Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.021%

Price spread now: Lighter against Bybit+0.554%7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$658as in the Funding arb table

Net, price: spread back to 7d avg − costs−$507as in the Price arb table

costs, in and out, $10k−$5655.647% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.935%−$94 on $10k

Price spread, last 4 days (all we have)−0.619%−$62 · spread now +0.554%, 7d avg −0.023%

Together, before fees−1.554%+ Points / potential airdropLighter: Season 3 · farm board−$155 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 0.576% dearer against Bybit than usual: you sell high and buy low, +$58 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit STABLEUSDT	0.02475	0.0100	pay 0.0050% / 4h	2h 10m	$1.5M	$818K	25x
Short	Lighter STABLE	0.02488	0.0096	get 0.0012% / 1h	10m 40s	$114K	$3K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpFee LighterbpOrdersPrice spread, now +0.554%Rate

Funding earned: −$0.84
Price spread: +0.554% → −0.023%: $57.61
Slippage, 4 orders: −$553.75
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$507.98
Costs to cover: 5.647%
Break-even: never at this rate

Slippage from Bybit: live order book, 6 min ago; Lighter: live order book, 2 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 Bybit live order book, 6 min ago	4.04 bp	32.8 bp −$33	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	185.38 bp	194.4 bp −$194	568.8 bp −$5,688	doesn't fit	doesn't fit

STABLE on 15 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
Aster STABLEUSDT	−0.0325%	4h	0.02474	−0.041%	$19K	$7K	20x	as long as short
BloFin STABLE-USDT	+0.0094%	4h	0.02470	−0.190%	$114K	$8K	75x	as long as short
Lighter STABLEshort	+0.0096%	1h	0.02488	+0.554%	$114K	$3K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02470	−0.174%	$871K	$235K	3x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02471	−0.150%	$2.4M	$2.7M	75x	as long as short
Bybit STABLEUSDTlong	+0.0100%	4h	0.02475	long leg	$1.5M	$818K	25x
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02476	+0.053%	$204K	$418K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02471	−0.150%	$171K	$87K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02470	−0.190%	$659K	$158K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02479	+0.174%	$175K	$27K	30x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget STABLEUSDT	+0.0100%	4h	0.02473	−0.069%	$292K	$117K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02472	−0.109%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02474	−0.033%	$145K	$51K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02473	−0.061%	$1K	$649K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02470	−0.204%	$12K	$175K	10x	as long as short