Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: BingX against Lighter+0.029%7-day average −0.073% · you sell dearer than you buy

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$850.846% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.314%−$31 · spread now +0.029%, 7d avg −0.073%

Together, before fees−0.306%+ Points / potential airdropLighter: Season 3 · farm board−$31 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 0.102% dearer against Lighter than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKY	0.06926	0.0096	pay 0.0012% / 1h	58m 47s	$181K	$177K	10x
Short	BingX SKY-USDT	0.06928	0.0100	get 0.0050% / 4h	1h 58m	—	$2.4M	—

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 +0.029%Rate

Funding earned: $0.84
Price spread: +0.029% → −0.073%: $10.21
Slippage, 4 orders: −$74.59
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$73.54
Costs to cover: 0.846%
Break-even: 619.9 days

Slippage from Lighter: live order book, 51 min ago; BingX: live order book, 5 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, 51 min ago	14.30 bp	16.1 bp −$16	103.2 bp −$1,032	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	3.62 bp	16.7 bp −$17	53.6 bp −$536	237.0 bp −$23.7K	772.6 bp −$386.3K

SKY on 17 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
Variational Omni SKY	−0.0412%	4h	0.06912	−0.198%	$184K	$126K	—	as long as short
Bybit SKYUSDT	−0.0025%	4h	0.06926	0.000%	$7.3M	$3.3M	25x	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.07172	+3.552%	$392	$303K	12x	as long as short
Lighter SKYlong	+0.0096%	1h	0.06926	long leg	$181K	$177K	10x
Nado SKY-PERP	+0.0100%	1h	0.06922	−0.054%	$69K	$28K	5x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06933	+0.105%	$42K	$43K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06927	+0.014%	$15.8M	$11.1M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06925	−0.014%	$827K	$1.2M	20x	as long as short
Gate SKY_USDT	+0.0100%	4h	0.06925	−0.014%	$594K	$275K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.06936	+0.144%	$1.0M	$267K	100x	as long as short

Show all 17 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.06935	+0.130%	$413K	$294K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06931	+0.072%	$2.9M	$1.6M	75x	as long as short
BingX SKY-USDTshort	+0.0100%	4h	0.06928	+0.029%	—	$2.4M	—
ApeX Omni SKYUSDT	+0.0100%	1h	0.06923	−0.043%	$28K	$666K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06925	−0.017%	$1K	$3K	10x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0523% / S −0.0248%	1h	0.06924	−0.033%	$82K	—	50x	as long as short
Hyperliquid SKY	+0.1178%	1h	0.06945	+0.270%	$2.9M	$936K	3x	as long as short