Funding arb · Price arb /

SKY

all SKY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.021%

Price spread now: Lighter against Bybit−0.065%7-day average +0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$1021.024% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.082%+$8 on $10k

Price spread, last 4 days (all we have)+0.144%+$14 · spread now −0.065%, 7d avg +0.091%

Together, before fees+0.226%+ Points / potential airdropLighter: Season 3 · farm board+$23 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 0.156% cheaper against Bybit than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of +0.091%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SKYUSDT	0.06800	0.0100	pay 0.0050% / 4h	37m 40s	$7.2M	$3.2M	25x
Short	Lighter SKY	0.06796	0.0096	get 0.0012% / 1h	37m 40s	$178K	$107K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$0.84
Price spread: −0.065% → +0.091%: −$15.56
Slippage, 4 orders: −$91.37
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$118.77
Costs to cover: 1.024%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Lighter: live order book, 47 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 Bybit live order book, 5 min ago	2.94 bp	31.1 bp −$31	293.6 bp −$2,936	doesn't fit	doesn't fit
Sell Lighter live order book, 47 min ago	13.04 bp	28.4 bp −$28	139.8 bp −$1,398	doesn't fit	doesn't fit

SKY on 18 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
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+1.368%	$376	$303K	12x	as long as short
Lighter SKYshort	+0.0096%	1h	0.06796	−0.065%	$178K	$107K	10x
Nado SKY-PERP	+0.0100%	1h	0.06793	−0.096%	$69K	$32K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06795	−0.074%	$41K	$44K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06798	−0.028%	$15.4M	$11.1M	75x	as long as short
Bybit SKYUSDTlong	+0.0100%	4h	0.06800	long leg	$7.2M	$3.2M	25x
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06801	+0.015%	$793K	$1.1M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06793	−0.103%	$575K	$290K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06804	+0.059%	$1.0M	$271K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06796	−0.059%	$398K	$292K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SKYUSDT	+0.0100%	4h	0.06799	−0.015%	$2.8M	$1.4M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06804	+0.059%	—	$2.4M	—	as long as short
Variational Omni SKY	+0.0100%	4h	0.06798	−0.034%	$182K	$98K	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06810	+0.147%	$26K	$647K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06796	−0.065%	$1K	$3K	10x	as long as short
BloFin SKY-USDT	+0.0151%	4h	0.06796	−0.059%	$577K	$28K	75x	as long as short
Hyperliquid SKY	+0.0187%	1h	0.06802	+0.035%	$2.8M	$865K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0520% / S −0.0248%	1h	0.06795	−0.071%	$81K	—	50x	as long as short