Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: BingX against Lighter−0.245%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$900.897% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.886%+$89 on $10k

Price spread, last 4 days (all we have)+0.062%+$6 · spread now −0.245%, 7d avg −0.051%

Together, before fees+0.948%+ Points / potential airdropLighter: Season 3 · farm board+$95 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: BingX is 0.193% cheaper against Lighter than usual: you would sell low and buy high, −$19 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.04085	0.0096	pay 0.0012% / 1h	57m 56s	$174K	$139K	5x
Short	BingX S-USDT	0.04075	0.0100	get 0.0050% / 4h	1h 57m	—	$6.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.245%Rate

Funding earned: $0.84
Price spread: −0.245% → −0.051%: −$19.34
Slippage, 4 orders: −$79.72
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$108.22
Costs to cover: 0.897%
Break-even: 908.8 days

Slippage from Lighter: live order book, 32 min ago; BingX: 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 Lighter live order book, 32 min ago	10.03 bp	21.0 bp −$21	89.4 bp −$894	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	4.94 bp	19.7 bp −$20	55.6 bp −$556	348.3 bp −$34.8K	742.3 bp −$371.1K

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	−1.0232%	1h	0.03940	−3.550%	$24K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.2363%	1h	0.04080	−0.131%	$35K	$16K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1120%	1h	0.03961	−3.035%	$48K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04083	−0.061%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04083	−0.047%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04082	−0.067%	$629	—	150x	as long as short
Variational Omni S	+0.0020%	4h	0.04085	−0.006%	$634K	$25K	—	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+0.367%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0085%	4h	0.04081	−0.098%	$101K	$564K	10x	as long as short
Lighter Slong	+0.0096%	1h	0.04085	long leg	$174K	$139K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04079	−0.147%	$1.0M	$597K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04080	−0.113%	$48K	$111K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04081	−0.098%	$5.8M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04076	−0.220%	$5.8M	$4.3M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04080	−0.122%	$1.0M	$3.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04079	−0.147%	$332K	$179K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04081	−0.098%	$4.0M	$1.7M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04078	−0.171%	$1.9M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04082	−0.073%	$1.2M	$2.3M	50x	as long as short
BingX S-USDTshort	+0.0100%	4h	0.04075	−0.245%	—	$6.8M	—
ApeX Omni SUSDT	+0.0100%	1h	0.04080	−0.122%	$24K	$489K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04079	−0.145%	$230K	$592K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04078	−0.171%	$279K	$117K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0730%	1h	0.04086	+0.024%	$69K	$10K	10x	as long as short
Backpack S_USDC_PERP	+0.2379%	1h	0.04090	+0.122%	$119K	$426K	5x	as long as short