Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0029%/8h= +3.2% APRpaid last 24h +0.047%

Price spread now: Lighter against Orderly0.000%7-day average +0.055% · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.217%−$22 on $10k

Price spread, last 4 days (all we have)+0.701%+$70 · spread now 0.000%, 7d avg +0.055%

Together, before fees+0.485%+ Points / potential airdropLighter: Season 3 · farm board+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.055% cheaper against Orderly than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.055%). If the spread goes back, that is −$6 on $10k: about 6.3 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.217%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_S_USDC	0.04469	0.0067	pay 0.0033% / 4h	3h 21m	$111K	$639K	10x
Short	Lighter S	0.04469	0.0096	get 0.0012% / 1h	21m 54s	$191K	$100K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now 0.000%Rate

Funding earned: $6.17
Price spread: 0.000% → +0.055%: −$5.54
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$5.37
Costs to cover: 0.060%
Break-even: 13.1 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 58 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 58 min ago	16.64 bp	30.4 bp −$30	118.7 bp −$1,187	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.2541%	1h	0.04466	−0.066%	$38K	$20K	10x	as long as short
01 Exchange SUSD	−0.2304%	1h	0.04390	−1.768%	$26K	$3K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04308	−3.603%	$53K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04460	−0.208%	$2K	—	100x	as long as short
Variational Omni S	−0.0102%	4h	0.04403	−1.474%	$682K	$7K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04461	−0.189%	$4	—	15x	as long as short
Deribit S_USDC-PERPETUAL	0.0000%	1h	0.04473	+0.090%	$75K	$11K	10x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04472	+0.069%	$688	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−8.257%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDClong	+0.0067%	4h	0.04469	long leg	$111K	$639K	10x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter Sshort	+0.0096%	1h	0.04469	0.000%	$191K	$100K	5x
Hyperliquid S	+0.0100%	1h	0.04468	−0.020%	$1.1M	$737K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04471	+0.040%	$49K	$186K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04471	+0.035%	$6.7M	$17.3M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04462	−0.157%	$6.4M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04466	−0.067%	$1.3M	$5.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04467	−0.045%	$381K	$232K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04471	+0.045%	$4.7M	$2.4M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04468	−0.022%	$2.1M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04472	+0.067%	$1.3M	$2.7M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04468	−0.022%	—	$7.0M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04380	−1.991%	$25K	$514K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04468	−0.026%	$245K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04461	−0.179%	$314K	$121K	75x	as long as short
Backpack S_USDC_PERP	+0.0710%	1h	0.04480	+0.246%	$105K	$474K	5x	as long as short