Funding arb · Price arb /

EUR

RWAall EUR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h +0.005%

Price spread now: Lighter against Bybit+0.054%7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$420.419% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.238%+$24 on $10k

Price spread, last 4 days (all we have)+0.015%+$2 · spread now +0.054%, 7d avg +0.083%

Together, before fees+0.253%+ Points / potential airdropLighter: Season 3 · farm board+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.029% cheaper against Bybit than usual: you would sell low and buy high (spread +0.054% now, against its 7-day average of +0.083%). If the spread goes back, that is −$3 on $10k: about 29 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit EURUSDUSDT	1.1473	0	get 0.0000% / 8h	6h 34m	$582K	$280K	100x
Short	Lighter EURUSD	1.1479	0.0080	get 0.0010% / 1h	34m 49s	$2.1M	$441K	50x

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

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 BybitbpFee LighterbpOrdersPrice spread, now +0.054%Rate

Funding earned: $16.8
Price spread: +0.054% → +0.083%: −$2.91
Slippage, 4 orders: −$30.89
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$27.99
Costs to cover: 0.419%
Break-even: 18.7 days

Slippage from Bybit: live order book, 25 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, 25 min ago	6.58 bp	23.3 bp −$23	48.2 bp −$482	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	1.04 bp	1.0 bp −$1	4.9 bp −$49	41.0 bp −$4,103	doesn't fit

EUR on 18 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
Kraken Futures PF_EURUSD	−0.0211%	1h	1.1468	−0.040%	$3K	—	50x	as long as short
MEXC EUR_USDT	−0.0168%	4h	1.1469	−0.035%	$6.8M	$139K	100x	as long as short
Bybit EURUSDUSDTlong	0.0000%	8h	1.1473	long leg	$582K	$280K	100x
Gate EURUSD_USDT	0.0000%	8h	1.1476	+0.026%	$142K	$4K	100x	as long as short
Bitget EURUSDUSDT	0.0000%	8h	1.1472	−0.009%	$253K	$21K	100x	as long as short
Orderly PERP_EURUSD_USDC	0.0000%	8h	1.1466	−0.061%	$198K	$111K	50x	as long as short
SunX EURUSD-USDT	0.0000%	1h	1.1477	+0.035%	—	$2.5M	10x	as long as short
HTX EURUSD-USDT	0.0000%	1h	1.1472	−0.009%	$13K	$257K	20x	as long as short
Extended EUR-USD	+0.0032%	1h	1.1466	−0.061%	$6.7M	$1.3M	100x	as long as short
Injective EURUSD/USDC PERP	+0.0033%	1h	1.1470	−0.023%	$9K	$78K	101x	as long as short

Show all 18 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado EURUSD-PERP	+0.0040%	1h	1.1469	−0.033%	$466K	$156K	40x	as long as short
Vest EUR-USD-PERP	+0.0046%	1h	1.1498	+0.216%	—	$264K	100x	as long as short
Hibachi EUR/USDT-P	+0.0072%	1h	1.1468	−0.040%	$173K	$8.3M	30x	as long as short
Lighter EURUSDshort	+0.0080%	1h	1.1479	+0.054%	$2.1M	$441K	50x
Pacifica EURUSD	+0.0100%	1h	1.1467	−0.055%	$190K	$61K	50x	as long as short
Aevo EURUSD-PERP	+0.0104%	1h	1.1476	+0.029%	$12K	—	10x	as long as short
Hotstuff EURUSD-PERP	+0.0232%	1h	1.1477	+0.035%	$33K	—	50x	as long as short
tradeXYZ xyz:EUR	+0.0235%	1h	1.1477	+0.035%	$23.3M	$1.9M	50x	as long as short