Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0078%/8h= −8.5% APRpaid last 24h −0.033%

Price spread now: Lighter against BloFin+0.071%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$130.127% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.219%−$22 on $10k

Price spread, last 3 days (all we have)+0.110%+$11 · spread now +0.071%, 7d avg +0.032%

Together, before fees−0.108%+ Points / potential airdropLighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.040% dearer against BloFin than usual: you sell high and buy low (spread +0.071% now, against its 7-day average of +0.032%): +$4 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ETH-USDT	2,770.8	0.0174	pay 0.0174% / 8h	1h 52m	$286.0M	$194.9M	150x
Short	Lighter ETH	2,772.8	0.0096	get 0.0012% / 1h	52m 43s	$115.0M	$495.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.071%Rate

Funding earned: −$16.35
Price spread: +0.071% → +0.032%: $3.95
Slippage, 4 orders: −$0.71
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$25.11
Costs to cover: 0.127%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Lighter: live order book, 6 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 BloFin live order book, 6 min ago	0.02 bp	6.0 bp −$6	6.5 bp −$65	7.0 bp −$703	9.4 bp −$4,724
Sell Lighter live order book, 6 min ago	0.22 bp	0.2 bp $0	0.7 bp −$7	1.2 bp −$116	4.3 bp −$2,167

ETH on 55 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
Perpl ETH	−0.0447%	43m	2,772.5	+0.062%	$290K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,772.2	+0.051%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.7	+0.141%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,773.2	+0.087%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.6	+0.065%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773	+0.080%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	+0.173%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.3	+0.054%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0008%	1h	2,772.9	+0.077%	$29K	$22K	20x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,770.6	−0.008%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771.8	+0.036%	$1.71B	$11.85B	100x	as long as short
Phemex ETHUSDT	+0.0025%	8h	2,770.8	−0.001%	$266.9M	$65.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,772.2	+0.050%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,771.9	+0.038%	$256.3M	$993.6M	200x	as long as short
Hibachi ETH/USDT-P	+0.0032%	1h	2,776.1	+0.192%	$276K	$1.5M	20x	as long as short
Nado ETH-PERP	+0.0038%	1h	2,772.5	+0.062%	$14.3M	$118.9M	50x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,771.4	+0.022%	$182K	$1.8M	20x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,772	+0.044%	$6.43B	$17.20B	150x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,770.4	−0.016%	$1.62B	$2.63B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.6	−0.043%	$5.0M	$636K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0064%	1h	2,772.7	+0.069%	$258.4M	$224.9M	50x	as long as short
SoDEX ETH-USD	+0.0074%	1h	2,770.8	0.000%	$55.2M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,771.9	+0.040%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0080%	8h	2,770.5	−0.011%	$3.29B	$9.54B	200x	as long as short
Lighter ETHshort	+0.0096%	1h	2,772.8	+0.071%	$115.0M	$495.7M	50x
Lighter RH ETH	+0.0096%	1h	2,774	+0.114%	$25.4M	$120.6M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.5	+0.096%	—	$41.7M	500x	as long as short
HTX ETH-USDT	+0.0098%	8h	2,771.1	+0.012%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,772.1	+0.049%	$135.2M	$326.5M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,772.8	+0.074%	$15.9M	$10.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.9	+0.076%	$481K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.1	+0.119%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,772.4	+0.059%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,772.2	+0.049%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.5	+0.061%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.2	+0.123%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	+0.006%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.7	−0.039%	$423.4M	$740.7M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	+0.006%	$15.2M	$44.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.2	+0.122%	$179.8M	$779.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.1	+0.192%	$161.5M	$95.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.3	+0.198%	$8.7M	$32.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.5	+0.170%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.5	+0.097%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772	+0.043%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.2	+0.087%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772	+0.042%	$973K	$14.1M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.3	+0.090%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.5	−0.046%	$31.4M	$75.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.3	+0.054%	$59.9M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,774	+0.115%	$8.6M	$673.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,774	+0.117%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,771.9	+0.041%	$86.1M	$331.6M	100x	as long as short
BloFin ETH-USDTlong	+0.0174%	8h	2,770.8	long leg	$286.0M	$194.9M	150x
Reya ETHRUSDPERP	+0.0187%	1h	2,771.5	+0.026%	$7.3M	$1.1M	25x	as long as short