Funding arb · Price arb /

FIL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0619%/8hnext payment −$0.77 per $10,000 · paid last 24h −0.012%

Price spread now: Lighter against Kraken Futures−0.065%7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$470.470% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.141%+$14 on $10k

Price spread, last 3 days (all we have)+0.032%+$3 · spread now −0.065%, 7d avg −0.049%

Together, before fees+0.173%+ Points / potential airdropLighter: Season 3 · farm board+$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: −$19 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.141%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.141% in total (about 7.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.77 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_FILUSD	0.9648	0.0603	pay 0.0075% / 1h	4m 28s	$1.5M	$2.2M	50x
Short	Lighter FIL	0.9642	−0.0016	pay 0.0002% / 1h	4m 28s	$160K	$352K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$129.97
Price spread: −0.065% → −0.049%: −$1.51
Slippage, 4 orders: −$37.04
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$178.53
Costs to cover: 0.470%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Lighter: live order book, 23 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 Kraken Futures live order book, 4 min ago	3.62 bp	18.1 bp −$18	33.6 bp −$336	doesn't fit	doesn't fit
Sell Lighter live order book, 23 min ago	5.87 bp	5.9 bp −$6	26.9 bp −$269	doesn't fit	doesn't fit

FIL on 29 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 FIL_USDC-PERPETUAL	−0.0682%	1h	0.9643	−0.053%	$166K	$22K	25x	as long as short
Coinbase International FIL-PERP-INTX	−0.0400%	1h	0.9659	+0.113%	$320K	$2.0M	50x	as long as short
Bybit FILUSDT	−0.0168%	8h	0.9650	+0.019%	$15.6M	$16.9M	25x	as long as short
Variational Omni FIL	−0.0111%	8h	0.9653	+0.055%	$423K	$271K	—	as long as short
Injective FIL/USDC PERP	−0.0066%	1h	0.9658	+0.102%	$2K	$145K	12x	as long as short
Lighter FILshort	−0.0016%	1h	0.9642	−0.065%	$160K	$352K	5x
gTrade (Gains Network) FIL/USD	L −0.0004% / S +0.0006%	1h	0.9656	+0.079%	$24K	—	150x	as long as short
dYdX FIL-USD	0.0000%	1h	0.9648	−0.001%	$56K	$2K	10x	as long as short
OKX FIL-USDT-SWAP	+0.0013%	8h	0.9651	+0.030%	$17.6M	$97.8M	50x	as long as short
Bitget FILUSDT	+0.0023%	8h	0.9644	−0.043%	$10.7M	$22.9M	75x	as long as short

Show all 29 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin FILUSDTM	+0.0061%	8h	0.9650	+0.019%	$7.2M	$7.4M	50x	as long as short
Hyperliquid FIL	+0.0100%	1h	0.9649	+0.007%	$8.5M	$9.3M	5x	as long as short
Aster FILUSDT	+0.0100%	8h	0.9649	+0.014%	$477K	$549K	20x	as long as short
Binance FILUSDT	+0.0100%	8h	0.9651	+0.030%	$55.2M	$178.7M	75x	as long as short
Gate FIL_USDT	+0.0100%	8h	0.9652	+0.040%	$7.7M	$16.9M	50x	as long as short
MEXC FIL_USDC	+0.0100%	8h	0.9649	+0.009%	$246K	$106K	50x	as long as short
BingX FIL-USDC	+0.0100%	8h	0.9650	+0.019%	—	$6.5M	—	as long as short
edgeX FILUSDC	+0.0100%	4h	0.9660	+0.118%	$45K	$292K	10x	as long as short
GRVT FIL_USDT_Perp	+0.0100%	8h	0.9653	+0.054%	$290K	$745K	10x	as long as short
ApeX Omni FILUSDT	+0.0100%	1h	0.9660	+0.123%	$43K	$196K	50x	as long as short
Orderly PERP_FIL_USDC_mythos	+0.0100%	4h	0.9662	+0.142%	$4K	—	10x	as long as short
SunX FIL-USDT	+0.0100%	8h	0.9640	−0.084%	$2K	$1.1M	20x	as long as short
SoDEX FIL-USD	+0.0100%	1h	0.9638	−0.105%	$462	$11K	5x	as long as short
HTX FIL-USDT	+0.0100%	8h	0.9645	−0.033%	$604K	$5.6M	75x	as long as short
Phemex FILUSDT	+0.0100%	8h	0.9640	−0.084%	$1.0M	$2.2M	50x	as long as short
Extended FIL-USD	+0.0104%	1h	0.9649	+0.004%	$675K	$2.4M	10x	as long as short
BloFin FIL-USDT	+0.0220%	8h	0.9641	−0.074%	$2.6M	$573K	75x	as long as short
GMX FIL/USD [WBTC.b-USDC]	L +0.0557% / S −0.0538%	1h	0.9656	+0.077%	$142K	—	100x	as long as short
Kraken Futures PF_FILUSDlong	+0.0603%	1h	0.9648	long leg	$1.5M	$2.2M	50x