Funding arb · Price arb /

NOW

RWAall NOW markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h −0.010%

Price spread now: Bybit against Lighter+0.065%7-day average — · you sell dearer than you buy

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

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.065% dearer against Lighter than usual: you sell high and buy low: +$7 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter NOW	138.08	0.0032	pay 0.0004% / 1h	2m 41s	$5K	$173	5x
Short	Bybit NOWUSDT	138.17	0.0068	get 0.0068% / 8h	7h 02m	$1.5M	$5.7M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.065%Rate

Funding earned: $7.49
Price spread: +0.065% → 0.000%: $6.52
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $3.01
Costs to cover: 0.110%
Break-even: 4.2 days

Slippage unknown: Lighter: no order-book sample; Bybit: live order book, 5 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 Lighter no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	6.86 bp	35.7 bp −$36	158.3 bp −$1,583	doesn't fit	doesn't fit

Lighter: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

NOW on 16 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
Aster NOWUSDT	0.0000%	8h	138.37	+0.210%	$41K	$995	20x	as long as short
OKX NOW-USDT-SWAP	0.0000%	8h	138.26	+0.130%	$499K	$212K	20x	as long as short
QFEX NOW-USD	0.0000%	1h	137.94	−0.101%	$1.1M	$2.1M	10x	as long as short
Gate NOW_USDT	0.0000%	8h	138.21	+0.094%	$245K	$381K	20x	as long as short
Bitget NOWUSDT	0.0000%	8h	138.19	+0.080%	$781K	$240K	20x	as long as short
SunX NOW-USDT	0.0000%	8h	138.18	+0.072%	$959	$410K	10x	as long as short
HTX NOW-USDT	0.0000%	8h	138.21	+0.094%	$5K	$29K	20x	as long as short
Lighter NOWlong	+0.0032%	1h	138.08	long leg	$5K	$173	5x
Injective NOW/USDC PERP	+0.0033%	1h	139.80	+1.246%	$3K	$101	12x	as long as short
Vest NOW-USD-PERP	+0.0046%	1h	138.01	−0.051%	—	—	25x	as long as short

Show all 16 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit NOWUSDTshort	+0.0068%	8h	138.17	+0.065%	$1.5M	$5.7M	25x
BloFin NOW-USDT	+0.0087%	8h	138.37	+0.210%	$45K	$17K	20x	as long as short
KuCoin NOWUSDTM	+0.0100%	8h	138.06	−0.014%	$317K	$657K	20x	as long as short
Binance NOWUSDT	+0.0104%	8h	138.22	+0.102%	$1.8M	$1.5M	20x	as long as short
tradeXYZ xyz:NOW	+0.0246%	1h	138.02	−0.043%	$2.1M	$231K	10x	as long as short
GRVT NOW_USDT_Perp	+0.1005%	8h	138.40	+0.230%	$228	$157K	10x	as long as short