Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against OKX−0.030%7-day average +0.102% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$105as in the Price arb table

costs, in and out, $10k−$920.919% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.191%+$19 · spread now −0.030%, 7d avg +0.102%

Together, before fees+0.194%+ Points / potential airdropLighter: Season 3 · farm board+$19 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: Lighter is 0.131% cheaper against OKX than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of +0.102%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SKY-USDT-SWAP	0.07108	0.0100	pay 0.0050% / 4h	1h 04m	$855K	$1.3M	20x
Short	Lighter SKY	0.07106	0.0096	get 0.0012% / 1h	4m 23s	$186K	$163K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$0.84
Price spread: −0.030% → +0.102%: −$13.13
Slippage, 4 orders: −$81.89
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$105.87
Costs to cover: 0.919%
Break-even: never at this rate

Slippage from OKX: live order book, 2 min ago; Lighter: live order book, 69 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 OKX live order book, 2 min ago	1.41 bp	30.4 bp −$30	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 69 min ago	11.94 bp	12.3 bp −$12	107.5 bp −$1,075	doesn't fit	doesn't fit

SKY on 18 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	−0.0652%	4h	0.07080	−0.400%	$194K	$104K	—	as long as short
Bybit SKYUSDT	−0.0253%	4h	0.07100	−0.113%	$7.7M	$3.4M	25x	as long as short
Injective SKY/USDC PERP	+0.0014%	1h	0.07172	+0.900%	$392	$303K	12x	as long as short
Nado SKY-PERP	+0.0073%	1h	0.07108	0.000%	$70K	$26K	5x	as long as short
Lighter SKYshort	+0.0096%	1h	0.07106	−0.030%	$186K	$163K	10x
Aster SKYUSDT	+0.0100%	4h	0.07104	−0.052%	$43K	$36K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07110	+0.028%	$16.2M	$10.3M	75x	as long as short
OKX SKY-USDT-SWAPlong	+0.0100%	4h	0.07108	long leg	$855K	$1.3M	20x
Gate SKY_USDT	+0.0100%	4h	0.07100	−0.113%	$606K	$261K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.07110	+0.028%	$1.1M	$290K	100x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin SKYUSDTM	+0.0100%	4h	0.07106	−0.028%	$430K	$289K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07108	0.000%	$2.9M	$2.1M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07104	−0.056%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07083	−0.352%	$20K	$684K	50x	as long as short
Orderly PERP_SKY_USDC_mythos	+0.0100%	4h	0.07106	−0.023%	$1K	$2K	10x	as long as short
BloFin SKY-USDT	+0.0138%	4h	0.07103	−0.070%	$594K	$29K	75x	as long as short
Hyperliquid SKY	+0.0314%	1h	0.07121	+0.180%	$3.0M	$928K	3x	as long as short
GMX SKY/USD [ETH-USDC]	L +0.0529% / S −0.0248%	1h	0.07109	+0.020%	$84K	—	50x	as long as short