Funding arb · Price arb /

COIN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.001%

Price spread now: Variational Omni against Lighter RH+0.153%7-day average +0.057% · you sell dearer than you buy

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

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.034%−$3 on $10k

Price spread, last 7 days−0.157%−$16 · spread now +0.153%, 7d avg +0.057%

Together, before fees−0.192%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.096% dearer against Lighter RH than usual: you sell high and buy low (spread +0.153% now, against its 7-day average of +0.057%): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH COIN	196.72	0.0032	pay 0.0004% / 1h	41m 27s	$451K	$1.5M	10x
Short	Variational Omni COIN	197.02	0	get 0.0000% / 8h	3h 41m	$685K	$939K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter RH. 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 Lighter RHbpFee Variational OmnibpOrdersPrice spread, now +0.153%Rate

Funding earned: −$6.72
Price spread: +0.153% → +0.057%: $9.62
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $2.9
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter RH: live order book, 1 min ago; Variational Omni: RFQ quote, 3 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 RH live order book, 1 min ago	1.02 bp	1.7 bp −$2	5.9 bp −$59	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	3.40 bp	doesn't fit	17.2 bp −$172	doesn't fit	doesn't fit

COIN on 26 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
Bitget COINUSDT	−0.0683%	8h	196.82	+0.051%	$6.3M	$10.4M	20x	as long as short
Injective COIN/USDC PERP	−0.0440%	1h	197.08	+0.183%	$43K	$48K	30x	as long as short
Gate COIN_USDT	−0.0225%	8h	196.78	+0.031%	$1.2M	$7.3M	50x	as long as short
Vest COIN-USD-PERP	−0.0110%	1h	196.19	−0.269%	—	$266K	25x	as long as short
Aster COINUSDT	0.0000%	8h	196.77	+0.025%	$343K	$890K	20x	as long as short
Extended COIN_24_5-USD	0.0000%	1h	196.65	−0.034%	$117K	$689K	10x	as long as short
Binance COINUSDT	0.0000%	8h	196.72	+0.001%	$14.7M	$79.9M	20x	as long as short
Bybit COINUSDT	0.0000%	8h	196.73	+0.005%	$4.8M	$6.0M	50x	as long as short
OKX COIN-USDT-SWAP	0.0000%	8h	196.74	+0.010%	$3.0M	$4.6M	20x	as long as short
Variational Omni COINshort	0.0000%	8h	197.02	+0.153%	$685K	$939K	—

Show all 26 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT COIN_USDT_Perp	0.0000%	8h	197.00	+0.143%	$12K	$2.4M	10x	as long as short
QFEX COIN-USD	+0.0020%	1h	196.72	0.000%	$1.3M	$3.2M	10x	as long as short
Lighter RH COINlong	+0.0032%	1h	196.72	long leg	$451K	$1.5M	10x
Arcus COIN-USD	+0.0040%	1h	197.04	+0.163%	$15K	$55K	5x	as long as short
tradeXYZ xyz:COIN	+0.0050%	1h	196.60	−0.061%	$15.4M	$13.6M	10x	as long as short
Polymarket Perps COIN-USD	+0.0050%	1h	196.60	−0.061%	$134K	$1.2M	10x	as long as short
SoDEX COIN-USD	+0.0050%	1h	196.79	+0.036%	$81	$3K	10x	as long as short
Ondo Perps COIN-USD.P	+0.0050%	1h	196.54	−0.092%	$350K	$2.7M	10x	as long as short
KuCoin COINUSDTM	+0.0100%	8h	196.68	−0.020%	$992K	$143K	20x	as long as short
ApeX Omni COINUSDT	+0.0100%	1h	196.98	+0.132%	$89K	$287K	50x	as long as short
Orderly PERP_COIN_USDC_mythos	+0.0100%	8h	196.66	−0.031%	$569	$4K	10x	as long as short
Lighter COIN	+0.0104%	1h	196.72	−0.003%	$340K	$2.0M	10x	as long as short
Aevo COIN-PERP	+0.0104%	1h	196.73	+0.005%	$116	—	10x	as long as short
BloFin COIN-USDT	+0.0120%	8h	197.01	+0.147%	$188K	$393K	20x	as long as short
Phoenix COIN	+0.0122%	1h	196.84	+0.061%	$4K	$283K	10x	as long as short
edgeX COINUSDC	+0.0784%	4h	196.93	+0.109%	$51K	$294K	10x	as long as short