Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.003%

Price spread now: Orderly against Lighter+0.021%7-day average — · you sell dearer than you buy

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

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Orderly is 0.021% dearer against Lighter than usual: you sell high and buy low, +$2 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKY	0.06799	0.0096	pay 0.0012% / 1h	11m 02s	$179K	$107K	10x
Short	Orderly PERP_SKY_USDC_mythos	0.06800	0.0100	get 0.0050% / 4h	11m 02s	$1K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.021%Rate

Funding earned: $0.84
Price spread: +0.021% → 0.000%: $2.06
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$3.1
Costs to cover: 0.060%
Break-even: 32.8 days

Slippage unknown: Lighter: live order book, 9 min ago; Orderly: no order-book sample. 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 Lighter live order book, 9 min ago	11.01 bp	14.7 bp −$15	107.2 bp −$1,072	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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.

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	+1.386%	$376	$303K	12x	as long as short
Lighter SKYlong	+0.0096%	1h	0.06799	long leg	$179K	$107K	10x
Nado SKY-PERP	+0.0100%	1h	0.06792	−0.100%	$69K	$31K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06800	+0.021%	$41K	$44K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06798	−0.010%	$15.4M	$11.0M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06796	−0.041%	$7.2M	$3.2M	25x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06796	−0.041%	$796K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06791	−0.115%	$576K	$291K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06800	+0.018%	$1.0M	$275K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06803	+0.062%	$399K	$291K	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	0.06802	+0.047%	$2.8M	$1.4M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06798	−0.012%	—	$2.5M	—	as long as short
Variational Omni SKY	+0.0100%	4h	0.06790	−0.123%	$181K	$98K	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06802	+0.047%	$27K	$649K	50x	as long as short
Orderly PERP_SKY_USDC_mythosshort	+0.0100%	4h	0.06800	+0.021%	$1K	$3K	10x
BloFin SKY-USDT	+0.0107%	4h	0.06794	−0.071%	$576K	$28K	75x	as long as short
Hyperliquid SKY	+0.0137%	1h	0.06810	+0.172%	$2.8M	$862K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0520% / S −0.0248%	1h	0.06800	+0.016%	$81K	—	50x	as long as short