Funding arb · Price arb /

NAS100

RWAall NAS100 markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.010%

Price spread now: Phemex against Lighter−0.031%7-day average −0.165% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$460.455% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.192%+$19 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now −0.031%, 7d avg −0.165%

Together, before fees+0.125%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.135% dearer against Lighter than usual: you sell high and buy low (spread −0.031% now, against its 7-day average of −0.165%): +$13 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 14 days. Mind the row above: over the last 7 days funding on this pair paid +0.192%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter US100	30,511	0.0032	pay 0.0004% / 1h	4m 23s	$3.9M	$99.2M	30x
Short	Phemex NAS100USDT	30,501.7	0	get 0.0000% / 4h	3h 04m	$1.4M	$190K	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 −0.031%Rate

Funding earned: −$6.72
Price spread: −0.031% → −0.165%: $13.48
Slippage, 4 orders: −$33.52
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$38.76
Costs to cover: 0.455%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 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, 5 min ago	0.49 bp	0.5 bp $0	0.9 bp −$9	7.1 bp −$708	224.7 bp −$112.3K
Sell Phemex live order book, 3 min ago	6.52 bp	21.3 bp −$21	doesn't fit	doesn't fit	doesn't fit

NAS100 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
Orderly PERP_NAS100_USDC	−0.0212%	8h	30,505.5	−0.018%	$102K	$38K	20x	as long as short
Gate NAS100_USDT	−0.0200%	8h	30,496.9	−0.046%	$1.9M	$3.7M	100x	as long as short
MEXC NAS100_USDT	−0.0075%	8h	30,515	+0.013%	$26.3M	$20.0M	200x	as long as short
OKX US100-USDT-SWAP	0.0000%	8h	30,488	−0.075%	$262K	$375K	20x	as long as short
Bitget NDX100USDT	0.0000%	8h	30,531	+0.066%	$3.5M	$635K	50x	as long as short
Bullet US100-USD	0.0000%	1h	30,513	+0.007%	$4K	$90K	10x	as long as short
Phemex NAS100USDTshort	0.0000%	4h	30,501.7	−0.031%	$1.4M	$190K	10x
QFEX US100-USD	+0.0002%	1h	30,516	+0.016%	$1.3M	$1.3M	30x	as long as short
Lighter US100long	+0.0032%	1h	30,511	long leg	$3.9M	$99.2M	30x
Extended TECH100m-USD	+0.0032%	1h	30,517.6	+0.022%	$2.0M	$5.8M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Vest NDX-USD-PERP	+0.0046%	1h	30,811	+0.983%	—	$202.9M	50x	as long as short
Paradex US100-USD-PERP	+0.0050%	8h	30,510.9	0.000%	—	—	5x	as long as short
Polymarket Perps NAS100-USD	+0.0050%	1h	30,518	+0.023%	$7.2M	$1.9M	50x	as long as short
Ondo Perps US100-USD.P	+0.0123%	1h	30,528.3	+0.057%	$6.0M	$8.4M	25x	as long as short
Kraken Futures PF_US100USD	+0.2683%	1h	30,540	+0.095%	$137K	$137K	20x	as long as short