Funding arb · Price arb /

IBM

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.013%

Price spread now: Bybit against Lighter−0.065%7-day average — · you buy dearer than you sell

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

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.065% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter IBM	231.41	0.0032	pay 0.0004% / 1h	2m 19s	$38K	$43K	10x
Short	Bybit IBMUSDT	231.26	0	get 0.0000% / 8h	5h 02m	$979K	$350K	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 −0.065%Rate

Funding earned: −$6.72
Price spread: −0.065% → 0.000%: −$6.48
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.2
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Lighter: no order-book sample; Bybit: live order book, 58 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 no order-book sample	—	—	—	—	—
Sell Bybit live order book, 58 min ago	2.59 bp	11.7 bp −$12	82.3 bp −$823	doesn't fit	doesn't fit

Lighter: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

IBM 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
Aster IBMUSDT	0.0000%	8h	231.33	−0.033%	$13K	$127K	20x	as long as short
Bybit IBMUSDTshort	0.0000%	8h	231.26	−0.065%	$979K	$350K	50x
OKX IBM-USDT-SWAP	0.0000%	8h	231.48	+0.030%	$1.4M	$1.1M	20x	as long as short
Gate IBM_USDT	0.0000%	8h	231.48	+0.030%	$801K	$1.4M	50x	as long as short
Bitget IBMUSDT	0.0000%	8h	231.56	+0.065%	$786K	$342K	20x	as long as short
Variational Omni IBM	0.0000%	8h	231.52	+0.050%	$256K	$15K	—	as long as short
GRVT IBM_USDT_Perp	0.0000%	8h	231.57	+0.069%	$516	$158K	10x	as long as short
SunX IBM-USDT	0.0000%	8h	231.37	−0.017%	$775	$485K	10x	as long as short
HTX IBM-USDT	0.0000%	8h	231.98	+0.246%	$5K	$33K	20x	as long as short
Binance IBMUSDT	+0.0022%	8h	231.42	+0.005%	$3.8M	$5.4M	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended IBM-USD	+0.0024%	1h	231.37	−0.018%	$54K	$236K	10x	as long as short
BloFin IBM-USDT	+0.0029%	8h	231.45	+0.017%	$667	$52K	20x	as long as short
Lighter IBMlong	+0.0032%	1h	231.41	long leg	$38K	$43K	10x
Injective IBM/USDC PERP	+0.0033%	1h	201.05	−13.120%	—	$57	12x	as long as short
QFEX IBM-USD	+0.0035%	1h	231.36	−0.022%	$1.2M	$2.6M	10x	as long as short
Vest IBM-USD-PERP	+0.0046%	1h	231.32	−0.039%	—	—	25x	as long as short
tradeXYZ xyz:IBM	+0.0050%	1h	231.24	−0.073%	$1.9M	$756K	10x	as long as short
KuCoin IBMUSDTM	+0.0100%	8h	231.43	+0.009%	$194K	$34K	20x	as long as short