Funding arb · Price arb /

NAS100

RWAall NAS100 markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.010%

Price spread now: Lighter against Phemex+0.030%7-day average +0.163% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$370.375% of the position

Long on Phemex Short on Lighter

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)−0.119%−$12 · spread now +0.030%, 7d avg +0.163%

Together, before fees−0.310%+ Points / potential airdropLighter: Season 3 · farm board−$31 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.133% cheaper against Phemex than usual: you would sell low and buy high (spread +0.030% now, against its 7-day average of +0.163%). If the spread goes back, that is −$13 on $10k: about 14 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.192%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex NAS100USDT	30,395.9	0	get 0.0000% / 4h	3h 34m	$1.4M	$191K	10x
Short	Lighter US100	30,405	0.0032	get 0.0004% / 1h	34m 55s	$3.8M	$95.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now +0.030%Rate

Funding earned: $6.72
Price spread: +0.030% → +0.163%: −$13.26
Slippage, 4 orders: −$25.45
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$43.99
Costs to cover: 0.375%
Break-even: 52.8 days

Slippage from Phemex: live order book, 3 min ago; Lighter: live order book, 4 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 Phemex live order book, 3 min ago	3.66 bp	20.0 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 4 min ago	0.49 bp	0.5 bp $0	0.9 bp −$9	3.6 bp −$356	206.8 bp −$103.4K

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	−0.0282%	8h	30,402.9	+0.023%	$100K	$39K	20x	as long as short
Gate NAS100_USDT	−0.0200%	8h	30,393.5	−0.008%	$1.9M	$3.2M	100x	as long as short
MEXC NAS100_USDT	−0.0062%	8h	30,410	+0.046%	$22.1M	$21.7M	200x	as long as short
OKX US100-USDT-SWAP	0.0000%	8h	30,372	−0.079%	$265K	$388K	20x	as long as short
Bitget NDX100USDT	0.0000%	8h	30,430	+0.112%	$3.5M	$572K	50x	as long as short
Bullet US100-USD	0.0000%	1h	30,413.5	+0.058%	$4K	$91K	10x	as long as short
Phemex NAS100USDTlong	0.0000%	4h	30,395.9	long leg	$1.4M	$191K	10x
QFEX US100-USD	+0.0001%	1h	30,411	+0.050%	$1.2M	$1.5M	30x	as long as short
Lighter US100short	+0.0032%	1h	30,405	+0.030%	$3.8M	$95.1M	30x
Extended TECH100m-USD	+0.0032%	1h	30,412.6	+0.055%	$1.9M	$5.2M	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	30,706.9	+1.023%	—	$206.3M	50x	as long as short
Paradex US100-USD-PERP	+0.0050%	8h	30,404.9	+0.030%	—	—	5x	as long as short
Polymarket Perps NAS100-USD	+0.0050%	1h	30,414	+0.060%	$7.2M	$1.9M	50x	as long as short
Ondo Perps US100-USD.P	+0.0050%	1h	30,413.4	+0.058%	$6.0M	$9.3M	25x	as long as short
Kraken Futures PF_US100USD	+0.0340%	1h	30,440.5	+0.147%	$141K	$128K	20x	as long as short