Funding arb · Price arb /

STABLE

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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 +0.005%

Price spread now: Bybit against Lighter−0.501%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$441as in the Funding arb table

Net, price: spread back to 7d avg − costs−$576as in the Price arb table

costs, in and out, $10k−$5285.280% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.872%+$87 on $10k

Price spread, last 4 days (all we have)+0.565%+$57 · spread now −0.501%, 7d avg −0.026%

Together, before fees+1.437%+ Points / potential airdropLighter: Season 3 · farm board+$144 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: Bybit is 0.476% cheaper against Lighter than usual: you would sell low and buy high, −$48 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 STABLE	0.02454	0.0096	pay 0.0012% / 1h	31m 38s	$113K	$6K	3x
Short	Bybit STABLEUSDT	0.02442	0.0100	get 0.0050% / 4h	1h 31m	$1.5M	$770K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.501%Rate

Funding earned: $0.84
Price spread: −0.501% → −0.026%: −$47.56
Slippage, 4 orders: −$516.96
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$574.68
Costs to cover: 5.280%
Break-even: 4796.0 days

Slippage from Lighter: live order book, 58 min ago; Bybit: live order book, 5 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, 58 min ago	153.31 bp	232.1 bp −$232	322.5 bp −$3,225	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	6.14 bp	49.9 bp −$50	268.8 bp −$2,688	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 STABLElong	+0.0096%	1h	0.02454	long leg	$113K	$6K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02439	−0.611%	$857K	$183K	3x	as long as short
Aster STABLEUSDT	+0.0100%	4h	0.02440	−0.566%	$18K	$10K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02438	−0.653%	$2.5M	$2.8M	75x	as long as short
Bybit STABLEUSDTshort	+0.0100%	4h	0.02442	−0.501%	$1.5M	$770K	25x
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02441	−0.538%	$212K	$428K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02441	−0.538%	$174K	$59K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02439	−0.619%	$583K	$165K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02446	−0.334%	$178K	$28K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02442	−0.497%	$282K	$95K	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	0.02441	−0.538%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02443	−0.453%	$143K	$8K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02441	−0.517%	$2K	$927K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02438	−0.673%	$11K	$228K	10x	as long as short
BloFin STABLE-USDT	+0.0118%	4h	0.02440	−0.579%	$112K	$10K	75x	as long as short