OP

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0260%/8h= +28.4% APRnext payment +$0.32 per $10,000 · paid last 24h +0.067%

Price spread now: Kraken Futures against Lighter+0.107%7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$880.880% of the position

Long on Lighter Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 3 days (all we have)−0.037%−$4 · spread now +0.107%, 7d avg +0.048%

Together, before fees−0.030%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Kraken Futures is 0.059% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.048%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.007% in total (about 0.4% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.32 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	Lighter OP	0.1283	0.0096	pay 0.0012% / 1h	45m 20s	$291K	$922K	15x
Short	Kraken Futures PF_OPUSD	0.1285	0.0356	get 0.0044% / 1h	45m 20s	$803K	$745K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.107%Rate

Funding earned: $54.56
Price spread: +0.107% → +0.048%: $5.93
Slippage, 4 orders: −$78
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$27.5
Costs to cover: 0.880%
Break-even: 10.5 days

Slippage from Lighter: live order book, 30 min ago; Kraken Futures: live order book, 33 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, 30 min ago	3.90 bp	13.7 bp −$14	39.5 bp −$395	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 33 min ago	8.20 bp	22.3 bp −$22	73.7 bp −$737	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	0.1276	−0.569%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1283	−0.055%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTX	−0.0344%	1h	0.1280	−0.257%	$21K	$65K	50x	as long as short
dYdX OP-USD	0.0000%	1h	0.1283	−0.036%	$40K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1283	−0.023%	$42K	$171K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1283	−0.039%	—	—	150x	as long as short
Orderly PERP_OP_USDC	+0.0062%	8h	0.1282	−0.101%	$6K	$49K	10x	as long as short
Variational Omni OP	+0.0076%	8h	0.1282	−0.133%	$235K	$54K	—	as long as short
Lighter OPlong	+0.0096%	1h	0.1283	long leg	$291K	$922K	15x
Hyperliquid OP	+0.0100%	1h	0.1283	+0.016%	$4.2M	$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	0.1283	−0.036%	$214K	$241K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1282	−0.070%	$20.8M	$61.7M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1282	−0.132%	$18.6M	$25.7M	75x	as long as short
OKX OP-USDT-SWAP	+0.0100%	8h	0.1283	−0.047%	$6.1M	$30.4M	50x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1283	−0.023%	$2.0M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1282	−0.094%	$20.3M	$7.2M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1282	−0.101%	$2.9M	$7.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1283	−0.023%	$6.1M	$6.3M	75x	as long as short
BingX OP-USDT	+0.0100%	8h	0.1282	−0.078%	—	$6.8M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1283	−0.039%	$125K	$188K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1286	+0.209%	$11K	$384K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1286	+0.175%	$321K	$5.0M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1283	−0.023%	$46K	$723K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1283	−0.023%	$197	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1283	−0.023%	$177K	$233K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1283	−0.045%	$103K	$186K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1283	−0.062%	$4K	—	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1281	−0.148%	$1.0M	$290K	75x	as long as short
Kraken Futures PF_OPUSDshort	+0.0356%	1h	0.1285	+0.107%	$803K	$745K	20x
Reya OPRUSDPERP	+0.0437%	1h	0.1282	−0.121%	$713	—	20x	as long as short