Funding arb · Price arb /

MNT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0260%/8h= −28.5% APRpaid last 24h −0.103%

Price spread now: Bybit against Lighter−0.325%7-day average −0.158% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$101as in the Price arb table

costs, in and out, $10k−$840.843% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.327%−$33 on $10k

Price spread, last 4 days (all we have)+0.153%+$15 · spread now −0.325%, 7d avg −0.158%

Together, before fees−0.174%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Bybit is 0.167% cheaper against Lighter than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.158%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter MNT	0.6492	0.0360	pay 0.0045% / 1h	9m 46s	$143K	$75K	5x
Short	Bybit MNTUSDT	0.6471	0.0100	get 0.0100% / 8h	5h 09m	$42.4M	$14.8M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.325%Rate

Funding earned: −$54.6
Price spread: −0.325% → −0.158%: −$16.67
Slippage, 4 orders: −$73.28
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$155.54
Costs to cover: 0.843%
Break-even: never at this rate

Slippage from Lighter: live order book, 35 min ago; Bybit: live order book, 4 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, 35 min ago	7.67 bp	31.7 bp −$32	104.9 bp −$1,049	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.77 bp	22.2 bp −$22	94.2 bp −$942	doesn't fit	doesn't fit

MNT on 15 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
GMX MNT/USD [ETH-USDC]	L −0.2622% / S +0.0192%	1h	0.6474	−0.266%	$19	—	100x	as long as short
Kraken Futures PF_MNTUSD	−0.0447%	1h	0.6462	−0.451%	$16K	$28K	20x	as long as short
gTrade (Gains Network) MNT/USD	L +0.0010% / S 0.0000%	1h	0.6476	−0.247%	$778	—	150x	as long as short
Injective MNT/USDC PERP	+0.0033%	1h	0.6526	+0.528%	$3K	$210K	12x	as long as short
Hyperliquid MNT	+0.0100%	1h	0.6482	−0.149%	$6.6M	$878K	5x	as long as short
Bybit MNTUSDTshort	+0.0100%	8h	0.6471	−0.325%	$42.4M	$14.8M	25x
Gate MNT_USDT	+0.0100%	4h	0.6464	−0.427%	$432K	$173K	25x	as long as short
MEXC MNT_USDC	+0.0100%	8h	0.6470	−0.334%	$2.4M	$105K	125x	as long as short
BingX MNT-USDT	+0.0100%	8h	0.6468	−0.365%	—	$2.5M	—	as long as short
Variational Omni MNT	+0.0100%	8h	0.6475	−0.254%	$287K	$173K	—	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni MNTUSDT	+0.0100%	1h	0.6477	−0.226%	$11K	$644K	50x	as long as short
Orderly PERP_MNT_USDC	+0.0100%	8h	0.6483	−0.134%	$1K	—	10x	as long as short
BloFin MNT-USDT	+0.0220%	8h	0.6480	−0.180%	$90K	$212K	25x	as long as short
Lighter MNTlong	+0.0360%	1h	0.6492	long leg	$143K	$75K	5x
Backpack MNT_USDC_PERP	+0.0408%	1h	0.6471	−0.319%	$43K	$56K	10x	as long as short