Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.008%

Price spread now: Lighter against Bybit+0.226%7-day average +0.097% · you sell dearer than you buy

Net, funding: paid 7d − costs−$166as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$780.782% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.873%−$87 on $10k

Price spread, last 4 days (all we have)−0.144%−$14 · spread now +0.226%, 7d avg +0.097%

Together, before fees−1.017%+ Points / potential airdropLighter: Season 3 · farm board−$102 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 0.129% dearer against Bybit than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.097%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SUSDT	0.03980	0.0100	pay 0.0050% / 4h	3h 28m	$5.7M	$5.0M	50x
Short	Lighter S	0.03989	0.0096	get 0.0012% / 1h	28m 48s	$163K	$191K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.226%Rate

Funding earned: −$0.84
Price spread: +0.226% → +0.097%: $12.89
Slippage, 4 orders: −$67.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$66.15
Costs to cover: 0.782%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 26 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 Bybit live order book, 4 min ago	1.25 bp	26.2 bp −$26	223.4 bp −$2,234	doesn't fit	doesn't fit
Sell Lighter live order book, 26 min ago	7.59 bp	15.3 bp −$15	100.4 bp −$1,004	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	−0.3040%	1h	0.03980	0.000%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2029%	1h	0.03980	+0.012%	$34K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03826	−3.869%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0817%	4h	0.03983	+0.085%	$619K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.03984	+0.098%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03980	+0.010%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03985	+0.131%	$614	—	150x	as long as short
Orderly PERP_S_USDC	+0.0023%	4h	0.03983	+0.075%	$101K	$331K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+3.015%	$2K	$37K	12x	as long as short
Lighter Sshort	+0.0096%	1h	0.03989	+0.226%	$163K	$191K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03986	+0.141%	$997K	$630K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03984	+0.088%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03985	+0.126%	$5.4M	$15.9M	75x	as long as short
Bybit SUSDTlong	+0.0100%	4h	0.03980	long leg	$5.7M	$5.0M	50x
OKX S-USDT-SWAP	+0.0100%	4h	0.03984	+0.101%	$982K	$4.6M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03980	0.000%	$326K	$217K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03985	+0.126%	$3.7M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03984	+0.101%	$1.8M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03989	+0.226%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03985	+0.126%	—	$6.7M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.03990	+0.251%	$116K	$321K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03990	+0.251%	$26K	$446K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03984	+0.098%	$225K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03992	+0.302%	$269K	$127K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0503%	1h	0.03987	+0.176%	$67K	$10K	10x	as long as short