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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 23:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h +0.016%
Price spread now: Lighter against Kalshi+0.031%7-day average +0.018% · you sell dearer than you buy
Net, funding: paid 7d − costs−$6as in the Funding arb table
Net, price: spread back to 7d avg − costs−$11as in the Price arb table
costs, in and out, $10k−$120.118% of the position
Long on KalshiShort on Lighter
What this pair did over the last
the charts below follow
Funding, last 7 days+0.054%+$5 on $10k
Price spread, last 7 days−0.062%−$6 · spread now +0.031%, 7d avg +0.018%
Together, before fees−0.008%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.018%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.054%, so the current rate has only just turned against you.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKalshi KXETHPERP2,777.40.0117pay 0.0117% / 8h5h 33m$8.6M$674.3M4.9x
ShortLighter ETH2,778.30.0096get 0.0012% / 1h33m 38s$115.1M$499.1M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Lighter against Kalshi. 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

Funding earned
−$4.36
Price spread: +0.031% → +0.018%
$1.3
Slippage, 4 orders
−$1.85
Fee Kalshi: 5 bp × 2 orders
−$10
Fee Lighter: 0 bp × 2 orders
$0
Net
−$14.91
Costs to cover
0.118%
Break-even
never at this rate
Slippage from Kalshi: 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
LegHalf-spread$10k$100k$1M$5M
Buy Kalshi live order book, 6 min ago0.18 bp5.3 bp −$56.2 bp −$6210.2 bp −$1,01917.1 bp −$8,564
Sell Lighter live order book, 6 min ago0.31 bp0.7 bp −$10.9 bp −$91.4 bp −$1384.1 bp −$2,063

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,776.5−0.033%$289K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0085%1h2,777.40.000%$5.8M$12.1M25xas long as short
Hotstuff ETH-PERP−0.0080%1h2,778.2+0.029%$5K$2K50xas long as short
Injective ETH/USDC PERP−0.0041%1h2,777.1−0.011%$119K$22.5M52xas long as short
01 Exchange ETHUSD−0.0040%1h2,778+0.022%$169K$1.2M50xas long as short
Aftermath Perps ETHUSD−0.0030%1h2,777.3−0.004%$29K$22K20xas long as short
dYdX ETH-USD0.0000%1h2,778.7+0.046%$12.7M$45.5M50xas long as short
Phoenix ETH0.0000%1h2,779.8+0.086%$885K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,777.2−0.007%$22.4M—200xas long as short
BingX ETH-USDC+0.0015%8h2,777.4+0.001%—$17.3M—as long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDT+0.0017%8h2,776.7−0.026%$270.1M$68.6M150xas long as short
OKX ETH-USDT-SWAP+0.0020%8h2,776.8−0.023%$1.71B$11.83B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0027% / S +0.0009%1h2,777−0.013%$13.0M—200xas long as short
Aster ETHUSDT+0.0036%8h2,777−0.015%$256.4M$989.9M200xas long as short
Bullet ETH-USD+0.0040%1h2,774.9−0.089%$180K$1.7M20xas long as short
Nado ETH-PERP+0.0057%1h2,777−0.016%$14.2M$117.8M50xas long as short
MEXC ETH_USDT+0.0060%8h2,778+0.022%$1.63B$2.66B500xas long as short
Binance ETHUSDT+0.0061%8h2,777.4+0.001%$6.45B$17.11B150xas long as short
Aevo ETH-PERP+0.0064%1h2,775.8−0.056%$5.0M$636K20xas long as short
Gate ETH_USDT+0.0072%8h2,777.8+0.015%$3.29B$9.59B200xas long as short
Bitget ETHUSDT+0.0072%8h2,778+0.022%$2.10B$3.10B150xas long as short
SoDEX ETH-USD+0.0089%1h2,776.9−0.018%$55.3M$228.8M40xas long as short
ApeX Omni ETHUSDT+0.0094%1h2,775.4−0.071%$8.7M$32.5M100xas long as short
HTX ETH-USDT+0.0094%8h2,776.3−0.041%$1.08B$1.32B200xas long as short
Bybit ETHUSDT+0.0094%8h2,777.3−0.005%$2.52B$4.60B150xas long as short
Lighter ETHshort+0.0096%1h2,778.3+0.031%$115.1M$499.1M50x
Lighter RH ETH+0.0096%1h2,779.3+0.069%$25.4M$121.1M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,776.9−0.018%—$41.5M500xas long as short
KuCoin ETHUSDTM+0.0099%8h2,777.3−0.005%$426.6M$738.0M100xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,777.3−0.004%$16.0M$10.5M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,778.1+0.025%$481K$2.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,780.2+0.102%$3.19B$2.37B25xas long as short
Pacifica ETH+0.0100%1h2,778.1+0.025%$31.4M$297.6M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,777−0.014%$2.8M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,779.5+0.075%$2.8M$17.3M25xas long as short
Bulk ETH-USD+0.0100%1h2,781.3+0.141%$166.9M$248.1M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,777.7+0.010%$15.2M$44.5M50xas long as short
Variational Omni ETH+0.0100%8h2,774.6−0.101%$135.3M$322.5M—as long as short
edgeX ETHUSDC+0.0100%4h2,774.9−0.091%$179.9M$780.0M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,777−0.014%$161.5M$91.0M50xas long as short
StandX ETH-USD+0.0100%1h2,777.8+0.014%$21.4M$57.9M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,776−0.050%$10.8M$7.6M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,777.6+0.009%$21K$25K25xas long as short
Derive ETH-PERP+0.0100%1h2,779.1+0.060%$42.7M$29.4M15xas long as short
SunX ETH-USDT+0.0100%8h2,776.4−0.037%$973K$14.0M100xas long as short
Vest ETH-PERP+0.0100%1h2,775.7−0.061%—$1.1M50xas long as short
Extended ETH-USD+0.0104%1h2,777.5+0.004%$31.5M$74.5M50xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,778.4+0.035%$60.3M$4.60B50xas long as short
Kalshi KXETHPERPlong+0.0117%8h2,777.4long leg$8.6M$674.3M4.9x
Deribit ETH-PERPETUAL+0.0117%1h2,778.7+0.047%$258.3M$222.0M50xas long as short
Orderly PERP_ETH_USDC+0.0137%8h2,779.3+0.068%$32.6M$12.0M100xas long as short
Hibachi ETH/USDT-P+0.0152%1h2,778.6+0.044%$279K$1.5M20xas long as short
Kraken Futures PF_ETHUSD+0.0169%1h2,778.4+0.036%$86.3M$330.6M100xas long as short
BloFin ETH-USDT+0.0181%8h2,777−0.016%$284.8M$194.5M150xas long as short
Reya ETHRUSDPERP+0.0190%1h2,774.5−0.106%$7.4M$1.2M25xas long as short