Funding arb · Price arb /

SNDK

RWAall SNDK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.011%

Price spread now: Phemex against Lighter−0.060%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$490.492% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 3 days (all we have)+0.022%+$2 · spread now −0.060%, 7d avg +0.002%

Together, before fees−0.159%+ Points / potential airdropLighter: Season 3 · farm board−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.063% cheaper against Lighter than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SNDK	1,787.2	0.0032	pay 0.0004% / 1h	50m 30s	$1.7M	$16.0M	20x
Short	Phemex SNDKUSDT	1,786.2	0	get 0.0000% / 8h	5h 50m	$2.8M	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$6.72
Price spread: −0.060% → +0.002%: −$6.27
Slippage, 4 orders: −$37.24
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$62.23
Costs to cover: 0.492%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Phemex: live order book, 3 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	0.45 bp	0.7 bp −$1	1.9 bp −$19	37.3 bp −$3,732	doesn't fit
Sell Phemex live order book, 3 min ago	3.75 bp	29.1 bp −$29	doesn't fit	doesn't fit	doesn't fit

SNDK on 39 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
Deribit SNDK_USDC-PERPETUAL	−0.0142%	1h	1,785.8	−0.083%	$51K	$333K	10x	as long as short
Phoenix SNDK	−0.0090%	1h	1,786.5	−0.041%	$278K	$193K	15x	as long as short
Entropy io:SNDK	−0.0034%	1h	1,785.8	−0.080%	$4.9M	$20.3M	10x	as long as short
Nado SNDK-PERP	−0.0031%	1h	1,786.8	−0.025%	$359K	$1.4M	10x	as long as short
QFEX SNDK-USD	−0.0023%	1h	1,785.8	−0.081%	$1.6M	$15.1M	10x	as long as short
Aster SNDKUSD1	0.0000%	8h	1,785.8	−0.080%	$21.8M	$37.3M	20x	as long as short
Binance SNDKUSDT	0.0000%	8h	1,785.6	−0.092%	$285.7M	$1.80B	75x	as long as short
Bybit SNDKUSDT	0.0000%	8h	1,786.6	−0.035%	$32.1M	$99.6M	100x	as long as short
OKX SNDK-USDT-SWAP	0.0000%	8h	1,785.8	−0.080%	$85.5M	$821.7M	75x	as long as short
RISEx SNDK/USDC	0.0000%	1h	1,786.7	−0.028%	$170K	$1.8M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SNDK_USDT	0.0000%	8h	1,785.7	−0.087%	$180.2M	$230.5M	75x	as long as short
Bitget SNDKUSDT	0.0000%	8h	1,785.5	−0.099%	$43.8M	$163.4M	75x	as long as short
Variational Omni SNDK	0.0000%	8h	1,785.5	−0.098%	$2.6M	$4.7M	—	as long as short
GRVT SNDK_USDT_Perp	0.0000%	8h	1,786	−0.068%	$11K	$1.2M	10x	as long as short
Bullet SNDK-USD	0.0000%	1h	1,785.7	−0.086%	$15K	$290K	10x	as long as short
SunX SNDK-USDT	0.0000%	8h	1,785.1	−0.122%	$859	$3.6M	20x	as long as short
HTX SNDK-USDT	0.0000%	8h	1,785.4	−0.100%	$1.4M	$10.9M	50x	as long as short
Phemex SNDKUSDTshort	0.0000%	8h	1,786.2	−0.060%	$2.8M	$1.1M	50x
Aftermath Perps SNDKUSD	+0.0004%	1h	1,785.9	−0.077%	$664	$37K	5x	as long as short
Coinbase International SNDK-PERP-INTX	+0.0024%	1h	1,786.2	−0.057%	$436K	$2.3M	10x	as long as short
Lighter SNDKlong	+0.0032%	1h	1,787.2	long leg	$1.7M	$16.0M	20x
Lighter RH SNDK	+0.0032%	1h	1,786.5	−0.043%	$1.4M	$9.4M	10x	as long as short
Extended SNDK_24_5-USD	+0.0032%	1h	1,786.7	−0.031%	$477K	$1.7M	10x	as long as short
tradeXYZ xyz:SNDK	+0.0032%	1h	1,785.8	−0.080%	$114.5M	$145.6M	10x	as long as short
Injective SNDK/USDC PERP	+0.0033%	1h	1,800	+0.712%	$36	$9K	12x	as long as short
Arcus SNDK-USD	+0.0040%	1h	1,784.7	−0.142%	$311K	$1.6M	10x	as long as short
Vest SNDK-USD-PERP	+0.0046%	1h	1,785.7	−0.083%	—	$581K	10x	as long as short
Popdex SNDKUSDT	+0.0048%	1h	1,785.6	−0.091%	$245K	$645K	20x	as long as short
Paradex SNDK-USD-PERP	+0.0048%	8h	1,785.9	−0.076%	—	—	5x	as long as short
Polymarket Perps SNDK-USD	+0.0050%	1h	1,785.5	−0.097%	$187K	$134K	10x	as long as short
SoDEX SNDK-USD	+0.0050%	1h	1,786	−0.072%	$730K	$515K	10x	as long as short
Ondo Perps SNDK-USD.P	+0.0050%	1h	1,786.4	−0.046%	$1.4M	$5.1M	5x	as long as short
Kraken Futures PF_SNDKUSD	+0.0058%	1h	1,786.6	−0.035%	$130K	$352K	20x	as long as short
Aevo SNDK-PERP	+0.0080%	1h	1,785.7	−0.086%	$1K	—	10x	as long as short
Pacifica SNDK	+0.0094%	1h	1,786	−0.068%	$199K	$292K	10x	as long as short
KuCoin SNDKUSDTM	+0.0100%	8h	1,785.6	−0.093%	$6.1M	$21.7M	20x	as long as short
ApeX Omni SNDKUSDT	+0.0100%	1h	1,786.2	−0.059%	$69K	$270K	50x	as long as short
Orderly PERP_SNDK_USDC_mythos	+0.0100%	8h	1,785.7	−0.085%	$8K	$3K	20x	as long as short
edgeX SNDKUSDC	+0.0374%	4h	1,785.6	−0.089%	$567K	$352K	10x	as long as short