Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.009%

Price spread now: Lighter against Binance+0.150%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$690.688% of the position

Long on Binance Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.795%−$79 on $10k

Price spread, last 4 days (all we have)−0.142%−$14 · spread now +0.150%, 7d avg +0.029%

Together, before fees−0.936%+ Points / potential airdropLighter: Season 3 · farm board−$94 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 0.121% dearer against Binance than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance SUSDT	0.03910	0.0100	pay 0.0050% / 4h	20m 36s	$5.3M	$17.2M	75x
Short	Lighter S	0.03916	0.0096	get 0.0012% / 1h	20m 36s	$164K	$217K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Binance. 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 BinancebpFee LighterbpOrdersPrice spread, now +0.150%Rate

Funding earned: −$0.84
Price spread: +0.150% → +0.029%: $12.12
Slippage, 4 orders: −$58.84
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$57.56
Costs to cover: 0.688%
Break-even: never at this rate

Slippage from Binance: live order book, 5 min ago; Lighter: live order book, 40 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 Binance live order book, 5 min ago	1.28 bp	18.6 bp −$19	62.1 bp −$621	2500.4 bp −$250.0K	doesn't fit
Sell Lighter live order book, 40 min ago	2.55 bp	6.6 bp −$7	83.0 bp −$830	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.5848%	1h	0.03850	−1.538%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2134%	1h	0.03908	−0.057%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.151%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0976%	4h	0.03904	−0.157%	$607K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0203% / S +0.0195%	1h	0.03915	+0.120%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03908	−0.042%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03914	+0.099%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03913	+0.082%	$603	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03911	+0.022%	$100K	$339K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.856%	$2K	$37K	12x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter Sshort	+0.0096%	1h	0.03916	+0.150%	$164K	$217K	5x
Hyperliquid S	+0.0100%	1h	0.03913	+0.071%	$980K	$677K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03919	+0.227%	$43K	$145K	10x	as long as short
Binance SUSDTlong	+0.0100%	4h	0.03910	long leg	$5.3M	$17.2M	75x
Bybit SUSDT	+0.0100%	4h	0.03907	−0.080%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03909	−0.029%	$978K	$4.9M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03906	−0.105%	$319K	$259K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03911	+0.022%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03912	+0.048%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03913	+0.074%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03910	−0.003%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03910	−0.003%	$114K	$313K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	−0.003%	$25K	$452K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03909	−0.035%	$220K	$877K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03906	−0.105%	$266K	$125K	75x	as long as short