Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.010%

Price spread now: Binance against Lighter−0.127%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$93as in the Price arb table

costs, in and out, $10k−$830.832% of the position

Long on Lighter Short on Binance

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)+0.298%+$30 · spread now −0.127%, 7d avg −0.026%

Together, before fees+1.092%+ Points / potential airdropLighter: Season 3 · farm board+$109 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: Binance is 0.101% cheaper against Lighter than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.03922	0.0096	pay 0.0012% / 1h	3m 09s	$164K	$240K	5x
Short	Binance SUSDT	0.03917	0.0100	get 0.0050% / 4h	2h 03m	$5.3M	$23.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.127%Rate

Funding earned: $0.84
Price spread: −0.127% → −0.026%: −$10.14
Slippage, 4 orders: −$73.22
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$92.52
Costs to cover: 0.832%
Break-even: 778.0 days

Slippage from Lighter: live order book, 11 min ago; Binance: live order book, 8 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 Lighter live order book, 11 min ago	15.24 bp	20.0 bp −$20	92.2 bp −$922	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	1.27 bp	19.6 bp −$20	61.5 bp −$615	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
Kraken Futures PF_SUSD	−0.1458%	1h	0.03915	−0.167%	$33K	$30K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1264%	1h	0.03826	−2.448%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0823%	4h	0.03900	−0.553%	$607K	$34K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0192% / S +0.0186%	1h	0.03923	+0.015%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03914	−0.208%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.03924	+0.051%	$66K	$10K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03922	−0.011%	$604	—	150x	as long as short
Orderly PERP_S_USDC	+0.0006%	4h	0.03918	−0.102%	$100K	$345K	10x	as long as short
Aster SUSDT	+0.0026%	4h	0.03917	−0.116%	$43K	$212K	10x	as long as short
01 Exchange SUSD	+0.0032%	1h	0.03900	−0.561%	$24K	$3K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.539%	$2K	$37K	12x	as long as short
Lighter Slong	+0.0096%	1h	0.03922	long leg	$164K	$240K	5x
Hyperliquid S	+0.0100%	1h	0.03914	−0.201%	$983K	$877K	5x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.03917	−0.127%	$5.3M	$23.0M	75x
Bybit SUSDT	+0.0100%	4h	0.03914	−0.204%	$5.6M	$6.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03914	−0.204%	$976K	$7.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03906	−0.408%	$319K	$293K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03916	−0.153%	$3.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03917	−0.127%	$1.8M	$3.1M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03919	−0.076%	$1.2M	$2.9M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03914	−0.204%	—	$6.8M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	−0.306%	$23K	$471K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03915	−0.190%	$219K	$883K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03917	−0.127%	$270K	$135K	75x	as long as short
Backpack S_USDC_PERP	+0.0521%	1h	0.03920	−0.051%	$114K	$298K	5x	as long as short