Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Gate+0.099%7-day average +0.152% · you sell dearer than you buy

Net, funding: paid 7d − costs−$308as in the Funding arb table

Net, price: spread back to 7d avg − costs−$330as in the Price arb table

costs, in and out, $10k−$3243.244% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.165%+$16 on $10k

Price spread, last 4 days (all we have)+0.342%+$34 · spread now +0.099%, 7d avg +0.152%

Together, before fees+0.507%+ Points / potential airdropLighter: Season 3 · farm board+$51 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 0.053% cheaper against Gate than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.152%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SKY_USDT	0.07040	0.0100	pay 0.0050% / 4h	22m 45s	$600K	$256K	50x
Short	Lighter SKY	0.07047	0.0096	get 0.0012% / 1h	22m 45s	$185K	$155K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.099%Rate

Funding earned: −$0.84
Price spread: +0.099% → +0.152%: −$5.27
Slippage, 4 orders: −$309.36
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$330.47
Costs to cover: 3.244%
Break-even: never at this rate

Slippage from Gate: live order book, 53 min ago; Lighter: live order book, 37 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 Gate live order book, 53 min ago	4.24 bp	63.7 bp −$64	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 37 min ago	12.74 bp	100.5 bp −$100	187.9 bp −$1,879	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
Variational Omni SKY	−0.0681%	4h	0.07038	−0.033%	$194K	$104K	—	as long as short
Bybit SKYUSDT	−0.0270%	4h	0.07037	−0.043%	$7.6M	$3.3M	25x	as long as short
Nado SKY-PERP	+0.0067%	1h	0.07046	+0.085%	$70K	$25K	5x	as long as short
Lighter SKYshort	+0.0096%	1h	0.07047	+0.099%	$185K	$155K	10x
Aster SKYUSDT	+0.0100%	4h	0.07051	+0.156%	$42K	$43K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07048	+0.116%	$16.0M	$10.2M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07041	+0.014%	$846K	$1.3M	20x	as long as short
Gate SKY_USDTlong	+0.0100%	4h	0.07040	long leg	$600K	$256K	50x
MEXC SKY_USDT	+0.0100%	4h	0.07047	+0.099%	$1.1M	$286K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.07047	+0.099%	$420K	$290K	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	0.07044	+0.057%	$2.9M	$1.6M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07044	+0.057%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07054	+0.199%	$19K	$678K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.07051	+0.158%	$1K	$2K	10x	as long as short
BloFin SKY-USDT	+0.0131%	4h	0.07049	+0.128%	$590K	$29K	75x	as long as short
Injective SKY/USDC PERP	+0.0158%	1h	0.07172	+1.875%	$392	$303K	12x	as long as short
Hyperliquid SKY	+0.0201%	1h	0.07056	+0.227%	$3.0M	$890K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0527% / S −0.0248%	1h	0.07046	+0.089%	$83K	—	50x	as long as short