Funding arb · Price arb /

NOW

RWAall NOW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0208%/8h= −22.8% APRpaid last 24h +0.010%

Price spread now: Lighter against Bybit−0.101%7-day average — · you buy dearer than you sell

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

Long on Bybit 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

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Lighter is 0.101% cheaper against Bybit than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NOWUSDT	138.01	0.0240	pay 0.0240% / 8h	4h 23m	$1.6M	$4.0M	25x
Short	Lighter NOW	137.87	0.0032	get 0.0004% / 1h	23m 25s	$5K	$178	5x

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 −0.101%Rate

Funding earned: −$43.69
Price spread: −0.101% → 0.000%: −$10.14
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$64.83
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Lighter: no order-book sample. 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 Bybit live order book, 4 min ago	2.54 bp	76.4 bp −$76	164.5 bp −$1,645	doesn't fit	doesn't fit
Sell Lighter no order-book sample	—	—	—	—	—

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.

NOW on 16 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
QFEX NOW-USD	0.0000%	1h	137.75	−0.188%	$1.1M	$1.6M	10x	as long as short
Aster NOWUSDT	0.0000%	8h	138.08	+0.051%	$41K	$995	20x	as long as short
OKX NOW-USDT-SWAP	0.0000%	8h	137.87	−0.101%	$491K	$227K	20x	as long as short
Gate NOW_USDT	0.0000%	8h	137.94	−0.051%	$248K	$352K	20x	as long as short
Bitget NOWUSDT	0.0000%	8h	137.89	−0.087%	$781K	$234K	20x	as long as short
SunX NOW-USDT	0.0000%	8h	137.97	−0.029%	$666	$383K	10x	as long as short
HTX NOW-USDT	0.0000%	8h	137.93	−0.058%	$5K	$32K	20x	as long as short
Lighter NOWshort	+0.0032%	1h	137.87	−0.101%	$5K	$178	5x
Injective NOW/USDC PERP	+0.0033%	1h	139.80	+1.297%	$3K	$101	12x	as long as short
Vest NOW-USD-PERP	+0.0046%	1h	137.81	−0.145%	—	—	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOWUSDTM	+0.0100%	8h	137.80	−0.152%	$317K	$620K	20x	as long as short
BloFin NOW-USDT	+0.0168%	8h	138.06	+0.036%	$46K	$17K	20x	as long as short
Binance NOWUSDT	+0.0170%	8h	137.99	−0.017%	$1.8M	$1.4M	20x	as long as short
Bybit NOWUSDTlong	+0.0240%	8h	138.01	long leg	$1.6M	$4.0M	25x
tradeXYZ xyz:NOW	+0.0291%	1h	137.89	−0.087%	$2.1M	$226K	10x	as long as short
GRVT NOW_USDT_Perp	+0.0400%	8h	137.99	−0.016%	$533	$149K	10x	as long as short