Funding arb · Price arb /

EDGE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0581%/8h= −63.6% APRpaid last 24h −0.145%

Price spread now: Lighter against Orderly−0.191%7-day average — · you buy dearer than you sell

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

Long on Orderly 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

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Lighter is 0.191% cheaper against Orderly than usual: you would sell low and buy high (−$19 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	Orderly PERP_EDGE_USDC	0.5911	0.0677	pay 0.0338% / 4h	2h 17m	$2K	$1K	10x
Short	Lighter EDGE	0.5900	0.0096	get 0.0012% / 1h	17m 53s	$43K	$21K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.191%Rate

Funding earned: −$121.91
Price spread: −0.191% → 0.000%: −$19.12
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$147.02
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter no order-book sample	—	—	—	—	—

Orderly and 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.

EDGE on 17 exchanges

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
Lighter EDGEshort	+0.0096%	1h	0.5900	−0.191%	$43K	$21K	3x
Bybit EDGEUSDT	+0.0100%	4h	0.5903	−0.135%	$7.2M	$3.3M	25x	as long as short
Bitget EDGEUSDT	+0.0100%	4h	0.5908	−0.051%	$4.7M	$1.1M	20x	as long as short
Backpack EDGE_USDC_PERP	+0.0100%	1h	0.5911	+0.007%	$60K	$118K	3.3x	as long as short
Variational Omni EDGE	+0.0100%	4h	0.5937	+0.445%	$187K	$140K	—	as long as short
GRVT EDGE_USDT_Perp	+0.0100%	4h	0.5972	+1.032%	$3K	$3.5M	10x	as long as short
ApeX Omni EDGEUSDT	+0.0100%	1h	0.5944	+0.558%	$9K	$274K	50x	as long as short
SunX EDGE-USDT	+0.0100%	4h	0.5878	−0.558%	$3K	$623K	10x	as long as short
KuCoin EDGEUSDTM	+0.0192%	4h	0.5910	−0.017%	$2.1M	$2.2M	50x	as long as short
OKX EDGE-USDT-SWAP	+0.0394%	4h	0.5914	+0.051%	$3.7M	$5.7M	20x	as long as short

Show all 17 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX EDGEUSDC	+0.0406%	4h	0.5947	+0.614%	$14.4M	$3.8M	30x	as long as short
Aster EDGEUSDT	+0.0451%	4h	0.5910	−0.017%	$59K	$148K	5x	as long as short
BloFin EDGE-USDT	+0.0510%	4h	0.5931	+0.338%	$671K	$105K	50x	as long as short
Extended EDGE-USD	+0.0552%	1h	0.5910	−0.021%	$29K	$271K	5x	as long as short
MEXC EDGE_USDT	+0.0552%	4h	0.5913	+0.034%	$1.1M	$731K	50x	as long as short
Binance EDGEUSDT	+0.0552%	4h	0.5911	+0.007%	$10.3M	$10.6M	50x	as long as short
Orderly PERP_EDGE_USDClong	+0.0677%	4h	0.5911	long leg	$2K	$1K	10x