Funding arb · Price arb /

STABLE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.005%

Price spread now: Lighter against Variational Omni+0.415%7-day average +0.040% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.283%−$28 on $10k

Price spread, last 4 days (all we have)−0.490%−$49 · spread now +0.415%, 7d avg +0.040%

Together, before fees−0.773%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$77 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 0.374% dearer against Variational Omni than usual: you sell high and buy low, +$37 on $10k if it goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni STABLE	0.02443	0.0100	pay 0.0050% / 4h	1h 34m	$143K	$8K	—
Short	Lighter STABLE	0.02453	0.0096	get 0.0012% / 1h	34m 12s	$113K	$6K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.415%Rate

Funding earned: −$0.84
Price spread: +0.415% → +0.040%: $37.41
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $36.57
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 10 min ago; Lighter: live order book, 55 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 Variational Omni RFQ quote, 10 min ago	12.31 bp	doesn't fit	307.8 bp −$3,078	doesn't fit	doesn't fit
Sell Lighter live order book, 55 min ago	153.31 bp	211.8 bp −$212	574.4 bp −$5,744	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
BloFin STABLE-USDT	+0.0076%	4h	0.02440	−0.126%	$113K	$10K	75x	as long as short
Lighter STABLEshort	+0.0096%	1h	0.02453	+0.415%	$113K	$6K	3x
Hyperliquid STABLE	+0.0100%	1h	0.02438	−0.195%	$857K	$183K	3x	as long as short
Aster STABLEUSDT	+0.0100%	4h	0.02439	−0.168%	$18K	$10K	20x	as long as short
Binance STABLEUSDT	+0.0100%	4h	0.02438	−0.205%	$2.5M	$2.8M	75x	as long as short
Bybit STABLEUSDT	+0.0100%	4h	0.02442	−0.028%	$1.5M	$770K	25x	as long as short
OKX STABLE-USDT-SWAP	+0.0100%	4h	0.02441	−0.085%	$212K	$428K	20x	as long as short
Gate STABLE_USDT	+0.0100%	4h	0.02440	−0.126%	$174K	$59K	50x	as long as short
MEXC STABLE_USDT	+0.0100%	4h	0.02438	−0.208%	$583K	$165K	20x	as long as short
KuCoin STABLEUSDTM	+0.0100%	4h	0.02444	+0.038%	$178K	$28K	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	0.02443	−0.003%	$282K	$95K	25x	as long as short
BingX STABLE-USDT	+0.0100%	4h	0.02439	−0.167%	—	$6.6M	—	as long as short
Variational Omni STABLElong	+0.0100%	4h	0.02443	long leg	$143K	$8K	—
SunX STABLE-USDT	+0.0100%	4h	0.02439	−0.150%	$2K	$927K	20x	as long as short
Extended STABLE-USD	+0.0104%	1h	0.02438	−0.208%	$11K	$233K	10x	as long as short