Funding arb · Price arb /

NOW

RWAall NOW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter against Bybit−0.036%7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

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

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

Funding pays, the price is against you. Lighter is 0.036% cheaper against Bybit than usual: you would sell low and buy high (spread −0.036% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$4 on $10k: about 3.8 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit NOWUSDT	137.84	0	get 0.0000% / 8h	35m 39s	$1.5M	$5.7M	25x
Short	Lighter NOW	137.79	0.0032	get 0.0004% / 1h	35m 39s	$5K	$173	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.036%Rate

Funding earned: $6.72
Price spread: −0.036% → 0.000%: −$3.63
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$7.91
Costs to cover: 0.110%
Break-even: 15.2 days

Slippage unknown: Bybit: live order book, 2 min ago; Lighter: no order-book sample. 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 Bybit live order book, 2 min ago	1.81 bp	73.3 bp −$73	165.0 bp −$1,650	doesn't fit	doesn't fit
Sell Lighter no order-book sample	—	—	—	—	—

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.

NOW on 16 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
BloFin NOW-USDT	−0.0004%	8h	137.90	+0.044%	$45K	$17K	20x	as long as short
QFEX NOW-USD	0.0000%	1h	137.72	−0.087%	$1.1M	$2.1M	10x	as long as short
Aster NOWUSDT	0.0000%	8h	137.84	0.000%	$41K	$995	20x	as long as short
Binance NOWUSDT	0.0000%	8h	137.87	+0.019%	$1.6M	$1.3M	20x	as long as short
Bybit NOWUSDTlong	0.0000%	8h	137.84	long leg	$1.5M	$5.7M	25x
OKX NOW-USDT-SWAP	0.0000%	8h	137.87	+0.022%	$484K	$196K	20x	as long as short
Gate NOW_USDT	0.0000%	8h	137.81	−0.022%	$250K	$396K	20x	as long as short
Bitget NOWUSDT	0.0000%	8h	137.83	−0.007%	$762K	$274K	20x	as long as short
GRVT NOW_USDT_Perp	0.0000%	8h	137.89	+0.036%	$415	$168K	10x	as long as short
SunX NOW-USDT	0.0000%	8h	137.87	+0.022%	$794	$436K	10x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX NOW-USDT	0.0000%	8h	137.88	+0.029%	$5K	$27K	20x	as long as short
Lighter NOWshort	+0.0032%	1h	137.79	−0.036%	$5K	$173	5x
Injective NOW/USDC PERP	+0.0033%	1h	139.80	+1.422%	$3K	$101	12x	as long as short
Vest NOW-USD-PERP	+0.0046%	1h	137.75	−0.065%	—	—	25x	as long as short
KuCoin NOWUSDTM	+0.0100%	8h	137.62	−0.160%	$317K	$702K	20x	as long as short
tradeXYZ xyz:NOW	+0.0295%	1h	137.78	−0.044%	$2.1M	$201K	10x	as long as short