Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.031%

Price spread now: Lighter against KuCoin+0.426%7-day average −0.087% · you sell dearer than you buy

Net, funding: paid 7d − costs−$2,515as in the Funding arb table

Net, price: spread back to 7d avg − costs−$2,334as in the Price arb table

costs, in and out, $10k−$2,38523.855% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−1.298%−$130 on $10k

Price spread, last 4 days (all we have)−0.677%−$68 · spread now +0.426%, 7d avg −0.087%

Together, before fees−1.976%+ Points / potential airdropLighter: Season 3 · farm board−$198 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 0.513% dearer against KuCoin than usual: you sell high and buy low, +$51 on $10k if it goes back to its 7-day average of −0.087%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin STABLEUSDTM	0.02489	0.0100	pay 0.0050% / 4h	3h 31m	$175K	$27K	30x
Short	Lighter STABLE	0.02500	0.0096	get 0.0012% / 1h	31m 32s	$115K	$3K	3x

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 +0.426%Rate

Funding earned: −$0.84
Price spread: +0.426% → −0.087%: $51.27
Slippage, 4 orders: −$2,373.5
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$2,335.07
Costs to cover: 23.855%
Break-even: never at this rate

Slippage from KuCoin: live order book, 8 min ago; Lighter: live order book, 11 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, 8 min ago	18.11 bp	1277.2 bp −$1,277	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 11 min ago	175.68 bp	186.1 bp −$186	574.8 bp −$5,748	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
Aster STABLEUSDT	−0.0051%	4h	0.02485	−0.160%	$19K	$7K	20x	as long as short
BloFin STABLE-USDT	+0.0041%	4h	0.02482	−0.281%	$115K	$8K	75x	as long as short
Lighter STABLEshort	+0.0096%	1h	0.02500	+0.426%	$115K	$3K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02489	−0.020%	$878K	$236K	3x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02488	−0.040%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02487	−0.080%	$1.5M	$816K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02488	−0.040%	$205K	$421K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02487	−0.080%	$172K	$88K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02487	−0.080%	$569K	$147K	20x	as long as short
KuCoin STABLEUSDTMlong	+0.0100%	4h	0.02489	long leg	$175K	$27K	30x

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget STABLEUSDT	+0.0100%	4h	0.02486	−0.121%	$291K	$122K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02485	−0.161%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02484	−0.199%	$146K	$51K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02487	−0.084%	$2K	$635K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02488	−0.026%	$12K	$175K	10x	as long as short