Funding arb · Price arb /

ANTHROPIC

RWAall ANTHROPIC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.014%

Price spread now: KuCoin against Lighter−2.495%7-day average −3.162% · you buy dearer than you sell

Net, funding: paid 7d − costs−$627as in the Funding arb table

Net, price: spread back to 7d avg − costs−$571as in the Price arb table

costs, in and out, $10k−$6386.375% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.103%+$10 on $10k

Price spread, last 4 days (all we have)−1.674%−$167 · spread now −2.495%, 7d avg −3.162%

Together, before fees−1.571%+ Points / potential airdropLighter: Season 3 · farm board−$157 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and KuCoin is 0.667% dearer against Lighter than usual: you sell high and buy low: +$67 more if the spread goes back to its 7-day average of −3.162%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ANTHROPIC	2,164.7	0	get 0.0000% / 1h	21m 36s	$1.9M	$897K	5x
Short	KuCoin ANTHROPICUSDTM	2,110.7	0.0050	get 0.0050% / 8h	5h 21m	$477K	$20K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −2.495%Rate

Funding earned: $10.5
Price spread: −2.495% → −3.162%: $66.67
Slippage, 4 orders: −$625.55
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$560.38
Costs to cover: 6.375%
Break-even: 380.6 days

Slippage from Lighter: live order book, 5 min ago; KuCoin: live order book, 1 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, 5 min ago	0.23 bp	6.1 bp −$6	61.5 bp −$615	684.2 bp −$68.4K	doesn't fit
Sell KuCoin live order book, 1 min ago	12.85 bp	148.3 bp −$148	doesn't fit	doesn't fit	doesn't fit

ANTHROPIC on 21 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
HTX ANTHROPIC-USDT	−0.0410%	8h	2,101.9	−2.902%	$42K	$67K	20x	as long as short
Coinbase International ANTHROPIC-PERP-INTX	−0.0144%	1h	2,123.7	−1.894%	$267K	$25K	5x	as long as short
QFEX ANTHROPIC-USD	−0.0004%	1h	2,102.6	−2.871%	$1.4M	$1.3M	10x	as long as short
Lighter ANTHROPIClong	0.0000%	1h	2,164.7	long leg	$1.9M	$897K	5x
Bybit ANTHROPICUSDT	0.0000%	8h	2,147.6	−0.788%	$2.4M	$357K	25x	as long as short
OKX ANTHROPIC-USDT-SWAP	0.0000%	8h	2,163.9	−0.037%	$4.8M	$897K	10x	as long as short
Gate ANTHROPIC_USDT	0.0000%	8h	2,149.8	−0.689%	$2.4M	$1.1M	50x	as long as short
Bitget ANTHROPICUSDT	0.0000%	8h	2,101.5	−2.919%	$25.7M	$3.0M	20x	as long as short
SunX ANTHROPIC-USDT	0.0000%	8h	2,106.3	−2.698%	—	$2.4M	10x	as long as short
Phemex ANTHROPICUSDT	0.0000%	8h	2,103.6	−2.823%	$1.6M	$375K	10x	as long as short

Show all 21 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter RH ANTHROPIC	+0.0032%	1h	2,166	+0.060%	$6.3M	$16.1M	5x	as long as short
Extended ANTHROP-USD	+0.0048%	1h	2,102	−2.894%	$19K	$22K	10x	as long as short
BloFin ANTHROPIC-USDT	+0.0048%	8h	2,102.6	−2.870%	$269K	$255K	20x	as long as short
Aster ANTHROPICUSDT	+0.0050%	8h	2,102.6	−2.868%	$122K	$6K	10x	as long as short
Binance ANTHROPICUSDT	+0.0050%	8h	2,102.6	−2.870%	$31.9M	$8.2M	20x	as long as short
MEXC ANTHROPIC_USDT	+0.0050%	8h	2,102.5	−2.875%	$7.8M	$278K	50x	as long as short
KuCoin ANTHROPICUSDTMshort	+0.0050%	8h	2,110.7	−2.495%	$477K	$20K	20x
Variational Omni ANTHROPIC	+0.0050%	8h	2,101.8	−2.906%	$2.4M	$679K	—	as long as short
GRVT ANTHROPIC_USDT_Perp	+0.0050%	8h	2,102.1	−2.891%	$10K	$147K	10x	as long as short
Entropy io:ANTH	+0.0089%	1h	2,157.1	−0.351%	$35.1M	$7.5M	6x	as long as short
Aevo ANTHROPIC-PERP	+0.0104%	1h	2,102.4	−2.878%	$10K	—	10x	as long as short