Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against edgeX−0.137%49s7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$110.110% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 7 days+0.158%+$16 · spread now −0.137%, 7d avg +0.042%

Together, before fees+0.048%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board+$5 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 0.179% cheaper against edgeX than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of +0.042%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ETHUSDC	2,768.1	0.0100	pay 0.0050% / 4h	3h 18m	$181.7M	$785.3M	100x
Short	Lighter ETH	2,764.3	0.0096	get 0.0012% / 1h	18m 45s	$114.7M	$458.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.137%Rate

Funding earned: −$0.84
Price spread: −0.137% → +0.042%: −$17.91
Slippage, 4 orders: −$2.05
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$29.8
Costs to cover: 0.110%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Lighter: live order book, 5 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 edgeX live order book, 5 min ago	0.09 bp	4.6 bp −$5	4.6 bp −$46	4.8 bp −$476	6.4 bp −$3,183
Sell Lighter live order book, 5 min ago	0.31 bp	0.6 bp −$1	1.0 bp −$10	1.7 bp −$170	4.3 bp −$2,168

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
Injective ETH/USDC PERP	−0.0752%	1h	2,776.9	+0.318%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,766.7	−0.050%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,767.1	−0.037%	$326K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.2	−0.033%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,767.1	−0.036%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.141%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,764.7	−0.122%	$12.2M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767.2	−0.032%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0019%	1h	2,766.7	−0.051%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,764.3	−0.137%	$1.70B	$11.12B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0028%	1h	2,763.7	−0.159%	$55.0M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,767.4	−0.026%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,762.6	−0.201%	$255.8M	$885.9M	200x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,763.7	−0.159%	$3.38B	$9.05B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,764.6	−0.128%	$5.0M	$165K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,762.9	−0.187%	$6.46B	$16.27B	150x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,763.4	−0.171%	$1.61B	$2.65B	500x	as long as short
Deribit ETH-PERPETUAL	+0.0061%	1h	2,765.2	−0.105%	$259.1M	$204.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,771.1	+0.108%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,763.2	−0.178%	$2.09B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,765	−0.114%	$60.2M	$4.41B	50x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,767.8	−0.010%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,764.3	−0.136%	$419.8M	$619.4M	100x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,762.4	−0.208%	$1.07B	$1.25B	200x	as long as short
Lighter ETHshort	+0.0096%	1h	2,764.3	−0.137%	$114.7M	$458.7M	50x
Lighter RH ETH	+0.0096%	1h	2,765.7	−0.089%	$25.5M	$111.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,768.2	+0.003%	$8.7M	$32.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,766.1	−0.071%	$15.9M	$8.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,766.9	−0.043%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,766.1	−0.074%	$14.6M	$113.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,766.4	−0.062%	$3.16B	$2.18B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,764.2	−0.140%	$31.1M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,764.4	−0.136%	$2.51B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,763.5	−0.166%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,764.3	−0.138%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.8	+0.171%	$170.3M	$276.6M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,763.2	−0.176%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,763.7	−0.161%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	+0.016%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,768.1	long leg	$181.7M	$785.3M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.8	+0.024%	$161.1M	$85.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.8	−0.011%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.6	−0.018%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,766.4	−0.061%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,767.1	−0.037%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.3	−0.066%	$969K	$13.1M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,763.8	−0.155%	$269.0M	$67.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,762.7	−0.196%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769	+0.033%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,767.4	−0.025%	$8.1M	$678.7M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,765.4	−0.097%	$97.7M	$320.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,769.3	+0.042%	$252K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0154%	8h	2,768.6	+0.019%	$32.6M	$11.1M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,763.6	−0.165%	$287.3M	$178.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,767.6	−0.017%	$7.3M	$1.1M	25x	as long as short