Funding arb · Price arb /

NOT

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.186%

Price spread now: Variational Omni against Lighter+0.027%7-day average — · you sell dearer than you buy

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

Long on Lighter 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: Season 3 · Variational Omni: Active · farm boardneeds both histories

The price spread pays, funding is against you. Variational Omni is 0.027% dearer against Lighter than usual: you sell high and buy low (spread +0.027% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000NOT	0.0005043	0.0096	pay 0.0012% / 1h	11m 56s	$11K	$5K	3x
Short	Variational Omni NOT	0.0005044	0.0065	get 0.0032% / 4h	2h 11m	$66K	$34K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.027%Rate

Funding earned: −$6.54
Price spread: +0.027% → 0.000%: $2.72
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$3.82
Costs to cover: 0.000%
Break-even: from the start

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

Lighter and Variational Omni: 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.

NOT 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 NOT/USDC PERP	+0.0033%	1h	0.0004874	−3.349%	$1K	$13K	5.5x	as long as short
Variational Omni NOTshort	+0.0065%	4h	0.0005044	+0.027%	$66K	$34K	—
BloFin NOT-USDT	+0.0090%	4h	0.0005048	+0.101%	$111K	$17K	50x	as long as short
Lighter 1000NOTlong	+0.0096%	1h	0.0005043	long leg	$11K	$5K	3x
Hyperliquid NOT	+0.0100%	1h	0.0005040	−0.058%	$368K	$50K	3x	as long as short
Aster NOTUSDT	+0.0100%	4h	0.0005041	−0.046%	$14K	$9K	5x	as long as short
Binance NOTUSDT	+0.0100%	4h	0.0005033	−0.196%	$2.1M	$3.0M	50x	as long as short
Bybit NOTUSDT	+0.0100%	4h	0.0005034	−0.176%	$2.1M	$801K	25x	as long as short
OKX NOT-USDT-SWAP	+0.0100%	4h	0.0005033	−0.196%	$609K	$577K	20x	as long as short
Gate NOT_USDT	+0.0100%	4h	0.0005044	+0.022%	$140K	$79K	50x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC NOT_USDT	+0.0100%	4h	0.0005034	−0.176%	$1.3M	$493K	200x	as long as short
KuCoin NOTUSDTM	+0.0100%	4h	0.0005042	−0.018%	$493K	$119K	50x	as long as short
Bitget NOTUSDT	+0.0100%	4h	0.0005047	+0.081%	$663K	$382K	50x	as long as short
BingX NOT-USDC	+0.0100%	4h	0.0005035	−0.157%	—	$719K	—	as long as short
Extended kNOT-USD	+0.0104%	1h	0.0005033	−0.206%	$4K	$1K	5x	as long as short
Kraken Futures PF_NOTUSD	+0.7102%	1h	0.0005059	+0.311%	$48K	$9K	10x	as long as short