Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Aster−0.021%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$115as in the Funding arb table

Net, price: spread back to 7d avg − costs−$116as in the Price arb table

costs, in and out, $10k−$1131.130% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.043%+$4 · spread now −0.021%, 7d avg +0.005%

Together, before fees+0.022%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.027% cheaper against Aster than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster OPUSDT	0.1266	0.0100	pay 0.0100% / 8h	6h 01m	$211K	$229K	10x
Short	Lighter OP	0.1265	0.0096	get 0.0012% / 1h	1m 43s	$281K	$949K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$0.84
Price spread: −0.021% → +0.005%: −$2.66
Slippage, 4 orders: −$105.03
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$116.53
Costs to cover: 1.130%
Break-even: never at this rate

Slippage from Aster: live order book, 65 min ago; Lighter: live order book, 64 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 Aster live order book, 65 min ago	11.80 bp	49.9 bp −$50	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 64 min ago	6.29 bp	20.9 bp −$21	61.2 bp −$612	doesn't fit	doesn't fit

OP on 29 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 OP/USDC PERP	−0.1535%	1h	0.1258	−0.614%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1266	+0.036%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0184%	1h	0.1279	+1.045%	$25K	$72K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1265	−0.081%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1266	+0.018%	$42K	$151K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1266	+0.018%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0053%	8h	0.1265	−0.061%	$6K	$46K	10x	as long as short
Variational Omni OP	+0.0054%	8h	0.1259	−0.501%	$223K	$50K	—	as long as short
OKX OP-USDT-SWAP	+0.0061%	8h	0.1265	−0.085%	$6.1M	$29.3M	50x	as long as short
Lighter OPshort	+0.0096%	1h	0.1265	−0.021%	$281K	$949K	15x

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1266	−0.014%	$3.7M	$3.0M	5x	as long as short
Aster OPUSDTlong	+0.0100%	8h	0.1266	long leg	$211K	$229K	10x
Binance OPUSDT	+0.0100%	8h	0.1265	−0.049%	$20.3M	$61.1M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1264	−0.108%	$18.4M	$25.5M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1266	+0.018%	$2.0M	$1.6M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1265	−0.045%	$20.7M	$7.5M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1264	−0.140%	$2.9M	$6.8M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1265	−0.061%	$5.9M	$6.5M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1265	−0.053%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1265	−0.053%	$121K	$197K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1260	−0.432%	$4K	$388K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1259	−0.568%	$310K	$5.2M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1261	−0.377%	$43K	$707K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1265	−0.069%	$181	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1266	+0.018%	$175K	$221K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1264	−0.114%	$101K	$392K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1265	−0.065%	$3K	$1K	3x	as long as short
Reya OPRUSDPERP	+0.0440%	1h	0.1265	−0.031%	$704	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0461%	1h	0.1266	+0.043%	$799K	$583K	20x	as long as short