Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Lighter against Gate+0.148%7-day average +0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$292as in the Funding arb table

Net, price: spread back to 7d avg − costs−$195as in the Price arb table

costs, in and out, $10k−$2032.027% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.889%−$89 on $10k

Price spread, last 4 days (all we have)+0.089%+$9 · spread now +0.148%, 7d avg +0.073%

Together, before fees−0.800%+ Points / potential airdropLighter: Season 3 · farm board−$80 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 0.075% dearer against Gate than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate S_USDT	0.04041	0.0100	pay 0.0050% / 4h	24m 30s	$331K	$188K	50x
Short	Lighter S	0.04047	0.0096	get 0.0012% / 1h	24m 30s	$170K	$156K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.148%Rate

Funding earned: −$0.84
Price spread: +0.148% → +0.073%: $7.51
Slippage, 4 orders: −$187.73
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$196.06
Costs to cover: 2.027%
Break-even: never at this rate

Slippage from Gate: live order book, 31 min ago; Lighter: live order book, 15 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 Gate live order book, 31 min ago	8.55 bp	67.1 bp −$67	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 15 min ago	12.31 bp	31.7 bp −$32	109.3 bp −$1,093	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	−0.7592%	1h	0.03970	−1.757%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2527%	1h	0.04040	−0.029%	$34K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1376%	1h	0.03986	−1.361%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04045	+0.087%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04042	+0.013%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04043	+0.060%	$3K	—	150x	as long as short
Variational Omni S	+0.0004%	4h	0.04015	−0.649%	$623K	$30K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.460%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0065%	4h	0.04043	+0.049%	$100K	$295K	10x	as long as short
Lighter Sshort	+0.0096%	1h	0.04047	+0.148%	$170K	$156K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04046	+0.114%	$1.0M	$548K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04040	−0.022%	$44K	$131K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04044	+0.074%	$5.5M	$13.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04039	−0.049%	$5.8M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04043	+0.049%	$1.0M	$3.9M	20x	as long as short
Gate S_USDTlong	+0.0100%	4h	0.04041	long leg	$331K	$188K	50x
MEXC S_USDT	+0.0100%	4h	0.04043	+0.049%	$3.9M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04040	−0.025%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04045	+0.099%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04042	+0.025%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04020	−0.520%	$24K	$460K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04042	+0.017%	$231K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04040	−0.025%	$280K	$97K	75x	as long as short
Backpack S_USDC_PERP	+0.0985%	1h	0.04040	−0.025%	$117K	$412K	5x	as long as short
Deribit S_USDC-PERPETUAL	+0.0986%	1h	0.04050	+0.223%	$68K	$10K	10x	as long as short