Funding you earn now, next payment 06:00 UTC−0.0059%/8h= −6.5% APRnext payment −$0.07 per $10,000 · paid last 24h −0.099%
Price spread now: Backpack against Lighter−0.053%7-day average −0.144% · you buy dearer than you sell
Net, funding: paid 7d − costs−$93as in the Funding arb table
Net, price: spread back to 7d avg − costs−$28as in the Price arb table
costs, in and out, $10k−$370.370% of the position
Funding, last 7 days−0.559%−$56 on $10k
+Price spread, last 4 days (all we have)−0.060%−$6 · spread now −0.053%, 7d avg −0.144%
=Together, before fees−0.619%+ Points / potential airdropLighter: Season 3 · farm board−$62 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Backpack is 0.091% dearer against Lighter than usual: you sell high and buy low (spread −0.053% now, against its 7-day average of −0.144%): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.1 days. At the pace of the last 7 days (−0.559% in total) that is about 27 hours.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter AERO | 0.6800 | 0.0424 | pay 0.0053% / 1h | 31m 31s | $1.3M | $507K | 3x |
| Short | Backpack AERO_USDC_PERP | 0.6796 | 0.0365 | get 0.0046% / 1h | 31m 31s | $93K | $260K | 15x |
Lighter AERO
Backpack AERO_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$12.39
- Price spread: −0.053% → −0.144%
- $9.09
- Slippage, 4 orders
- −$27.03
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$40.33
- Costs to cover
- 0.370%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 5 min ago; Backpack: live order book, 17 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 Lighter live order book, 5 min ago | 4.47 bp | 14.5 bp −$14 | 90.5 bp −$905 | doesn't fit | doesn't fit |
| Sell Backpack live order book, 17 min ago | 0.07 bp | 8.0 bp −$8 | doesn't fit | doesn't fit | doesn't fit |
AERO on 23 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 | |
|---|---|---|---|---|---|---|---|---|
| Deribit AERO_USDC-PERPETUAL | 0.0000% | 1h | 0.6790 | −0.149% | $54K | $11K | 10x | as long as short |
| Injective AERO/USDC PERP | +0.0033% | 1h | 0.6902 | +1.499% | $4 | $209K | 5.5x | as long as short |
| Hyperliquid AERO | +0.0100% | 1h | 0.6790 | −0.153% | $22.5M | $5.3M | 3x | as long as short |
| Aster AEROUSDT | +0.0100% | 4h | 0.6790 | −0.151% | $39K | $124K | 10x | as long as short |
| Binance AEROUSDT | +0.0100% | 4h | 0.6788 | −0.177% | $25.6M | $25.1M | 75x | as long as short |
| Bybit AEROUSDT | +0.0100% | 4h | 0.6788 | −0.178% | $22.0M | $18.1M | 25x | as long as short |
| OKX AERO-USDT-SWAP | +0.0100% | 4h | 0.6790 | −0.149% | $2.2M | $5.8M | 20x | as long as short |
| Gate AERO_USDT | +0.0100% | 4h | 0.6784 | −0.237% | $1.6M | $473K | 75x | as long as short |
| MEXC AERO_USDT | +0.0100% | 4h | 0.6788 | −0.178% | $8.3M | $1.6M | 100x | as long as short |
| KuCoin AEROUSDTM | +0.0100% | 4h | 0.6786 | −0.207% | $2.2M | $1.1M | 50x | as long as short |
Deribit AERO_USDC-PERPETUAL
Injective AERO/USDC PERP
Hyperliquid AERO
Aster AEROUSDT
Binance AEROUSDT
Bybit AEROUSDT
OKX AERO-USDT-SWAP
Gate AERO_USDT
MEXC AERO_USDT
KuCoin AEROUSDTMShow all 23 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bitget AEROUSDT | +0.0100% | 4h | 0.6780 | −0.296% | $3.9M | $1.8M | 75x | as long as short |
| BingX AERO-USDT | +0.0100% | 4h | 0.6787 | −0.193% | — | $1.8M | — | as long as short |
| Variational Omni AERO | +0.0100% | 4h | 0.6807 | +0.108% | $1.9M | $1.2M | — | as long as short |
| Extended AERO-USD | +0.0104% | 1h | 0.6785 | −0.223% | $200K | $1.4M | 10x | as long as short |
| Aevo AERO-PERP | +0.0104% | 1h | 0.6792 | −0.117% | $46K | — | 3x | as long as short |
| Reya AERORUSDPERP | +0.0228% | 1h | 0.6785 | −0.215% | $19K | $4K | 15x | as long as short |
| BloFin AERO-USDT | +0.0340% | 4h | 0.6787 | −0.193% | $929K | $588K | 25x | as long as short |
| 01 Exchange AEROUSD | +0.0352% | 1h | 0.6791 | −0.132% | $184 | $101 | 3x | as long as short |
| Backpack AERO_USDC_PERPshort | +0.0365% | 1h | 0.6796 | −0.053% | $93K | $260K | 15x | |
| RISEx AERO/USDC | +0.0382% | 1h | 0.6788 | −0.176% | $198K | $488K | 3x | as long as short |
| Lighter AEROlong | +0.0424% | 1h | 0.6800 | long leg | $1.3M | $507K | 3x | |
| GMX AERO/USD [ETH-USDC] | L +0.0504% / S −0.0237% | 1h | 0.6792 | −0.124% | $88K | — | 100x | as long as short |
| Coinbase International AERO-PERP-INTX | +0.1984% | 1h | 0.6400 | −5.884% | $83K | $32K | 25x | as long as short |
Bitget AEROUSDT
BingX AERO-USDT
Variational Omni AERO
Extended AERO-USD
Aevo AERO-PERP
Reya AERORUSDPERP
BloFin AERO-USDT
01 Exchange AEROUSD
RISEx AERO/USDC
GMX AERO/USD [ETH-USDC]
Coinbase International AERO-PERP-INTX