Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.006%

Price spread now: Lighter against KuCoin+0.208%7-day average −0.046% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1,235as in the Funding arb table

Net, price: spread back to 7d avg − costs−$1,086as in the Price arb table

costs, in and out, $10k−$1,11111.109% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−1.245%−$125 on $10k

Price spread, last 4 days (all we have)−0.306%−$31 · spread now +0.208%, 7d avg −0.046%

Together, before fees−1.551%+ 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 0.254% dearer against KuCoin than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin STABLEUSDTM	0.02452	0.0100	pay 0.0050% / 4h	2h 49m	$178K	$29K	30x
Short	Lighter STABLE	0.02457	0.0096	get 0.0012% / 1h	49m 13s	$113K	$6K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.208%Rate

Funding earned: −$0.84
Price spread: +0.208% → −0.046%: $25.42
Slippage, 4 orders: −$1,098.95
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$1,086.36
Costs to cover: 11.109%
Break-even: never at this rate

Slippage from KuCoin: live order book, 6 min ago; Lighter: live order book, 45 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 KuCoin live order book, 6 min ago	2.04 bp	278.3 bp −$278	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 45 min ago	127.76 bp	159.9 bp −$160	552.6 bp −$5,526	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
Lighter STABLEshort	+0.0096%	1h	0.02457	+0.208%	$113K	$6K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02443	−0.359%	$858K	$179K	3x	as long as short
Aster STABLEUSDT	+0.0100%	4h	0.02446	−0.263%	$18K	$10K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02443	−0.347%	$2.5M	$2.8M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02446	−0.232%	$1.5M	$775K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02443	−0.367%	$207K	$421K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02443	−0.367%	$174K	$59K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02443	−0.367%	$585K	$160K	20x	as long as short
KuCoin STABLEUSDTMlong	+0.0100%	4h	0.02452	long leg	$178K	$29K	30x
Bitget STABLEUSDT	+0.0100%	4h	0.02447	−0.204%	$282K	$93K	25x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX STABLE-USDT	+0.0100%	4h	0.02444	−0.326%	—	$6.6M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02449	−0.140%	$143K	$8K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02443	−0.347%	$1K	$905K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02442	−0.388%	$12K	$232K	10x	as long as short
BloFin STABLE-USDT	+0.0152%	4h	0.02447	−0.204%	$114K	$7K	75x	as long as short