Funding arb · Price arb /

BABA

RWAall BABA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.012%

Price spread now: Lighter against Bybit−0.025%7-day average +0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$730.734% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.233%+$23 on $10k

Price spread, last 4 days (all we have)+0.193%+$19 · spread now −0.025%, 7d avg +0.092%

Together, before fees+0.426%+ Points / potential airdropLighter: Season 3 · farm board+$43 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.117% cheaper against Bybit than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of +0.092%). If the spread goes back, that is −$12 on $10k: about 12 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.233% in total) that is about 3.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BABAUSDT	119.96	0	get 0.0000% / 8h	5h 31m	$2.2M	$629K	25x
Short	Lighter BABA	119.93	0.0032	get 0.0004% / 1h	31m 24s	$381K	$69K	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 −0.025%Rate

Funding earned: $6.72
Price spread: −0.025% → +0.092%: −$11.74
Slippage, 4 orders: −$62.42
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$78.44
Costs to cover: 0.734%
Break-even: 88.7 days

Slippage from Bybit: live order book, just now; Lighter: live order book, 23 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, just now	3.75 bp	15.6 bp −$16	80.7 bp −$807	doesn't fit	doesn't fit
Sell Lighter live order book, 23 min ago	11.44 bp	27.7 bp −$28	34.5 bp −$345	80.7 bp −$8,067	doesn't fit

BABA on 22 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
Aster BABAUSDT	0.0000%	8h	119.84	−0.103%	$78K	$28K	20x	as long as short
Bybit BABAUSDTlong	0.0000%	8h	119.96	long leg	$2.2M	$629K	25x
Gate BABA_USDT	0.0000%	8h	119.92	−0.033%	$1.5M	$1.7M	50x	as long as short
GRVT BABA_USDT_Perp	0.0000%	8h	119.65	−0.262%	$3K	$219K	10x	as long as short
SunX BABA-USDT	0.0000%	8h	119.89	−0.058%	$746	$3.5M	20x	as long as short
HTX BABA-USDT	0.0000%	8h	119.74	−0.183%	$35K	$8K	20x	as long as short
Lighter BABAshort	+0.0032%	1h	119.93	−0.025%	$381K	$69K	10x
Lighter RH BABA	+0.0032%	1h	119.86	−0.083%	$433K	$497K	10x	as long as short
Injective BABA/USDC PERP	+0.0033%	1h	115.84	−3.434%	$11K	$26K	12x	as long as short
Arcus BABA-USD	+0.0040%	1h	119.54	−0.350%	$72K	$109K	10x	as long as short

Show all 22 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest BABA-USD-PERP	+0.0046%	1h	119.90	−0.050%	—	$19K	10x	as long as short
tradeXYZ xyz:BABA	+0.0050%	1h	119.77	−0.158%	$12.2M	$3.7M	10x	as long as short
Polymarket Perps BABA-USD	+0.0050%	1h	119.82	−0.117%	$10K	$264K	10x	as long as short
Ondo Perps BABA-USD.P	+0.0050%	1h	119.77	−0.158%	$243K	$388K	10x	as long as short
QFEX BABA-USD	+0.0061%	1h	119.87	−0.075%	$1.2M	$4.4M	10x	as long as short
Variational Omni BABA	+0.0095%	8h	119.43	−0.445%	$268K	$658K	—	as long as short
KuCoin BABAUSDTM	+0.0100%	8h	119.89	−0.058%	$624K	$514K	20x	as long as short
Orderly PERP_BABA_USDC_mythos	+0.0100%	8h	119.90	−0.050%	$2K	$798	10x	as long as short
Extended BABA_24_5-USD	+0.0160%	1h	119.86	−0.087%	$44K	$368K	10x	as long as short
Binance BABAUSDT	+0.0163%	8h	119.86	−0.084%	$16.1M	$25.9M	20x	as long as short
Phoenix BABA	+0.0203%	1h	119.43	−0.442%	$67K	$68K	10x	as long as short
Bitget BABAUSDT	+0.0708%	8h	119.87	−0.075%	$2.5M	$1.4M	20x	as long as short