as short
Variational Omni WIF	+0.0100%	4h	0.2420	−0.281%	$72K	$68K	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2429	+0.082%	$277K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2429	+0.082%	$43K	$618K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2421	−0.247%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2428	+0.033%	$553	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2420	−0.288%	$168K	$719K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2427	−0.021%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2428	+0.022%	$81K	$85	3x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0234% / S −0.1335%	1h	0.2427	+0.009%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2429	+0.082%	$319K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2420	−0.288%	$974K	$713K	75x	as long as short
Kraken Futures PF_WIFUSD	+0.0372%	1h	0.2430	+0.111%	$635K	$2.1M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2422	−0.219%	$0	—	15x	as long as short