OP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0096%/8h= −10.5% APRnext payment −$0.12 per $10,000 · paid last 24h −0.072%

Price spread now: Deribit against Lighter+0.055%7-day average −0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$620.624% of the position

Long on Lighter Short on Deribit

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)−0.014%−$1 · spread now +0.055%, 7d avg −0.033%

Together, before fees−0.277%+ Points / potential airdropLighter: Season 3 · farm board−$28 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.088% dearer against Lighter than usual: you sell high and buy low (spread +0.055% now, against its 7-day average of −0.033%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter OP	0.1275	0.0096	pay 0.0012% / 1h	21m 45s	$289K	$954K	15x
Short	Deribit OP_USDC-PERPETUAL	0.1276	0	get 0.0000% / 1h	21m 45s	$42K	$171K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.055%Rate

Funding earned: −$20.16
Price spread: +0.055% → −0.033%: $8.77
Slippage, 4 orders: −$55.43
Fee Lighter: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$73.82
Costs to cover: 0.624%
Break-even: never at this rate

Slippage from Lighter: live order book, 54 min ago; Deribit: live order book, 57 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 Lighter live order book, 54 min ago	3.90 bp	13.7 bp −$14	39.5 bp −$395	doesn't fit	doesn't fit
Sell Deribit live order book, 57 min ago	11.71 bp	15.2 bp −$15	doesn't fit	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	−0.1633%	1h	0.1267	−0.651%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1276	+0.080%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1270	−0.416%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1275	−0.038%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUALshort	0.0000%	1h	0.1276	+0.055%	$42K	$171K	25x
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1276	+0.055%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0062%	8h	0.1275	−0.024%	$6K	$50K	10x	as long as short
Variational Omni OP	+0.0072%	8h	0.1275	−0.011%	$234K	$54K	—	as long as short
Lighter OPlong	+0.0096%	1h	0.1275	long leg	$289K	$954K	15x
Hyperliquid OP	+0.0100%	1h	0.1276	+0.055%	$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	0.1275	−0.013%	$213K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1275	−0.058%	$20.6M	$61.9M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1273	−0.141%	$18.4M	$25.9M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1274	−0.102%	$6.0M	$30.3M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1275	−0.055%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1275	−0.039%	$20.2M	$7.3M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1274	−0.102%	$2.9M	$7.3M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1275	−0.024%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1274	−0.094%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1275	0.000%	$124K	$189K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1272	−0.226%	$10K	$382K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1278	+0.209%	$319K	$4.9M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1273	−0.180%	$46K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1275	−0.016%	$190	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1276	+0.024%	$176K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1274	−0.109%	$102K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1275	+0.016%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1273	−0.173%	$1.0M	$279K	75x	as long as short
Kraken Futures PF_OPUSD	+0.0358%	1h	0.1276	+0.048%	$802K	$749K	20x	as long as short
Reya OPRUSDPERP	+0.0438%	1h	0.1276	+0.020%	$709	—	20x	as long as short