Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against OKX−0.016%7-day average +0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$106as in the Funding arb table

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

costs, in and out, $10k−$1071.067% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.147%+$15 · spread now −0.016%, 7d avg +0.096%

Together, before fees+0.150%+ Points / potential airdropLighter: Season 3 · farm board+$15 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 0.112% cheaper against OKX than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.096%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SKY-USDT-SWAP	0.06868	0.0100	pay 0.0050% / 4h	1h 21m	$801K	$1.1M	20x
Short	Lighter SKY	0.06867	0.0096	get 0.0012% / 1h	21m 51s	$179K	$117K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$0.84
Price spread: −0.016% → +0.096%: −$11.25
Slippage, 4 orders: −$96.73
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$118.82
Costs to cover: 1.067%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Lighter: 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 OKX live order book, 5 min ago	2.91 bp	29.8 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 3 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	+0.364%	$376	$303K	12x	as long as short
Variational Omni SKY	+0.0072%	4h	0.06857	−0.156%	$183K	$98K	—	as long as short
BloFin SKY-USDT	+0.0078%	4h	0.06862	−0.087%	$582K	$29K	75x	as long as short
Lighter SKYshort	+0.0096%	1h	0.06867	−0.016%	$179K	$117K	10x
Nado SKY-PERP	+0.0100%	1h	0.06866	−0.022%	$71K	$31K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06873	+0.068%	$42K	$44K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06873	+0.068%	$15.6M	$11.1M	75x	as long as short
Bybit SKYUSDT	+0.0100%	4h	0.06869	+0.015%	$7.2M	$3.0M	25x	as long as short
OKX SKY-USDT-SWAPlong	+0.0100%	4h	0.06868	long leg	$801K	$1.1M	20x
Gate SKY_USDT	+0.0100%	4h	0.06861	−0.102%	$585K	$287K	50x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC SKY_USDT	+0.0100%	4h	0.06871	+0.044%	$1.0M	$267K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.06872	+0.058%	$402K	$292K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06866	−0.029%	$2.8M	$1.4M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06870	+0.029%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06849	−0.277%	$26K	$647K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06871	+0.045%	$1K	$3K	10x	as long as short
Hyperliquid SKY	+0.0160%	1h	0.06878	+0.143%	$2.8M	$845K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0522% / S −0.0248%	1h	0.06868	−0.004%	$81K	—	50x	as long as short