Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h +0.001%

Price spread now: Lighter against Coinbase International+0.044%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$110.111% of the position

Long on Coinbase International Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)+0.218%+$22 · spread now +0.044%, 7d avg −0.003%

Together, before fees+0.130%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.047% dearer against Coinbase International than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International ETH-PERP-INTX	2,742.8	0.0096	pay 0.0012% / 1h	43m 31s	$58.9M	$4.27B	50x
Short	Lighter ETH	2,744	0.0096	get 0.0012% / 1h	43m 31s	$112.8M	$432.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Coinbase International. 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 Coinbase InternationalbpFee LighterbpOrdersPrice spread, now +0.044%Rate

Funding earned: $0
Price spread: +0.044% → −0.003%: $4.74
Slippage, 4 orders: −$1.08
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$6.34
Costs to cover: 0.111%
Break-even: never at this rate

Slippage from Coinbase International: 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 Coinbase International live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	7.6 bp −$763	23.2 bp −$11.6K
Sell Lighter live order book, 6 min ago	0.15 bp	0.7 bp −$1	1.0 bp −$10	1.4 bp −$135	4.0 bp −$1,980

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	−0.0112%	43m	2,743.1	+0.011%	$305K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.7	−0.040%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,744.7	+0.069%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.2	−0.057%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,744.4	+0.058%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,741.4	−0.051%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,740.6	−0.080%	$845K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,743.1	+0.011%	$182K	$916K	50x	as long as short
BingX ETH-USDT	+0.0047%	8h	2,742.9	+0.004%	—	$1.15B	—	as long as short
OKX ETH-USDT-SWAP	+0.0061%	8h	2,742.6	−0.007%	$1.70B	$10.57B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,743.4	+0.022%	$383.8M	$599.4M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,742.9	+0.004%	$5.7M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,743.8	+0.035%	$252.4M	$841.2M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,742.8	0.000%	$1.56B	$2.53B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,738.9	−0.142%	$4.9M	$159K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,742.6	−0.006%	$6.38B	$15.72B	150x	as long as short
Bullet ETH-USD	+0.0096%	1h	2,741.1	−0.064%	$182K	$1.7M	20x	as long as short
Lighter ETHshort	+0.0096%	1h	2,744	+0.044%	$112.8M	$432.0M	50x
Lighter RH ETH	+0.0096%	1h	2,744.8	+0.074%	$24.7M	$103.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.4	+0.059%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTXlong	+0.0096%	1h	2,742.8	long leg	$58.9M	$4.27B	50x
HTX ETH-USDT	+0.0097%	8h	2,740.8	−0.073%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,746.6	+0.139%	$16.1M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743	+0.007%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,742.9	+0.003%	$13.9M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,745.6	+0.102%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744	+0.044%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,742.7	−0.004%	$2.45B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,743.3	+0.018%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,743.3	+0.019%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.026%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,743.2	+0.013%	$3.40B	$8.69B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,742.7	−0.002%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.6	−0.044%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	−0.088%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,741.5	−0.046%	$182.2M	$693.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.8	−0.110%	$159.3M	$82.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,743.1	+0.012%	$8.9M	$31.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.5	−0.011%	$21.2M	$69.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,743.5	+0.026%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.4	+0.022%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,742	−0.030%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,743.5	+0.026%	$41.6M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,741.2	−0.059%	$961K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,741.5	−0.047%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,741.6	−0.046%	$266.7M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,742.1	−0.024%	$30.6M	$72.5M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0104%	1h	2,742.9	+0.003%	$258.8M	$195.8M	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,743.1	+0.010%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0152%	8h	2,743.9	+0.040%	$7.8M	$668.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,744	+0.042%	$32.3M	$11.2M	100x	as long as short
BloFin ETH-USDT	+0.0208%	8h	2,742.9	+0.004%	$286.0M	$177.5M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,742.3	−0.017%	$87.3M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,742.4	−0.015%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,742.4	−0.014%	$249K	$1.4M	20x	as long as short