Funding arb · Price arb /

BABA

RWAall BABA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.019%

Price spread now: Lighter against Orderly+0.112%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread pays, funding is against you. Lighter is 0.112% dearer against Orderly than usual: you sell high and buy low (spread +0.112% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_BABA_USDC_mythos	116.19	0.0100	pay 0.0100% / 8h	46m 59s	$2K	$1K	10x
Short	Lighter BABA	116.32	0.0064	get 0.0008% / 1h	46m 59s	$384K	$49K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.112%Rate

Funding earned: −$7.56
Price spread: +0.112% → 0.000%: $11.19
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$2.37
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 23 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 23 min ago	9.89 bp	14.5 bp −$15	31.0 bp −$310	81.6 bp −$8,160	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	116.19	0.000%	$75K	$27K	20x	as long as short
Bybit BABAUSDT	0.0000%	8h	116.15	−0.034%	$2.2M	$594K	25x	as long as short
Gate BABA_USDT	0.0000%	8h	116.21	+0.017%	$1.4M	$1.7M	50x	as long as short
Bitget BABAUSDT	0.0000%	8h	116.19	0.000%	$2.5M	$1.4M	20x	as long as short
Variational Omni BABA	0.0000%	8h	116.26	+0.061%	$300K	$620K	—	as long as short
SunX BABA-USDT	0.0000%	8h	116.20	+0.009%	$716	$4.2M	20x	as long as short
HTX BABA-USDT	0.0000%	8h	116.27	+0.069%	$37K	$2K	20x	as long as short
Lighter RH BABA	+0.0032%	1h	116.22	+0.026%	$446K	$580K	10x	as long as short
Injective BABA/USDC PERP	+0.0033%	1h	115.84	−0.301%	$11K	$26K	12x	as long as short
GRVT BABA_USDT_Perp	+0.0041%	8h	116.23	+0.033%	$3K	$249K	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	116.16	−0.026%	—	$9K	10x	as long as short
QFEX BABA-USD	+0.0047%	1h	116.18	−0.009%	$1.2M	$5.1M	10x	as long as short
Polymarket Perps BABA-USD	+0.0050%	1h	116.10	−0.077%	$10K	$263K	10x	as long as short
Ondo Perps BABA-USD.P	+0.0050%	1h	116.11	−0.069%	$242K	$351K	10x	as long as short
Lighter BABAshort	+0.0064%	1h	116.32	+0.112%	$384K	$49K	10x
Extended BABA_24_5-USD	+0.0088%	1h	116.20	+0.007%	$42K	$383K	10x	as long as short
Binance BABAUSDT	+0.0088%	8h	116.22	+0.027%	$15.3M	$21.3M	20x	as long as short
KuCoin BABAUSDTM	+0.0100%	8h	116.15	−0.034%	$602K	$607K	20x	as long as short
Orderly PERP_BABA_USDC_mythoslong	+0.0100%	8h	116.19	long leg	$2K	$1K	10x
tradeXYZ xyz:BABA	+0.0104%	1h	116.18	−0.009%	$12.1M	$3.0M	10x	as long as short
Phoenix BABA	+0.0276%	1h	116.18	−0.009%	$65K	$143K	10x	as long as short
Arcus BABA-USD	+0.0394%	1h	116.19	0.000%	$78K	$94K	10x	as long as short