Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Aster+0.061%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$910.905% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 4 days (all we have)−0.019%−$2 · spread now +0.061%, 7d avg +0.004%

Together, before fees−0.040%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.057% dearer against Aster than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster OPUSDT	0.1271	0.0100	pay 0.0100% / 8h	7h 56m	$212K	$236K	10x
Short	Lighter OP	0.1272	0.0096	get 0.0012% / 1h	56m 20s	$289K	$939K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now +0.061%Rate

Funding earned: −$0.84
Price spread: +0.061% → +0.004%: $5.69
Slippage, 4 orders: −$82.54
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$85.7
Costs to cover: 0.905%
Break-even: never at this rate

Slippage from Aster: live order book, 15 min ago; Lighter: live order book, 14 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 Aster live order book, 15 min ago	11.80 bp	32.4 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 14 min ago	5.10 bp	17.3 bp −$17	54.2 bp −$542	doesn't fit	doesn't fit

OP on 30 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 OP/USDC PERP	−0.1656%	1h	0.1265	−0.489%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1270	−0.062%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0352%	1h	0.1270	−0.096%	$21K	$65K	50x	as long as short
Bybit OPUSDT	−0.0107%	8h	0.1271	−0.041%	$18.5M	$26.1M	75x	as long as short
dYdX OP-USD	0.0000%	1h	0.1272	+0.028%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1271	−0.017%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1271	−0.017%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0059%	8h	0.1270	−0.096%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0063%	8h	0.1271	−0.051%	$232K	$47K	—	as long as short
Lighter OPshort	+0.0096%	1h	0.1272	+0.061%	$289K	$939K	15x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1272	+0.038%	$4.1M	$2.9M	5x	as long as short
Aster OPUSDTlong	+0.0100%	8h	0.1271	long leg	$212K	$236K	10x
Binance OPUSDT	+0.0100%	8h	0.1271	−0.033%	$20.6M	$62.0M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1271	−0.017%	$6.0M	$30.2M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1270	−0.065%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1270	−0.088%	$20.0M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1270	−0.096%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1271	−0.017%	$6.1M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1270	−0.096%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1271	−0.049%	$123K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1274	+0.180%	$9K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1275	+0.296%	$323K	$4.8M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1275	+0.297%	$46K	$721K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1271	−0.017%	$186	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1271	−0.017%	$175K	$234K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1271	−0.040%	$102K	$182K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1272	+0.029%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1271	−0.025%	$1.0M	$277K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0381%	1h	0.1273	+0.118%	$802K	$752K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1270	−0.121%	$706	—	20x	as long as short