Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against GRVT+0.078%78s7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as 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−$120.117% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 7 days−0.050%−$5 · spread now +0.078%, 7d avg −0.015%

Together, before fees−0.077%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$8 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 0.093% dearer against GRVT than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.015%. The two prices were read 78 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	GRVT ETH_USDT_Perp	2,733.6	0.0100	pay 0.0100% / 8h	4h 04m	$159.0M	$86.4M	50x
Short	Lighter ETH	2,735.7	0.0096	get 0.0012% / 1h	4m 18s	$112.8M	$441.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.078%Rate

Funding earned: −$0.84
Price spread: +0.078% → −0.015%: $9.32
Slippage, 4 orders: −$2.67
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$3.18
Costs to cover: 0.117%
Break-even: never at this rate

Slippage from GRVT: 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 GRVT live order book, 5 min ago	0.02 bp	5.7 bp −$6	6.1 bp −$61	9.1 bp −$907	17.9 bp −$8,962
Sell Lighter live order book, 5 min ago	0.55 bp	0.6 bp −$1	0.9 bp −$9	1.4 bp −$140	4.7 bp −$2,338

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	2,733	−0.021%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	+0.023%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.8	+0.008%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,734.6	+0.037%	$11.9M	—	200x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,734.2	+0.023%	$187K	$821K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,733.9	+0.012%	$826K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,733	−0.021%	$10.7M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,734.7	+0.041%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0014%	1h	2,734.2	+0.024%	$179K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,733.3	−0.012%	$1.06B	$1.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0044%	8h	2,733.8	+0.008%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0054%	8h	2,734	+0.016%	$2.38B	$4.35B	150x	as long as short
ApeX Omni ETHUSDT	+0.0063%	1h	2,732.3	−0.048%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,733.8	+0.007%	$380.3M	$573.5M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,734.4	+0.031%	$1.67B	$10.71B	100x	as long as short
Phemex ETHUSDT	+0.0081%	8h	2,735.3	+0.061%	$265.8M	$65.2M	150x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,734.3	+0.028%	$251.0M	$841.9M	200x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,734.3	+0.027%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,734.3	+0.027%	$6.35B	$15.87B	150x	as long as short
Lighter ETHshort	+0.0096%	1h	2,735.7	+0.078%	$112.8M	$441.9M	50x
Lighter RH ETH	+0.0096%	1h	2,736.9	+0.121%	$23.5M	$106.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,733.6	+0.002%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,732	−0.058%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,737.1	+0.128%	$15.5M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,734.4	+0.031%	$5.6M	$11.7M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,733.5	−0.003%	$500K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,733.4	−0.005%	$13.6M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,736.6	+0.111%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,734.4	+0.030%	$32.0M	$335.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.7	−0.032%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,734.4	+0.030%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	+0.004%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,734.4	+0.030%	$3.34B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,734.4	+0.029%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732.1	−0.055%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732	−0.058%	$133.7M	$324.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.4	−0.044%	$183.8M	$670.9M	100x	as long as short
GRVT ETH_USDT_Perplong	+0.0100%	8h	2,733.6	long leg	$159.0M	$86.4M	50x
StandX ETH-USD	+0.0100%	1h	2,733.5	−0.003%	$21.1M	$68.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,734.8	+0.045%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,736	+0.089%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.2	+0.024%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,736	+0.091%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,732.5	−0.039%	$957K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,734.5	+0.034%	$54.5M	$187.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,733.6	−0.001%	$30.4M	$72.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,736.5	+0.106%	$51.2M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0117%	1h	2,734	+0.016%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,734.2	+0.023%	$6.6M	$678.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0163%	1h	2,735.9	+0.083%	$259.6M	$196.3M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0197%	8h	2,736.9	+0.121%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,733.6	+0.002%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,735.8	+0.082%	$83.3M	$314.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,734.2	+0.022%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0378%	8h	2,733.5	−0.004%	$283.3M	$175.7M	150x	as long as short