Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0213%/8h= −23.3% APRpaid last 24h −0.186%

Price spread now: Variational Omni against Lighter−0.227%7-day average — · 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)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Variational Omni is 0.227% cheaper against Lighter than usual: you would sell low and buy high (−$23 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	Lighter 1000NOT	0.0005032	0.0096	pay 0.0012% / 1h	5m 12s	$11K	$5K	3x
Short	Variational Omni NOT	0.0005021	−0.0117	pay 0.0059% / 4h	2h 05m	$66K	$34K	—

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

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 Variational OmnibpOrdersPrice spread, now −0.227%Rate

Funding earned: −$44.77
Price spread: −0.227% → 0.000%: −$22.71
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$67.47
Costs to cover: 0.000%
Break-even: never at this rate

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

Lighter and Variational Omni: 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.

NOT 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
Variational Omni NOTshort	−0.0117%	4h	0.0005021	−0.227%	$66K	$34K	—
Injective NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.144%	$1K	$13K	5.5x	as long as short
Lighter 1000NOTlong	+0.0096%	1h	0.0005032	long leg	$11K	$5K	3x
Hyperliquid NOT	+0.0100%	1h	0.0005020	−0.242%	$367K	$50K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005033	+0.010%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005019	−0.256%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005012	−0.401%	$2.1M	$802K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005022	−0.203%	$608K	$574K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005030	−0.044%	$140K	$79K	50x	as long as short
MEXC NOT_USDT	+0.0100%	4h	0.0005021	−0.223%	$1.3M	$495K	200x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOTUSDTM	+0.0100%	4h	0.0005022	−0.203%	$491K	$119K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005024	−0.163%	$660K	$382K	50x	as long as short
BingX NOT-USDT	+0.0100%	4h	0.0005019	−0.262%	—	$7.5M	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005017	−0.296%	$4K	$1K	5x	as long as short
BloFin NOT-USDT	+0.0118%	4h	0.0005023	−0.183%	$111K	$17K	50x	as long as short
Kraken Futures PF_NOTUSD	+0.7107%	1h	0.0005055	+0.454%	$48K	$9K	10x	as long as short