Funding arb · Price arb /

S

all S markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.069%

Price spread now: BloFin against Lighter−0.316%60s7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs+$19as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$910.908% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+1.102%+$110 on $10k

Price spread, last 4 days (all we have)−0.538%−$54 · spread now −0.316%, 7d avg −0.077%

Together, before fees+0.564%+ Points / potential airdropLighter: Season 3 · farm board+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.238% cheaper against Lighter than usual: you would sell low and buy high (spread −0.316% now, against its 7-day average of −0.077%). If the spread goes back, that is −$24 on $10k: about 3.3 days of funding at the current rate (+$7 a day). At the pace of the last 7 days (+1.102% in total) that is about 36 hours. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.04117	0.0096	pay 0.0012% / 1h	5m 55s	$172K	$157K	5x
Short	BloFin S-USDT	0.04104	0.0340	get 0.0170% / 4h	1h 05m	$282K	$101K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.316%Rate

Funding earned: $51.24
Price spread: −0.316% → −0.077%: −$23.83
Slippage, 4 orders: −$78.77
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$63.37
Costs to cover: 0.908%
Break-even: 15.7 days

Slippage from Lighter: live order book, 39 min ago; BloFin: 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, 39 min ago	15.83 bp	18.2 bp −$18	94.5 bp −$945	doesn't fit	doesn't fit
Sell BloFin live order book, 33 min ago	2.44 bp	20.8 bp −$21	52.4 bp −$524	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	−1.1632%	1h	0.03970	−3.571%	$25K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1672%	1h	0.04108	−0.209%	$34K	$13K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1456%	1h	0.04022	−2.308%	$48K	$16K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04114	−0.063%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04109	−0.188%	$4	—	15x	as long as short
Variational Omni S	−0.0073%	4h	0.04105	−0.287%	$637K	$31K	—	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04114	−0.075%	$3K	—	150x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	−0.413%	$2K	$37K	12x	as long as short
Orderly PERP_S_USDC	+0.0068%	4h	0.04113	−0.097%	$102K	$319K	10x	as long as short
Lighter Slong	+0.0096%	1h	0.04117	long leg	$172K	$157K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid S	+0.0100%	1h	0.04114	−0.068%	$1.0M	$556K	5x	as long as short
Aster SUSDT	+0.0100%	4h	0.04112	−0.111%	$45K	$133K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04110	−0.170%	$5.7M	$13.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04107	−0.243%	$5.9M	$4.5M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04110	−0.170%	$1.1M	$4.0M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04109	−0.194%	$338K	$201K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04109	−0.194%	$4.0M	$1.8M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04108	−0.219%	$1.9M	$2.7M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04110	−0.170%	$1.2M	$2.1M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04109	−0.194%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04100	−0.413%	$25K	$453K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04107	−0.232%	$231K	$1.1M	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0236%	1h	0.04116	−0.024%	$69K	$10K	10x	as long as short
BloFin S-USDTshort	+0.0340%	4h	0.04104	−0.316%	$282K	$101K	75x
Backpack S_USDC_PERP	+0.1515%	1h	0.04120	+0.073%	$122K	$374K	5x	as long as short