Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against KuCoin−0.016%7-day average +0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$847as in the Funding arb table

Net, price: spread back to 7d avg − costs−$859as in the Price arb table

costs, in and out, $10k−$8468.464% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)+0.658%+$66 · spread now −0.016%, 7d avg +0.108%

Together, before fees+0.649%+ Points / potential airdropLighter: Season 3 · farm board+$65 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 0.124% cheaper against KuCoin than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of +0.108%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin SKYUSDTM	0.06868	0.0100	pay 0.0050% / 4h	37m 34s	$404K	$291K	50x
Short	Lighter SKY	0.06867	0.0096	get 0.0012% / 1h	37m 34s	$179K	$177K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$0.84
Price spread: −0.016% → +0.108%: −$12.42
Slippage, 4 orders: −$834.37
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$859.63
Costs to cover: 8.464%
Break-even: never at this rate

Slippage from KuCoin: live order book, 45 min ago; Lighter: live order book, 2 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 KuCoin live order book, 45 min ago	25.18 bp	236.7 bp −$237	772.4 bp −$7,724	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	11.20 bp	17.4 bp −$17	118.4 bp −$1,184	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	−0.0185%	4h	0.06865	−0.048%	$183K	$113K	—	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+0.364%	$376	$303K	12x	as long as short
Lighter SKYshort	+0.0096%	1h	0.06867	−0.016%	$179K	$177K	10x
Nado SKY-PERP	+0.0100%	1h	0.06864	−0.051%	$73K	$30K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06870	+0.024%	$41K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06869	+0.015%	$15.7M	$10.9M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06860	−0.116%	$7.2M	$3.2M	25x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06860	−0.116%	$821K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06869	+0.015%	$596K	$271K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06867	−0.015%	$1.0M	$264K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTMlong	+0.0100%	4h	0.06868	long leg	$404K	$291K	50x
Bitget SKYUSDT	+0.0100%	4h	0.06866	−0.029%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06862	−0.087%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06877	+0.131%	$27K	$661K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06871	+0.051%	$1K	$3K	10x	as long as short
BloFin SKY-USDT	+0.0112%	4h	0.06869	+0.015%	$581K	$29K	75x	as long as short
Hyperliquid SKY	+0.0342%	1h	0.06877	+0.135%	$2.8M	$920K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0522% / S −0.0248%	1h	0.06869	+0.015%	$81K	—	50x	as long as short