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 −0.001%

Price spread now: Lighter against KuCoin+0.123%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$316as in the Funding arb table

Net, price: spread back to 7d avg − costs−$228as in the Price arb table

costs, in and out, $10k−$2322.315% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.841%−$84 on $10k

Price spread, last 4 days (all we have)+0.030%+$3 · spread now +0.123%, 7d avg +0.086%

Together, before fees−0.811%+ Points / potential airdropLighter: Season 3 · farm board−$81 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 0.037% dearer against KuCoin than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.086%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SUSDTM	0.04055	0.0100	pay 0.0050% / 4h	2h 39m	$1.9M	$2.9M	50x
Short	Lighter S	0.04060	0.0096	get 0.0012% / 1h	39m 11s	$167K	$165K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.123%Rate

Funding earned: −$0.84
Price spread: +0.123% → +0.086%: $3.7
Slippage, 4 orders: −$219.54
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$228.68
Costs to cover: 2.315%
Break-even: never at this rate

Slippage from KuCoin: live order book, 3 min ago; Lighter: live order book, 11 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 KuCoin live order book, 3 min ago	4.93 bp	99.8 bp −$100	376.5 bp −$3,765	doesn't fit	doesn't fit
Sell Lighter live order book, 11 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	−0.8320%	1h	0.04040	−0.370%	$25K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1464%	1h	0.04003	−1.282%	$48K	$12K	25x	as long as short
Kraken Futures PF_SUSD	−0.1250%	1h	0.04054	−0.017%	$34K	$23K	10x	as long as short
Variational Omni S	−0.0529%	4h	0.04046	−0.225%	$626K	$30K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04057	+0.049%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04055	−0.003%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04057	+0.046%	$2K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+1.110%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0041%	4h	0.04058	+0.074%	$102K	$334K	10x	as long as short
Lighter Sshort	+0.0096%	1h	0.04060	+0.123%	$167K	$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	0.04055	+0.005%	$1.0M	$571K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04062	+0.180%	$44K	$137K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04056	+0.018%	$5.6M	$15.4M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04049	−0.148%	$5.8M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04054	−0.025%	$1.0M	$4.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04052	−0.074%	$336K	$203K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04056	+0.025%	$3.9M	$1.8M	200x	as long as short
KuCoin SUSDTMlong	+0.0100%	4h	0.04055	long leg	$1.9M	$2.9M	50x
Bitget SUSDT	+0.0100%	4h	0.04057	+0.049%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04054	−0.025%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04030	−0.617%	$26K	$449K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04053	−0.054%	$230K	$1.1M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04024	−0.764%	$272K	$122K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0736%	1h	0.04060	+0.123%	$68K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.0962%	1h	0.04060	+0.123%	$121K	$342K	5x	as long as short