Funding arb · Price arb /

CC

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0732%/8h= −80.2% APRpaid last 24h −0.199%

Price spread now: Variational Omni against Lighter−0.610%7-day average −0.255% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.441%−$44 on $10k

Price spread, last 4 days (all we have)−0.308%−$31 · spread now −0.610%, 7d avg −0.255%

Together, before fees−0.749%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$75 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Variational Omni is 0.355% cheaper against Lighter than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of −0.255%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter CC	0.1187	0.0832	pay 0.0104% / 1h	21m 53s	$240K	$155K	5x
Short	Variational Omni CC	0.1179	0.0100	get 0.0050% / 4h	2h 21m	$601K	$55K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.610%Rate

Funding earned: −$153.72
Price spread: −0.610% → −0.255%: −$35.55
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$189.27
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 28 min ago; Variational Omni: RFQ quote, 47 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 live order book, 28 min ago	8.06 bp	35.0 bp −$35	375.5 bp −$3,755	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 47 min ago	12.55 bp	doesn't fit	338.8 bp −$3,388	doesn't fit	doesn't fit

CC 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
Injective CC/USDC PERP	−0.3556%	1h	0.1161	−2.166%	$6K	$99	5.5x	as long as short
MEXC CC_USDT	−0.0094%	4h	0.1182	−0.421%	$1.6M	$314K	100x	as long as short
Bybit CCUSDT	−0.0090%	4h	0.1182	−0.413%	$10.7M	$3.9M	25x	as long as short
Paradex CC-USD-PERP	+0.0090%	8h	0.1182	−0.381%	$1K	—	5x	as long as short
Aster CCUSDT	+0.0100%	4h	0.1182	−0.366%	$35K	$39K	20x	as long as short
Binance CCUSDT	+0.0100%	4h	0.1182	−0.414%	$11.2M	$12.0M	75x	as long as short
OKX CC-USDT-SWAP	+0.0100%	4h	0.1183	−0.312%	$2.6M	$3.6M	20x	as long as short
Gate CC_USDT	+0.0100%	4h	0.1183	−0.320%	$368K	$219K	50x	as long as short
KuCoin CCUSDTM	+0.0100%	4h	0.1184	−0.253%	$486K	$121K	50x	as long as short
Bitget CCUSDT	+0.0100%	4h	0.1181	−0.455%	$934K	$806K	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX CC-USDT	+0.0100%	4h	0.1182	−0.379%	—	$6.6M	—	as long as short
Backpack CC_USDC_PERP	+0.0100%	1h	0.1182	−0.388%	$15K	$22K	10x	as long as short
Variational Omni CCshort	+0.0100%	4h	0.1179	−0.610%	$601K	$55K	—
GRVT CC_USDT_Perp	+0.0100%	4h	0.1182	−0.438%	$89K	$2.3M	10x	as long as short
Derive CC-PERP	+0.0100%	1h	0.1181	−0.459%	$6K	$36K	6.7x	as long as short
Hyperliquid CC	+0.0177%	1h	0.1185	−0.160%	$5.5M	$1.4M	3x	as long as short
GMX CC/USD [WBTC.b-USDC]	L +0.0450% / S −0.0241%	1h	0.1183	−0.319%	$44K	—	50x	as long as short
Lighter CClong	+0.0832%	1h	0.1187	long leg	$240K	$155K	5x