Funding arb · Price arb /

S

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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 −0.013%

Price spread now: Lighter against BingX+0.099%7-day average +0.050% · you sell dearer than you buy

Net, funding: paid 7d − costs−$168as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$800.795% of the position

Long on BingX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.886%−$89 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now +0.099%, 7d avg +0.050%

Together, before fees−0.869%+ Points / potential airdropLighter: Season 3 · farm board−$87 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 0.050% dearer against BingX than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX S-USDT	0.04021	0.0100	pay 0.0050% / 4h	2h 47m	—	$6.7M	—
Short	Lighter S	0.04025	0.0096	get 0.0012% / 1h	47m 09s	$166K	$165K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BingX. 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 BingXbpFee LighterbpOrdersPrice spread, now +0.099%Rate

Funding earned: −$0.84
Price spread: +0.099% → +0.050%: $4.98
Slippage, 4 orders: −$69.53
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$75.4
Costs to cover: 0.795%
Break-even: never at this rate

Slippage from BingX: live order book, 5 min ago; Lighter: live order book, 3 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 BingX live order book, 5 min ago	3.75 bp	16.5 bp −$16	51.0 bp −$510	448.2 bp −$44.8K	692.5 bp −$346.2K
Sell Lighter live order book, 3 min ago	6.21 bp	16.0 bp −$16	84.3 bp −$843	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	−0.7168%	1h	0.03850	−4.253%	$24K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.03946	−1.865%	$49K	$5K	25x	as long as short
Kraken Futures PF_SUSD	−0.1261%	1h	0.04018	−0.069%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0587%	4h	0.04005	−0.388%	$623K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04023	+0.047%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04020	−0.028%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04022	+0.025%	$620	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.965%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0039%	4h	0.04021	0.000%	$101K	$330K	10x	as long as short
Lighter Sshort	+0.0096%	1h	0.04025	+0.099%	$166K	$165K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04021	−0.007%	$1.0M	$611K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04021	−0.003%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04021	−0.002%	$5.5M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04015	−0.149%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04020	−0.025%	$1.0M	$4.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04020	−0.025%	$331K	$199K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04023	+0.050%	$3.7M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04021	0.000%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04022	+0.025%	$1.2M	$2.4M	50x	as long as short
BingX S-USDTlong	+0.0100%	4h	0.04021	long leg	—	$6.7M	—
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−0.025%	$26K	$448K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04017	−0.094%	$225K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04024	+0.075%	$272K	$122K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0745%	1h	0.04024	+0.075%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0985%	1h	0.04030	+0.224%	$117K	$334K	5x	as long as short