Funding arb · Price arb /

SKY

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Orderly−0.003%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_SKY_USDC_mythos	0.07042	0.0100	pay 0.0050% / 4h	3h 27m	$945	$3K	10x
Short	Lighter SKY	0.07041	0.0096	get 0.0012% / 1h	27m 56s	$190K	$171K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$0.84
Price spread: −0.003% → 0.000%: −$0.28
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$7.12
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 27 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 27 min ago	13.52 bp	14.7 bp −$15	112.8 bp −$1,128	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0582%	4h	0.07032	−0.136%	$201K	$127K	—	as long as short
Bybit SKYUSDT	−0.0201%	4h	0.07031	−0.149%	$7.6M	$3.5M	25x	as long as short
Injective SKY/USDC PERP	+0.0033%	1h	0.07172	+1.853%	$392	$303K	12x	as long as short
BloFin SKY-USDT	+0.0045%	4h	0.07044	+0.036%	$592K	$30K	75x	as long as short
Nado SKY-PERP	+0.0067%	1h	0.07042	+0.007%	$69K	$27K	5x	as long as short
Lighter SKYshort	+0.0096%	1h	0.07041	−0.003%	$190K	$171K	10x
Hyperliquid SKY	+0.0100%	1h	0.07050	+0.118%	$2.9M	$899K	3x	as long as short
Aster SKYUSDT	+0.0100%	4h	0.07041	−0.003%	$42K	$44K	20x	as long as short
Binance SKYUSDT	+0.0100%	4h	0.07040	−0.017%	$16.2M	$10.8M	75x	as long as short
OKX SKY-USDT-SWAP	+0.0100%	4h	0.07040	−0.021%	$845K	$1.3M	20x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate SKY_USDT	+0.0100%	4h	0.07033	−0.121%	$591K	$265K	50x	as long as short
MEXC SKY_USDT	+0.0100%	4h	0.07040	−0.021%	$1.0M	$284K	100x	as long as short
KuCoin SKYUSDTM	+0.0100%	4h	0.07033	−0.121%	$412K	$291K	50x	as long as short
Bitget SKYUSDT	+0.0100%	4h	0.07038	−0.050%	$2.9M	$1.6M	75x	as long as short
BingX SKY-USDT	+0.0100%	4h	0.07038	−0.050%	—	$2.4M	—	as long as short
ApeX Omni SKYUSDT	+0.0100%	1h	0.07042	+0.007%	$24K	$680K	50x	as long as short
Orderly PERP_SKY_USDC_mythoslong	+0.0100%	4h	0.07042	long leg	$945	$3K	10x
GMX SKY/USD [ETH-USDC]	L +0.0526% / S −0.0248%	1h	0.07038	−0.047%	$83K	—	50x	as long as short