Funding arb · Price arb /

STABLE

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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 +0.008%

Price spread now: Bybit against Lighter−0.464%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$454as in the Funding arb table

Net, price: spread back to 7d avg − costs−$594as in the Price arb table

costs, in and out, $10k−$5475.470% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.928%+$93 on $10k

Price spread, last 4 days (all we have)+0.528%+$53 · spread now −0.464%, 7d avg +0.004%

Together, before fees+1.456%+ Points / potential airdropLighter: Season 3 · farm board+$146 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: Bybit is 0.469% cheaper against Lighter than usual: you would sell low and buy high, −$47 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter STABLE	0.02520	0.0096	pay 0.0012% / 1h	8m 30s	$116K	$8K	3x
Short	Bybit STABLEUSDT	0.02508	0.0100	get 0.0050% / 4h	3h 08m	$1.5M	$765K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.464%Rate

Funding earned: $0.84
Price spread: −0.464% → +0.004%: −$46.88
Slippage, 4 orders: −$536.03
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$593.07
Costs to cover: 5.470%
Break-even: 4949.3 days

Slippage from Lighter: live order book, 46 min ago; Bybit: live order book, 3 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, 46 min ago	114.44 bp	344.4 bp −$344	426.1 bp −$4,261	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	5.98 bp	36.4 bp −$36	196.9 bp −$1,969	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 STABLElong	+0.0096%	1h	0.02520	long leg	$116K	$8K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02507	−0.504%	$884K	$209K	3x	as long as short
Aster STABLEUSDT	+0.0100%	4h	0.02508	−0.475%	$19K	$7K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02506	−0.556%	$2.5M	$2.9M	75x	as long as short
Bybit STABLEUSDTshort	+0.0100%	4h	0.02508	−0.464%	$1.5M	$765K	25x
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02507	−0.504%	$203K	$428K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02507	−0.504%	$174K	$72K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02506	−0.544%	$622K	$172K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02516	−0.147%	$186K	$30K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02506	−0.544%	$293K	$96K	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	0.02508	−0.464%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02509	−0.421%	$147K	$50K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02505	−0.571%	$1K	$790K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02506	−0.544%	$14K	$146K	10x	as long as short
BloFin STABLE-USDT	+0.0126%	4h	0.02509	−0.425%	$117K	$8K	75x	as long as short