Funding arb · Price arb /

SYRUP

all SYRUP markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.060%

Price spread now: Variational Omni against Lighter−0.084%7-day average −0.010% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.074%−$7 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now −0.084%, 7d avg −0.010%

Together, before fees+0.032%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$3 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: Variational Omni is 0.074% cheaper against Lighter than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SYRUP	0.2202	0.0096	pay 0.0012% / 1h	23m 18s	$204K	$218K	5x
Short	Variational Omni SYRUP	0.2200	0.0100	get 0.0050% / 4h	3h 23m	$157K	$26K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.084%Rate

Funding earned: $0.84
Price spread: −0.084% → −0.010%: −$7.43
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$6.59
Costs to cover: 0.000%
Break-even: 61.9 days

Slippage unknown: Lighter: live order book, 12 min ago; Variational Omni: RFQ quote, 31 min ago. 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 Lighter live order book, 12 min ago	8.82 bp	9.0 bp −$9	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 31 min ago	6.79 bp	doesn't fit	346.2 bp −$3,462	doesn't fit	doesn't fit

SYRUP on 16 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
Kraken Futures PF_SYRUPUSD	−0.0049%	1h	0.2203	+0.035%	$40K	$22K	10x	as long as short
BloFin SYRUP-USDT	+0.0088%	4h	0.2198	−0.209%	$422K	$128K	50x	as long as short
Lighter SYRUPlong	+0.0096%	1h	0.2202	long leg	$204K	$218K	5x
Aster SYRUPUSDT	+0.0100%	4h	0.2201	−0.069%	$14K	$68K	10x	as long as short
Binance SYRUPUSDT	+0.0100%	4h	0.2198	−0.191%	$8.9M	$7.4M	25x	as long as short
Bybit SYRUPUSDT	+0.0100%	4h	0.2200	−0.095%	$2.1M	$2.1M	25x	as long as short
OKX SYRUP-USDT-SWAP	+0.0100%	4h	0.2200	−0.104%	$1.0M	$1.1M	20x	as long as short
Gate SYRUP_USDT	+0.0100%	8h	0.2202	−0.023%	$405K	$65K	25x	as long as short
MEXC SYRUP_USDT	+0.0100%	4h	0.2199	−0.150%	$2.8M	$424K	100x	as long as short
KuCoin SYRUPUSDTM	+0.0100%	4h	0.2202	−0.014%	$1.8M	$151K	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SYRUPUSDT	+0.0100%	4h	0.2202	−0.014%	$694K	$500K	20x	as long as short
BingX SYRUP-USDT	+0.0100%	4h	0.2199	−0.150%	—	$6.5M	—	as long as short
Variational Omni SYRUPshort	+0.0100%	4h	0.2200	−0.084%	$157K	$26K	—
Reya SYRUPRUSDPERP	+0.0149%	1h	0.2199	−0.137%	—	—	5x	as long as short
Hyperliquid SYRUP	+0.0215%	1h	0.2202	−0.005%	$5.4M	$1.9M	3x	as long as short
GMX SYRUP/USD [ETH-USDC]	L +0.0314% / S −0.1301%	1h	0.2200	−0.117%	$2K	—	50x	as long as short