Funding arb · Price arb /

WIF

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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 −0.025%

Price spread now: Bybit against Lighter0.000%7-day average −0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$430.425% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.153%−$15 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now 0.000%, 7d avg −0.057%

Together, before fees−0.193%+ Points / potential airdropLighter: Season 3 · farm board−$19 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 0.057% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WIF	0.2371	0.0096	pay 0.0012% / 1h	58m 38s	$131K	$541K	10x
Short	Bybit WIFUSDT	0.2371	0.0100	get 0.0050% / 4h	1h 58m	$16.6M	$34.7M	50x

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 0.000%Rate

Funding earned: $0.84
Price spread: 0.000% → −0.057%: $5.7
Slippage, 4 orders: −$31.54
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$36
Costs to cover: 0.425%
Break-even: 307.0 days

Slippage from Lighter: live order book, 17 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, 17 min ago	3.58 bp	9.1 bp −$9	50.7 bp −$507	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	2.12 bp	10.3 bp −$10	33.3 bp −$333	238.5 bp −$23.8K	doesn't fit

WIF on 32 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
Deribit WIF_USDC-PERPETUAL	−0.0172%	1h	0.2371	+0.017%	$47K	$289K	25x	as long as short
KuCoin WIFUSDTM	−0.0158%	4h	0.2369	−0.067%	$4.2M	$11.2M	75x	as long as short
Backpack WIF_USDC_PERP	−0.0105%	1h	0.2371	+0.030%	$74K	$235K	10x	as long as short
dYdX WIF-USD	0.0000%	1h	0.2370	−0.032%	$18K	$582	10x	as long as short
gTrade (Gains Network) WIF/USD	L +0.0002% / S −0.0002%	1h	0.2371	+0.005%	$14K	—	150x	as long as short
Injective WIF/USDC PERP	+0.0033%	1h	0.2395	+1.029%	$10K	$10K	12x	as long as short
Variational Omni WIF	+0.0054%	4h	0.2364	−0.261%	$67K	$65K	—	as long as short
Aster WIFUSDT	+0.0076%	4h	0.2371	−0.004%	$24K	$255K	10x	as long as short
Gate WIF_USDT	+0.0088%	4h	0.2370	−0.025%	$1.2M	$6.9M	50x	as long as short
Orderly PERP_WIF_USDC	+0.0091%	4h	0.2370	−0.025%	$5K	$1.3M	10x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter WIFlong	+0.0096%	1h	0.2371	long leg	$131K	$541K	10x
Popdex WIFUSDT	+0.0096%	1h	0.2370	−0.025%	$52K	$482K	20x	as long as short
Pacifica WIF	+0.0100%	1h	0.2371	+0.004%	$75K	$48K	5x	as long as short
Binance WIFUSDT	+0.0100%	4h	0.2371	−0.002%	$17.5M	$99.5M	75x	as long as short
Bybit WIFUSDTshort	+0.0100%	4h	0.2371	0.000%	$16.6M	$34.7M	50x
OKX WIF-USDT-SWAP	+0.0100%	4h	0.2371	+0.017%	$6.1M	$30.3M	50x	as long as short
MEXC WIF_USDT	+0.0100%	4h	0.2370	−0.025%	$21.2M	$10.6M	50x	as long as short
Bitget WIFUSDT	+0.0100%	4h	0.2370	−0.025%	$7.2M	$11.6M	50x	as long as short
BingX WIF-USDT	+0.0100%	4h	0.2371	+0.017%	—	$65.1M	—	as long as short
GRVT WIF_USDT_Perp	+0.0100%	4h	0.2366	−0.194%	$272K	$1.8M	10x	as long as short
ApeX Omni WIFUSDT	+0.0100%	1h	0.2366	−0.194%	$42K	$618K	25x	as long as short
SunX WIF-USDT	+0.0100%	4h	0.2361	−0.405%	$1K	$2.8M	50x	as long as short
SoDEX WIF-USD	+0.0100%	1h	0.2371	−0.004%	$543	$5K	5x	as long as short
HTX WIF-USDT	+0.0100%	4h	0.2362	−0.363%	$163K	$719K	75x	as long as short
Extended WIF-USD	+0.0104%	1h	0.2369	−0.082%	$10K	$153K	25x	as long as short
Aevo WIF-PERP	+0.0104%	1h	0.2371	−0.004%	$79K	$85	3x	as long as short
Hyperliquid WIF	+0.0130%	1h	0.2373	+0.105%	$7.4M	$4.0M	5x	as long as short
GMX WIF/USD [WBTC.b-USDC]	L +0.0174% / S −0.0919%	1h	0.2371	+0.021%	$4K	—	100x	as long as short
Coinbase International WIF-PERP-INTX	+0.0264%	1h	0.2372	+0.059%	$311K	$2.3M	50x	as long as short
BloFin WIF-USDT	+0.0340%	4h	0.2371	+0.017%	$972K	$690K	75x	as long as short
Kraken Futures PF_WIFUSD	+0.0383%	1h	0.2359	−0.497%	$624K	$2.1M	50x	as long as short
Reya WIFRUSDPERP	+0.0558%	1h	0.2370	−0.009%	$0	—	15x	as long as short