Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0205%/8h= −22.5% APRpaid last 24h −0.275%

Price spread now: Variational Omni against Lighter+0.684%7-day average −0.174% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.459%−$46 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now +0.684%, 7d avg −0.174%

Together, before fees−0.327%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.858% dearer against Lighter than usual: you sell high and buy low (spread +0.684% now, against its 7-day average of −0.174%): +$86 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 14 days. At the pace of the last 4 days (−0.459% in total) that is about 6.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.04404	0.0096	pay 0.0012% / 1h	54m 40s	$153K	$144K	5x
Short	Variational Omni S	0.04434	−0.0109	pay 0.0055% / 4h	2h 54m	$688K	$7K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.684%Rate

Funding earned: −$43.13
Price spread: +0.684% → −0.174%: $85.82
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $42.69
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 20 min ago; Variational Omni: RFQ quote, 39 min ago. Net counts fees only.

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, 20 min ago	15.84 bp	19.2 bp −$19	97.8 bp −$978	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 39 min ago	6.95 bp	doesn't fit	85.7 bp −$857	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	−0.3080%	1h	0.04360	−0.999%	$26K	$3K	5x	as long as short
Kraken Futures PF_SUSD	−0.2164%	1h	0.04383	−0.469%	$38K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1328%	1h	0.04128	−6.267%	$50K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04420	+0.354%	$2K	—	100x	as long as short
Variational Omni Sshort	−0.0109%	4h	0.04434	+0.684%	$688K	$7K	—
Reya SRUSDPERP	−0.0101%	1h	0.04412	+0.189%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04455	+1.152%	$687	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−6.903%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0062%	4h	0.04422	+0.409%	$110K	$648K	10x	as long as short
Lighter Slong	+0.0096%	1h	0.04404	long leg	$153K	$144K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04413	+0.202%	$1.2M	$809K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04410	+0.139%	$47K	$183K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04409	+0.114%	$6.6M	$18.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04393	−0.250%	$6.3M	$5.1M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04403	−0.023%	$1.2M	$5.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04409	+0.114%	$371K	$211K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04404	0.000%	$4.5M	$2.6M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04401	−0.068%	$2.0M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04403	−0.023%	$1.3M	$2.8M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04404	0.000%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04470	+1.499%	$26K	$517K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04400	−0.087%	$243K	$1.3M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0202%	1h	0.04427	+0.522%	$74K	$512	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04420	+0.363%	$314K	$202K	75x	as long as short
Backpack S_USDC_PERP	+0.1752%	1h	0.04430	+0.590%	$104K	$473K	5x	as long as short