Funding arb · Price arb /

IBM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.013%

Price spread now: SunX against Lighter−0.009%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

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 sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter IBM	231.44	0.0032	pay 0.0004% / 1h	46m 50s	$38K	$43K	10x
Short	SunX IBM-USDT	231.42	0	get 0.0000% / 8h	3h 46m	$970	$476K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.009%Rate

Funding earned: −$6.72
Price spread: −0.009% → 0.000%: −$0.86
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$15.58
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Lighter: no order-book sample; SunX: live order book, 34 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 Lighter no order-book sample	—	—	—	—	—
Sell SunX live order book, 34 min ago	500.12 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Lighter: 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.

IBM on 18 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 IBMUSDT	0.0000%	8h	231.41	−0.011%	$13K	$127K	20x	as long as short
Extended IBM-USD	0.0000%	1h	231.54	+0.045%	$54K	$233K	10x	as long as short
Binance IBMUSDT	0.0000%	8h	231.65	+0.091%	$3.8M	$5.4M	20x	as long as short
Bybit IBMUSDT	0.0000%	8h	231.46	+0.009%	$982K	$347K	50x	as long as short
OKX IBM-USDT-SWAP	0.0000%	8h	231.64	+0.086%	$1.4M	$1.1M	20x	as long as short
Gate IBM_USDT	0.0000%	8h	231.59	+0.065%	$801K	$1.4M	50x	as long as short
Bitget IBMUSDT	0.0000%	8h	231.63	+0.082%	$786K	$337K	20x	as long as short
Variational Omni IBM	0.0000%	8h	231.55	+0.049%	$256K	$15K	—	as long as short
GRVT IBM_USDT_Perp	0.0000%	8h	231.59	+0.063%	$116	$160K	10x	as long as short
SunX IBM-USDTshort	0.0000%	8h	231.42	−0.009%	$970	$476K	10x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX IBM-USDT	0.0000%	8h	232.01	+0.246%	$6K	$34K	20x	as long as short
BloFin IBM-USDT	+0.0003%	8h	231.64	+0.086%	$46K	$51K	20x	as long as short
QFEX IBM-USD	+0.0030%	1h	231.53	+0.039%	$1.2M	$2.3M	10x	as long as short
Lighter IBMlong	+0.0032%	1h	231.44	long leg	$38K	$43K	10x
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.131%	—	$57	12x	as long as short
Vest IBM-USD-PERP	+0.0046%	1h	231.36	−0.035%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	231.33	−0.048%	$1.9M	$763K	10x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	231.61	+0.073%	$195K	$34K	20x	as long as short