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: MEXC against Lighter+0.051%7-day average −0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$520.521% of the position

Long on Lighter Short on MEXC

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)−0.743%−$74 · spread now +0.051%, 7d avg −0.026%

Together, before fees−0.735%+ Points / potential airdropLighter: Season 3 · farm board−$73 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: MEXC is 0.077% dearer against Lighter than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKY	0.06868	0.0096	pay 0.0012% / 1h	13m 12s	$179K	$177K	10x
Short	MEXC SKY_USDT	0.06872	0.0100	get 0.0050% / 4h	13m 12s	$1.0M	$265K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Lighter. 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 LighterbpFee MEXCbpOrdersPrice spread, now +0.051%Rate

Funding earned: $0.84
Price spread: +0.051% → −0.026%: $7.7
Slippage, 4 orders: −$48.05
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$43.52
Costs to cover: 0.521%
Break-even: 369.6 days

Slippage from Lighter: live order book, 27 min ago; MEXC: live order book, 3 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 Lighter live order book, 27 min ago	11.20 bp	11.4 bp −$11	107.8 bp −$1,078	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.46 bp	9.6 bp −$10	74.4 bp −$744	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	0.06841	−0.396%	$183K	$113K	—	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.06893	+0.357%	$376	$303K	12x	as long as short
Lighter SKYlong	+0.0096%	1h	0.06868	long leg	$179K	$177K	10x
Bybit SKYUSDT	+0.0096%	4h	0.06861	−0.109%	$7.2M	$3.2M	25x	as long as short
Nado SKY-PERP	+0.0100%	1h	0.06862	−0.087%	$73K	$30K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06868	−0.013%	$41K	$42K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06872	+0.047%	$15.7M	$10.9M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06864	−0.066%	$819K	$1.1M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06861	−0.109%	$594K	$273K	50x	as long as short
MEXC SKY_USDTshort	+0.0100%	4h	0.06872	+0.051%	$1.0M	$265K	100x

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.06862	−0.095%	$404K	$291K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06872	+0.051%	$2.8M	$1.5M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06869	+0.007%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06854	−0.211%	$27K	$659K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06872	+0.048%	$1K	$3K	10x	as long as short
BloFin SKY-USDT	+0.0160%	4h	0.06866	−0.036%	$584K	$29K	75x	as long as short
Hyperliquid SKY	+0.0332%	1h	0.06877	+0.128%	$2.8M	$912K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0522% / S −0.0248%	1h	0.06869	+0.007%	$81K	—	50x	as long as short