OP

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0096%/8h= +10.5% APRnext payment +$0.12 per $10,000 · paid last 24h +0.074%

Price spread now: Lighter against Deribit+0.070%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$640.637% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.263%+$26 on $10k

Price spread, last 3 days (all we have)−0.125%−$12 · spread now +0.070%, 7d avg +0.034%

Together, before fees+0.138%+ Points / potential airdropLighter: Season 3 · farm board+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.036% dearer against Deribit than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit OP_USDC-PERPETUAL	0.1280	0	get 0.0000% / 1h	15m 01s	$42K	$171K	25x
Short	Lighter OP	0.1281	0.0096	get 0.0012% / 1h	15m 01s	$286K	$918K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Deribit. 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 DeribitbpFee LighterbpOrdersPrice spread, now +0.070%Rate

Funding earned: $20.16
Price spread: +0.070% → +0.034%: $3.63
Slippage, 4 orders: −$56.74
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$39.95
Costs to cover: 0.637%
Break-even: 20.9 days

Slippage from Deribit: live order book, 3 min ago; Lighter: live order book, 65 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 Deribit live order book, 3 min ago	11.71 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 65 min ago	5.92 bp	22.9 bp −$23	59.1 bp −$591	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	−0.1710%	1h	0.1274	−0.469%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1279	−0.048%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0360%	1h	0.1269	−0.859%	$21K	$64K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1280	+0.002%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALlong	0.0000%	1h	0.1280	long leg	$42K	$171K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1280	−0.016%	—	—	150x	as long as short
Variational Omni OP	+0.0060%	8h	0.1280	−0.032%	$233K	$53K	—	as long as short
Orderly PERP_OP_USDC	+0.0060%	8h	0.1279	−0.078%	$6K	$49K	10x	as long as short
Lighter OPshort	+0.0096%	1h	0.1281	+0.070%	$286K	$918K	15x
Hyperliquid OP	+0.0100%	1h	0.1281	+0.086%	$4.1M	$2.9M	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster OPUSDT	+0.0100%	8h	0.1280	+0.008%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1280	−0.023%	$20.8M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1279	−0.062%	$18.8M	$25.4M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1280	−0.023%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1280	0.000%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1280	−0.039%	$20.2M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1278	−0.156%	$2.9M	$7.5M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1280	0.000%	$6.1M	$6.2M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1279	−0.047%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1279	−0.078%	$125K	$192K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1279	−0.069%	$9K	$384K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1279	−0.071%	$320K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1279	−0.078%	$46K	$722K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1280	−0.039%	$185	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1279	−0.047%	$177K	$232K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1279	−0.097%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1280	−0.016%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1278	−0.125%	$1.0M	$289K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0225%	1h	0.1281	+0.092%	$801K	$745K	20x	as long as short
Reya OPRUSDPERP	+0.0437%	1h	0.1279	−0.090%	$711	—	20x	as long as short