Funding arb · Price arb /

SMCI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h −0.003%

Price spread now: Variational Omni against Lighter RH+0.101%7-day average — · 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 3 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 RH: Points live · Variational Omni: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Variational Omni is 0.101% dearer against Lighter RH than usual: you sell high and buy low: +$10 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH SMCI	41.490	0.0032	pay 0.0004% / 1h	49m 19s	$32K	$5K	10x
Short	Variational Omni SMCI	41.532	0.0066	get 0.0066% / 8h	5h 49m	$98K	$110K	—

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 +0.101%Rate

Funding earned: $7.11
Price spread: +0.101% → 0.000%: $10.1
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: $17.21
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter RH: no order-book sample; Variational Omni: RFQ quote, 55 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 no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 55 min ago	5.69 bp	doesn't fit	90.2 bp −$902	doesn't fit	doesn't fit

Lighter RH: 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.

SMCI 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
Injective SMCI/USDC PERP	−0.0220%	1h	41.150	−0.819%	$4K	$93	12x	as long as short
Bybit SMCIUSDT	0.0000%	8h	41.480	−0.024%	$1.0M	$648K	25x	as long as short
OKX SMCI-USDT-SWAP	0.0000%	8h	41.520	+0.072%	$690K	$1.1M	20x	as long as short
Gate SMCI_USDT	0.0000%	8h	41.510	+0.048%	$1.6M	$1.6M	20x	as long as short
Bitget SMCIUSDT	0.0000%	8h	41.522	+0.077%	$1.3M	$505K	20x	as long as short
Phemex SMCIUSDT	0.0000%	8h	41.480	−0.024%	$1.6M	$246K	10x	as long as short
Lighter RH SMCIlong	+0.0032%	1h	41.490	long leg	$32K	$5K	10x
QFEX SMCI-USD	+0.0048%	1h	41.500	+0.024%	$1.1M	$2.2M	10x	as long as short
SoDEX SMCI-USD	+0.0050%	1h	41.490	0.000%	$143	$3K	10x	as long as short
Variational Omni SMCIshort	+0.0066%	8h	41.532	+0.101%	$98K	$110K	—

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SMCIUSDTM	+0.0100%	8h	41.500	+0.024%	$462K	$499K	20x	as long as short
HTX SMCI-USDT	+0.0100%	8h	41.490	0.000%	$8K	$285K	10x	as long as short
GRVT SMCI_USDT_Perp	+0.0188%	8h	41.549	+0.143%	$587	$154K	10x	as long as short
Binance SMCIUSDT	+0.0199%	8h	41.501	+0.027%	$3.4M	$5.2M	20x	as long as short
Extended SMCI-USD	+0.0200%	1h	41.496	+0.015%	$580	$10K	10x	as long as short
Paragon para:SMCI	+0.1404%	1h	41.495	+0.011%	$159K	$265K	10x	as long as short