Funding arb · Price arb /

GOOGL

RWAall GOOGL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.054%

Price spread now: Phemex against Lighter+0.095%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$600.597% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.223%−$22 on $10k

Price spread, last 3 days (all we have)−0.006%−$1 · spread now +0.095%, 7d avg +0.031%

Together, before fees−0.228%+ Points / potential airdropLighter: Season 3 · farm board−$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.064% dearer against Lighter than usual: you sell high and buy low (spread +0.095% now, against its 7-day average of +0.031%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter GOOGL	356.28	0.0096	pay 0.0012% / 1h	45m 40s	$2.1M	$1.1M	20x
Short	Phemex GOOGLUSDT	356.62	0	get 0.0000% / 4h	3h 45m	$2.7M	$66K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$20.16
Price spread: +0.095% → +0.031%: $6.4
Slippage, 4 orders: −$47.7
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$73.46
Costs to cover: 0.597%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Phemex: 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, 6 min ago	0.98 bp	1.1 bp −$1	3.5 bp −$35	92.2 bp −$9,225	doesn't fit
Sell Phemex live order book, 3 min ago	0.98 bp	28.6 bp −$29	doesn't fit	doesn't fit	doesn't fit

GOOGL on 36 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
Gate GOOGL_USDT	0.0000%	8h	356.28	0.000%	$3.6M	$7.5M	100x	as long as short
SunX GOOGL-USDT	0.0000%	8h	356.52	+0.067%	$2K	$4.2M	20x	as long as short
Deribit GOOGL_USDC-PERPETUAL	0.0000%	1h	356.17	−0.031%	$23K	$153K	10x	as long as short
HTX GOOGL-USDT	0.0000%	8h	356.53	+0.070%	$114K	$225K	30x	as long as short
Phemex GOOGLUSDTshort	0.0000%	4h	356.62	+0.095%	$2.7M	$66K	10x
Aftermath Perps GOOGLUSD	+0.0017%	1h	356.44	+0.044%	$144K	$53K	10x	as long as short
GRVT GOOGL_USDT_Perp	+0.0026%	8h	356.69	+0.115%	$23K	$471K	10x	as long as short
edgeX GOOGLUSDC	+0.0028%	4h	356.60	+0.090%	$210K	$1.2M	10x	as long as short
Lighter RH GOOGL	+0.0032%	1h	356.37	+0.025%	$1.4M	$2.3M	20x	as long as short
Coinbase International GOOGL-PERP-INTX	+0.0032%	1h	356.34	+0.017%	$529K	$1.1M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective GOOGL/USDC PERP	+0.0033%	1h	357.12	+0.236%	$128K	$45K	30x	as long as short
Vest GOOGL-USD-PERP	+0.0046%	1h	356.50	+0.062%	—	$5K	25x	as long as short
tradeXYZ xyz:GOOGL	+0.0050%	1h	356.12	−0.045%	$98.1M	$24.6M	20x	as long as short
Polymarket Perps GOOG-USD	+0.0050%	1h	356.23	−0.014%	$683K	$440K	10x	as long as short
SoDEX GOOGL-USD	+0.0050%	1h	356.23	−0.014%	$173	$46K	10x	as long as short
Ondo Perps GOOGL-USD.P	+0.0050%	1h	355.97	−0.087%	$2.3M	$4.8M	15x	as long as short
QFEX GOOGL-USD	+0.0064%	1h	356.40	+0.034%	$1.3M	$4.8M	10x	as long as short
Hotstuff GOOGL-PERP	+0.0064%	1h	356.34	+0.017%	$33K	—	20x	as long as short
Variational Omni GOOGL	+0.0068%	8h	356.40	+0.034%	$4.8M	$2.7M	—	as long as short
Nado GOOGL-PERP	+0.0075%	1h	356.37	+0.026%	$560K	$81K	20x	as long as short
Paradex GOOGL-USD-PERP	+0.0092%	8h	356.28	−0.001%	$292	$253	5x	as long as short
Lighter GOOGLlong	+0.0096%	1h	356.28	long leg	$2.1M	$1.1M	20x
Pacifica GOOGL	+0.0100%	1h	356.30	+0.005%	$42K	$45K	10x	as long as short
KuCoin GOOGLUSDTM	+0.0100%	8h	355.94	−0.095%	$3.0M	$66K	20x	as long as short
ApeX Omni GOOGLUSDT	+0.0100%	1h	356.46	+0.051%	$22K	$10K	50x	as long as short
Orderly PERP_GOOGL_USDC	+0.0100%	8h	356.26	−0.006%	$10K	$10K	20x	as long as short
Aevo GOOGL-PERP	+0.0104%	1h	356.34	+0.016%	$25K	—	10x	as long as short
Bybit GOOGLUSDT	+0.0106%	8h	356.39	+0.031%	$11.5M	$7.7M	100x	as long as short
Aster GOOGLUSDT	+0.0113%	8h	356.58	+0.085%	$364K	$457K	20x	as long as short
Binance GOOGLUSDT	+0.0132%	8h	356.31	+0.008%	$73.1M	$142.4M	50x	as long as short
Extended GOOGL-USD	+0.0136%	1h	356.24	−0.012%	$421K	$1.7M	20x	as long as short
Bitget GOOGLUSDT	+0.0138%	8h	356.34	+0.017%	$16.9M	$9.3M	100x	as long as short
Phoenix GOOGL	+0.0157%	1h	356.33	+0.014%	$137K	$48K	20x	as long as short
OKX GOOGL-USDT-SWAP	+0.0198%	8h	356.34	+0.017%	$13.8M	$12.8M	50x	as long as short
BloFin GOOGL-USDT	+0.0254%	8h	356.70	+0.118%	$688K	$235K	20x	as long as short
Arcus GOOGL-USD	+0.0306%	1h	356.33	+0.014%	$202K	$271K	10x	as long as short