Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.008%

Price spread now: Lighter against Bybit+0.323%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$640as in the Funding arb table

Net, price: spread back to 7d avg − costs−$514as in the Price arb table

costs, in and out, $10k−$5475.469% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.928%−$93 on $10k

Price spread, last 4 days (all we have)−0.386%−$39 · spread now +0.323%, 7d avg −0.004%

Together, before fees−1.315%+ Points / potential airdropLighter: Season 3 · farm board−$131 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 0.327% dearer against Bybit than usual: you sell high and buy low, +$33 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit STABLEUSDT	0.02511	0.0100	pay 0.0050% / 4h	3h 32m	$1.5M	$764K	25x
Short	Lighter STABLE	0.02520	0.0096	get 0.0012% / 1h	32m 20s	$116K	$8K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.323%Rate

Funding earned: −$0.84
Price spread: +0.323% → −0.004%: $32.7
Slippage, 4 orders: −$535.91
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$515.06
Costs to cover: 5.469%
Break-even: never at this rate

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 22 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 Bybit live order book, 4 min ago	5.97 bp	37.7 bp −$38	372.7 bp −$3,727	doesn't fit	doesn't fit
Sell Lighter live order book, 22 min ago	114.44 bp	125.2 bp −$125	502.7 bp −$5,027	doesn't fit	doesn't fit

STABLE on 15 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
Lighter STABLEshort	+0.0096%	1h	0.02520	+0.323%	$116K	$8K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02509	−0.080%	$885K	$212K	3x	as long as short
Aster STABLEUSDT	+0.0100%	4h	0.02507	−0.163%	$19K	$7K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02509	−0.100%	$2.5M	$2.9M	75x	as long as short
Bybit STABLEUSDTlong	+0.0100%	4h	0.02511	long leg	$1.5M	$764K	25x
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02507	−0.179%	$203K	$433K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02506	−0.219%	$174K	$71K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02508	−0.139%	$623K	$168K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02516	+0.179%	$180K	$29K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02510	−0.060%	$294K	$118K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02508	−0.139%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02510	−0.055%	$147K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02508	−0.159%	$2K	$776K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02509	−0.109%	$12K	$177K	10x	as long as short
BloFin STABLE-USDT	+0.0135%	4h	0.02505	−0.259%	$116K	$8K	75x	as long as short