Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Gate against Lighter−0.045%7-day average −0.143% · you buy dearer than you sell

Net, funding: paid 7d − costs−$223as in the Funding arb table

Net, price: spread back to 7d avg − costs−$196as in the Price arb table

costs, in and out, $10k−$2062.062% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$16 on $10k

Price spread, last 4 days (all we have)−0.397%−$40 · spread now −0.045%, 7d avg −0.143%

Together, before fees−0.561%+ Points / potential airdropLighter: Season 3 · farm board−$56 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: Gate is 0.098% dearer against Lighter than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.143%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SKY	0.06686	0.0096	pay 0.0012% / 1h	48m 51s	$176K	$100K	10x
Short	Gate SKY_USDT	0.06683	0.0100	get 0.0050% / 4h	48m 51s	$567K	$255K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.045%Rate

Funding earned: $0.84
Price spread: −0.045% → −0.143%: $9.78
Slippage, 4 orders: −$191.15
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$195.53
Costs to cover: 2.062%
Break-even: 1636.4 days

Slippage from Lighter: live order book, 48 min ago; Gate: live order book, 55 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, 48 min ago	12.21 bp	13.3 bp −$13	128.1 bp −$1,281	doesn't fit	doesn't fit
Sell Gate live order book, 55 min ago	2.97 bp	96.0 bp −$96	doesn't fit	doesn't fit	doesn't fit

SKY on 18 exchanges

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	−0.0404%	4h	0.06687	+0.018%	$178K	$82K	—	as long as short
Bybit SKYUSDT	−0.0178%	4h	0.06693	+0.105%	$6.9M	$3.2M	25x	as long as short
Nado SKY-PERP	+0.0094%	1h	0.06682	−0.052%	$67K	$35K	5x	as long as short
Lighter SKYlong	+0.0096%	1h	0.06686	long leg	$176K	$100K	10x
Hyperliquid SKY	+0.0100%	1h	0.06702	+0.235%	$2.8M	$759K	3x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.06698	+0.178%	$41K	$37K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.06697	+0.165%	$14.8M	$10.6M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.06694	+0.120%	$784K	$1.0M	20x	as long as short
Gate SKY_USDTshort	+0.0100%	4h	0.06683	−0.045%	$567K	$255K	50x
MEXC SKY_USDT	+0.0100%	4h	0.06698	+0.179%	$1.2M	$279K	100x	as long as short

Show all 18 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.06688	+0.030%	$390K	$43K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.06690	+0.060%	$2.7M	$1.3M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.06696	+0.150%	—	$2.5M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.06694	+0.120%	$34K	$649K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.06686	−0.004%	$1K	$4K	10x	as long as short
BloFin SKY-USDT	+0.0138%	4h	0.06696	+0.150%	$571K	$32K	75x	as long as short
Injective SKY/USDC PERP	+0.0175%	1h	0.06729	+0.643%	$367	$303K	12x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0513% / S −0.0248%	1h	0.06688	+0.028%	$79K	—	50x	as long as short