Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0472%/8h= −51.7% APRpaid last 24h −0.105%

Price spread now: Lighter against Orderly−0.174%7-day average — · you buy dearer than you sell

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

Long on Orderly 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 −$14 a day on $10k at the current rate, and Lighter is 0.174% cheaper against Orderly than usual: you would sell low and buy high (−$17 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	Orderly PERP_EDGE_USDC	0.5983	0.0568	pay 0.0284% / 4h	17m 59s	$3K	—	10x
Short	Lighter EDGE	0.5973	0.0096	get 0.0012% / 1h	17m 59s	$44K	$19K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.174%Rate

Funding earned: −$99.16
Price spread: −0.174% → 0.000%: −$17.38
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$122.54
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter no order-book sample	—	—	—	—	—

Orderly and 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.

EDGE on 17 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
Backpack EDGE_USDC_PERP	−0.0103%	1h	0.5982	−0.018%	$58K	$111K	3.3x	as long as short
Lighter EDGEshort	+0.0096%	1h	0.5973	−0.174%	$44K	$19K	3x
Bybit EDGEUSDT	+0.0100%	4h	0.5975	−0.134%	$7.2M	$3.4M	25x	as long as short
KuCoin EDGEUSDTM	+0.0100%	4h	0.5984	+0.017%	$2.1M	$2.2M	50x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5981	−0.033%	$4.8M	$1.1M	20x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5972	−0.177%	$189K	$136K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5979	−0.067%	$2K	$2.3M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5989	+0.100%	$9K	$305K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5943	−0.669%	$3K	$626K	10x	as long as short
OKX EDGE-USDT-SWAP	+0.0404%	4h	0.5987	+0.067%	$3.8M	$5.9M	20x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX EDGEUSDC	+0.0437%	4h	0.5986	+0.053%	$14.3M	$3.6M	30x	as long as short
MEXC EDGE_USDT	+0.0438%	4h	0.5981	−0.033%	$1.1M	$899K	50x	as long as short
Binance EDGEUSDT	+0.0454%	4h	0.5980	−0.050%	$10.3M	$10.5M	50x	as long as short
Extended EDGE-USD	+0.0456%	1h	0.5980	−0.052%	$27K	$193K	5x	as long as short
BloFin EDGE-USDT	+0.0460%	4h	0.5984	+0.017%	$660K	$103K	50x	as long as short
Aster EDGEUSDT	+0.0498%	4h	0.5986	+0.042%	$60K	$152K	5x	as long as short
Orderly PERP_EDGE_USDClong	+0.0568%	4h	0.5983	long leg	$3K	—	10x