Funding arb · Price arb /

NOW

RWAall NOW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0172%/8h= +18.9% APRpaid last 24h −0.010%

Price spread now: Bybit against Lighter−0.029%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 6 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. Bybit is 0.029% cheaper against Lighter than usual: you would sell low and buy high (spread −0.029% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 13 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NOW	138.02	0.0032	pay 0.0004% / 1h	18m 11s	$5K	$184	5x
Short	Bybit NOWUSDT	137.98	0.0204	get 0.0204% / 8h	3h 18m	$1.6M	$2.8M	25x

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 −0.029%Rate

Funding earned: $36.2
Price spread: −0.029% → 0.000%: −$2.9
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $22.31
Costs to cover: 0.110%
Break-even: 2.7 days

Slippage unknown: Lighter: no order-book sample; Bybit: live order book, 4 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, 4 min ago	3.62 bp	46.4 bp −$46	172.1 bp −$1,721	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.

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
OKX NOW-USDT-SWAP	0.0000%	8h	137.91	−0.080%	$491K	$227K	20x	as long as short
QFEX NOW-USD	0.0000%	1h	137.79	−0.167%	$1.1M	$1.5M	10x	as long as short
Gate NOW_USDT	0.0000%	8h	138.03	+0.007%	$248K	$353K	20x	as long as short
Bitget NOWUSDT	0.0000%	8h	137.96	−0.043%	$788K	$240K	20x	as long as short
SunX NOW-USDT	0.0000%	8h	138.05	+0.022%	$1K	$380K	10x	as long as short
HTX NOW-USDT	0.0000%	8h	138.05	+0.022%	$5K	$34K	20x	as long as short
Aster NOWUSDT	+0.0029%	8h	138.40	+0.275%	$41K	$995	20x	as long as short
Lighter NOWlong	+0.0032%	1h	138.02	long leg	$5K	$184	5x
Injective NOW/USDC PERP	+0.0033%	1h	139.80	+1.290%	$3K	$101	12x	as long as short
Vest NOW-USD-PERP	+0.0046%	1h	137.86	−0.116%	—	—	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin NOWUSDTM	+0.0100%	8h	137.89	−0.094%	$317K	$635K	20x	as long as short
Bybit NOWUSDTshort	+0.0204%	8h	137.98	−0.029%	$1.6M	$2.8M	25x
BloFin NOW-USDT	+0.0214%	8h	138.04	+0.014%	$46K	$17K	20x	as long as short
Binance NOWUSDT	+0.0241%	8h	138.09	+0.051%	$1.8M	$1.4M	20x	as long as short
tradeXYZ xyz:NOW	+0.0292%	1h	137.98	−0.029%	$2.1M	$224K	10x	as long as short
GRVT NOW_USDT_Perp	+0.0456%	8h	138.02	+0.002%	$271	$147K	10x	as long as short