S

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0291%/8h= −31.8% APRnext payment −$0.36 per $10,000 · paid last 24h −0.026%

Price spread now: Lighter against Backpack0.000%7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$760.762% of the position

Long on Backpack Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.345%−$34 on $10k

Price spread, last 4 days (all we have)+0.118%+$12 · spread now 0.000%, 7d avg −0.044%

Together, before fees−0.227%+ Points / potential airdropLighter: Season 3 · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.044% dearer against Backpack than usual: you sell high and buy low (spread 0.000% now, against its 7-day average of −0.044%): +$4 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack S_USDC_PERP	0.03940	0.0387	pay 0.0048% / 1h	51m 22s	$115K	$307K	5x
Short	Lighter S	0.03940	0.0096	get 0.0012% / 1h	51m 22s	$165K	$217K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Backpack. 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 BackpackbpFee LighterbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$61.04
Price spread: 0.000% → −0.044%: $4.37
Slippage, 4 orders: −$66.2
Fee Backpack: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$132.87
Costs to cover: 0.762%
Break-even: never at this rate

Slippage from Backpack: live order book, 27 min ago; Lighter: live order book, 9 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 Backpack live order book, 27 min ago	12.77 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 9 min ago	2.55 bp	6.6 bp −$7	83.0 bp −$830	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.6832%	1h	0.03850	−2.284%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2120%	1h	0.03934	−0.158%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1336%	1h	0.03826	−2.893%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0974%	4h	0.03933	−0.178%	$610K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0200% / S +0.0193%	1h	0.03936	−0.096%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03932	−0.197%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03936	−0.098%	$607	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.061%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0033%	4h	0.03936	−0.102%	$100K	$342K	10x	as long as short
Lighter Sshort	+0.0096%	1h	0.03940	0.000%	$165K	$217K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.03935	−0.124%	$986K	$700K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.03936	−0.106%	$43K	$145K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03933	−0.169%	$5.4M	$17.6M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03931	−0.228%	$5.6M	$5.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03935	−0.127%	$982K	$5.2M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03930	−0.254%	$321K	$258K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03934	−0.152%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03934	−0.152%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03937	−0.076%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03931	−0.228%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03930	−0.254%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03933	−0.172%	$221K	$877K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0258%	1h	0.03938	−0.051%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03932	−0.203%	$265K	$126K	75x	as long as short
Backpack S_USDC_PERPlong	+0.0387%	1h	0.03940	long leg	$115K	$307K	5x