Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.005%

Price spread now: Lighter against OKX+0.372%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$580as in the Funding arb table

Net, price: spread back to 7d avg − costs−$451as in the Price arb table

costs, in and out, $10k−$4834.826% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.977%−$98 on $10k

Price spread, last 4 days (all we have)−0.365%−$36 · spread now +0.372%, 7d avg +0.052%

Together, before fees−1.341%+ Points / potential airdropLighter: Season 3 · farm board−$134 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 0.319% dearer against OKX than usual: you sell high and buy low, +$32 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX STABLE-USDT-SWAP	0.02449	0.0100	pay 0.0050% / 4h	20m 11s	$210K	$442K	20x
Short	Lighter STABLE	0.02458	0.0096	get 0.0012% / 1h	20m 11s	$113K	$10K	3x

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 +0.372%Rate

Funding earned: −$0.84
Price spread: +0.372% → +0.052%: $31.94
Slippage, 4 orders: −$472.57
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$451.46
Costs to cover: 4.826%
Break-even: never at this rate

Slippage from OKX: live order book, 15 min ago; Lighter: live order book, 64 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, 15 min ago	6.16 bp	36.5 bp −$36	1333.0 bp −$13.3K	doesn't fit	doesn't fit
Sell Lighter live order book, 64 min ago	155.35 bp	185.4 bp −$185	572.0 bp −$5,720	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	0.02458	+0.372%	$113K	$10K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02443	−0.241%	$860K	$174K	3x	as long as short
Aster STABLEUSDT	+0.0100%	4h	0.02443	−0.230%	$18K	$9K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02446	−0.135%	$2.5M	$2.7M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02448	−0.041%	$1.5M	$769K	25x	as long as short
OKX STABLE-USDT-SWAPlong	+0.0100%	4h	0.02449	long leg	$210K	$442K	20x
Gate STABLE_USDT	+0.0100%	4h	0.02446	−0.122%	$175K	$57K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02446	−0.122%	$586K	$165K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02451	+0.082%	$180K	$29K	30x	as long as short
Bitget STABLEUSDT	+0.0100%	4h	0.02448	−0.041%	$282K	$90K	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	0.02448	−0.041%	—	$6.5M	—	as long as short
Variational Omni STABLE	+0.0100%	4h	0.02445	−0.160%	$143K	$8K	—	as long as short
SunX STABLE-USDT	+0.0100%	4h	0.02450	+0.049%	$2K	$926K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02445	−0.162%	$13K	$207K	10x	as long as short
BloFin STABLE-USDT	+0.0147%	4h	0.02439	−0.408%	$113K	$10K	75x	as long as short