Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.021%

Price spread now: Lighter against OKX+0.652%7-day average −0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$667as in the Funding arb table

Net, price: spread back to 7d avg − costs−$495as in the Price arb table

costs, in and out, $10k−$5615.614% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−1.052%−$105 on $10k

Price spread, last 4 days (all we have)−0.636%−$64 · spread now +0.652%, 7d avg −0.009%

Together, before fees−1.689%+ Points / potential airdropLighter: Season 3 · farm board−$169 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 0.661% dearer against OKX than usual: you sell high and buy low, +$66 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX STABLE-USDT-SWAP	0.02468	0.0100	pay 0.0050% / 4h	1h 59m	$204K	$414K	20x
Short	Lighter STABLE	0.02484	0.0096	get 0.0012% / 1h	59m 11s	$114K	$3K	3x

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 +0.652%Rate

Funding earned: −$0.84
Price spread: +0.652% → −0.009%: $66.1
Slippage, 4 orders: −$551.38
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$496.12
Costs to cover: 5.614%
Break-even: never at this rate

Slippage from OKX: live order book, 21 min ago; Lighter: live order book, 14 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, 21 min ago	10.11 bp	35.7 bp −$36	1388.8 bp −$13.9K	doesn't fit	doesn't fit
Sell Lighter live order book, 14 min ago	185.38 bp	194.4 bp −$194	568.8 bp −$5,688	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
Aster STABLEUSDT	−0.0344%	4h	0.02469	+0.053%	$19K	$7K	20x	as long as short
Lighter STABLEshort	+0.0096%	1h	0.02484	+0.652%	$114K	$3K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02469	+0.045%	$871K	$234K	3x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02468	+0.011%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02472	+0.162%	$1.5M	$799K	25x	as long as short
OKX STABLE-USDT-SWAPlong	+0.0100%	4h	0.02468	long leg	$204K	$414K	20x
Gate STABLE_USDT	+0.0100%	4h	0.02467	−0.041%	$171K	$86K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02469	+0.041%	$659K	$154K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02472	+0.162%	$174K	$27K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02469	+0.041%	$291K	$116K	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	0.02471	+0.122%	—	$6.6M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02471	+0.118%	$145K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02472	+0.158%	$2K	$650K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02468	−0.015%	$12K	$175K	10x	as long as short
BloFin STABLE-USDT	+0.0158%	4h	0.02469	+0.041%	$114K	$7K	75x	as long as short