Funding arb · Price arb /

GBP

RWAall GBP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0478%/8h= −52.3% APRpaid last 24h 0.000%

Price spread now: Lighter against Bybit−0.197%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 4 days (all we have)+0.407%+$41 · spread now −0.197%, 7d avg −0.014%

Together, before fees+0.423%+ Points / potential airdropLighter: Season 3 · farm board+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Lighter is 0.184% cheaper against Bybit than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.014%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.016% in total (about 0.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit GBPUSDUSDT	1.3373	0.0478	pay 0.0478% / 8h	7h 43m	$270K	$67K	100x
Short	Lighter GBPUSD	1.3347	0	get 0.0000% / 1h	43m 28s	$193K	$982K	50x

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 −0.197%Rate

Funding earned: −$100.29
Price spread: −0.197% → −0.014%: −$18.38
Slippage, 4 orders: −$10.66
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$140.33
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from Bybit: live order book, 37 min ago; Lighter: live order book, 52 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, 37 min ago	0.04 bp	12.1 bp −$12	45.9 bp −$459	doesn't fit	doesn't fit
Sell Lighter live order book, 52 min ago	1.42 bp	1.4 bp −$1	7.4 bp −$74	46.6 bp −$4,660	doesn't fit

GBP on 13 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
Hibachi GBP/USDT-P	−0.0064%	1h	1.3350	−0.173%	$22K	$45K	20x	as long as short
Lighter GBPUSDshort	0.0000%	1h	1.3347	−0.197%	$193K	$982K	50x
Gate GBPUSD_USDT	0.0000%	8h	1.3380	+0.052%	$223K	$10K	100x	as long as short
Bitget GBPUSDUSDT	0.0000%	8h	1.3351	−0.165%	$12K	$9K	100x	as long as short
SunX GBPUSD-USDT	0.0000%	1h	1.3357	−0.120%	—	$2.3M	10x	as long as short
Kraken Futures PF_GBPUSD	0.0000%	1h	1.3345	−0.207%	$989	—	20x	as long as short
HTX GBPUSD-USDT	0.0000%	1h	1.3366	−0.052%	$5K	$336K	20x	as long as short
Nado GBPUSD-PERP	+0.0011%	1h	1.3352	−0.155%	$16K	$1K	40x	as long as short
Vest GBP-USD-PERP	+0.0039%	1h	1.3341	−0.239%	—	$5K	100x	as long as short
tradeXYZ xyz:GBP	+0.0045%	1h	1.3354	−0.142%	$248K	$354K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC GBP_USDT	+0.0170%	4h	1.3352	−0.157%	$26.0M	$252K	100x	as long as short
Injective GBPUSD/USDC PERP	+0.0220%	1h	1.3504	+0.977%	$11K	$72K	101x	as long as short
Bybit GBPUSDUSDTlong	+0.0478%	8h	1.3373	long leg	$270K	$67K	100x