Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0296%/8h= −32.4% APRpaid last 24h −0.008%

Price spread now: Bybit against Lighter−0.054%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$320.325% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.240%−$24 on $10k

Price spread, last 4 days (all we have)−0.015%−$2 · spread now −0.054%, 7d avg −0.083%

Together, before fees−0.256%+ Points / potential airdropLighter: Season 3 · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.029% dearer against Lighter than usual: you sell high and buy low (spread −0.054% now, against its 7-day average of −0.083%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours. At the pace of the last 7 days (−0.240% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter EURUSD	1.1480	0.0296	pay 0.0037% / 1h	48m 41s	$2.1M	$444K	50x
Short	Bybit EURUSDUSDT	1.1474	0	get 0.0000% / 8h	5h 48m	$582K	$280K	100x

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 −0.054%Rate

Funding earned: −$62.16
Price spread: −0.054% → −0.083%: $2.91
Slippage, 4 orders: −$21.46
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$91.71
Costs to cover: 0.325%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Bybit: live order book, 6 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, 8 min ago	0.52 bp	1.0 bp −$1	9.1 bp −$91	69.8 bp −$6,977	doesn't fit
Sell Bybit live order book, 6 min ago	4.36 bp	13.8 bp −$14	47.7 bp −$477	doesn't fit	doesn't fit

EUR on 18 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
MEXC EUR_USDT	−0.0128%	4h	1.1468	−0.103%	$6.8M	$136K	100x	as long as short
Bybit EURUSDUSDTshort	0.0000%	8h	1.1474	−0.054%	$582K	$280K	100x
Gate EURUSD_USDT	0.0000%	8h	1.1476	−0.033%	$142K	$4K	100x	as long as short
Bitget EURUSDUSDT	0.0000%	8h	1.1472	−0.068%	$253K	$20K	100x	as long as short
Orderly PERP_EURUSD_USDC	0.0000%	8h	1.1465	−0.129%	$198K	$111K	50x	as long as short
SunX EURUSD-USDT	0.0000%	1h	1.1476	−0.033%	—	$2.4M	10x	as long as short
HTX EURUSD-USDT	0.0000%	1h	1.1474	−0.051%	$12K	$256K	20x	as long as short
Nado EURUSD-PERP	+0.0010%	1h	1.1468	−0.100%	$466K	$154K	40x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1466	−0.123%	$6.7M	$1.3M	100x	as long as short
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1470	−0.082%	$9K	$78K	101x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest EUR-USD-PERP	+0.0046%	1h	1.1498	+0.155%	—	$264K	100x	as long as short
Pacifica EURUSD	+0.0100%	1h	1.1470	−0.085%	$190K	$61K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1476	−0.032%	$12K	—	10x	as long as short
Kraken Futures PF_EURUSD	+0.0119%	1h	1.1468	−0.106%	$3K	—	50x	as long as short
tradeXYZ xyz:EUR	+0.0256%	1h	1.1476	−0.033%	$23.3M	$1.8M	50x	as long as short
Hotstuff EURUSD-PERP	+0.0272%	1h	1.1477	−0.024%	$33K	—	50x	as long as short
Lighter EURUSDlong	+0.0296%	1h	1.1480	long leg	$2.1M	$444K	50x
Hibachi EUR/USDT-P	+0.0304%	1h	1.1467	−0.107%	$173K	$8.2M	30x	as long as short