Funding arb · Price arb /

STBL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0731%/8hpaid last 24h −0.134%

Price spread now: Lighter against Bybit−0.228%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.221%−$22 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Lighter is 0.228% cheaper against Bybit than usual: you would sell low and buy high (−$23 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.221% in total (about -11.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit STBLUSDT	0.02633	0.0827	pay 0.0414% / 4h	5m 13s	$1.5M	$674K	20x
Short	Lighter STBL	0.02627	0.0096	get 0.0012% / 1h	5m 13s	$79K	$2K	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 −0.228%Rate

Funding earned: −$153.51
Price spread: −0.228% → 0.000%: −$22.79
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$187.3
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 5 min ago; Lighter: no order-book sample. Net counts fees only.

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, 5 min ago	7.60 bp	112.4 bp −$112	doesn't fit	doesn't fit	doesn't fit
Sell Lighter no order-book sample	—	—	—	—	—

Lighter: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

STBL on 12 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
BloFin STBL-USDT	+0.0065%	4h	0.02641	+0.304%	$130K	$21K	50x	as long as short
Lighter STBLshort	+0.0096%	1h	0.02627	−0.228%	$79K	$2K	3x
Binance STBLUSDT	+0.0100%	4h	0.02637	+0.144%	$1.9M	$2.2M	50x	as long as short
MEXC STBL_USDT	+0.0100%	4h	0.02637	+0.152%	$380K	$151K	100x	as long as short
Variational Omni STBL	+0.0100%	4h	0.02635	+0.075%	$962	$281	—	as long as short
SunX STBL-USDT	+0.0100%	4h	0.02632	−0.038%	$1K	$1.1M	20x	as long as short
KuCoin STBLUSDTM	+0.0732%	4h	0.02631	−0.076%	$1.1M	$180K	20x	as long as short
Hyperliquid STBL	+0.0772%	1h	0.02633	−0.019%	$1.9M	$286K	3x	as long as short
BingX STBL-USDT	+0.0806%	4h	0.02637	+0.152%	—	$6.6M	—	as long as short
Bybit STBLUSDTlong	+0.0827%	4h	0.02633	long leg	$1.5M	$674K	20x

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster STBLUSDT	+0.0940%	4h	0.02636	+0.110%	$88K	$5K	5x	as long as short
Gate STBL_USDT	+0.1104%	4h	0.02636	+0.114%	$1.1M	$115K	50x	as long as short