Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Katana Perps+0.076%7-day average +0.064% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Katana Perps Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.002%$0 on $10k

Price spread, last 7 days−0.026%−$3 · spread now +0.076%, 7d avg +0.064%

Together, before fees−0.025%+ Points / potential airdropLighter RH: Points live · farm board−$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,732.3	0.0100	pay 0.0100% / 8h	2h 15m	$505K	$3.5M	50x
Short	Lighter RH ETH	2,734.4	0.0096	get 0.0012% / 1h	15m 25s	$23.5M	$104.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Katana Perps. 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 Katana PerpsbpFee Lighter RHbpOrdersPrice spread, now +0.076%Rate

Funding earned: −$0.8
Price spread: +0.076% → +0.064%: $1.14
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$3.45
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Lighter RH: live order book, 4 min ago. Net counts fees only.

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 Katana Perps no order-book sample	—	—	—	—	—
Sell Lighter RH live order book, 4 min ago	1.24 bp	1.7 bp −$2	3.2 bp −$32	8.5 bp −$855	53.6 bp −$26.8K

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,732.1	−0.007%	$281K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,733.2	+0.033%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.5	+0.008%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,732.6	+0.011%	$819K	$3.0M	25x	as long as short
HTX ETH-USDT	−0.0001%	8h	2,732.3	−0.001%	$1.05B	$1.22B	200x	as long as short
dYdX ETH-USD	+0.0007%	1h	2,732.3	−0.001%	$10.4M	$42.6M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,732.7	+0.014%	$33.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,730.8	−0.055%	$117K	$22.5M	52x	as long as short
BingX ETH-USDT	+0.0034%	8h	2,732.4	+0.004%	—	$1.12B	—	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,733.2	+0.033%	$193K	$850K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0043%	8h	2,732.4	+0.002%	$2.35B	$4.41B	150x	as long as short
Aftermath Perps ETHUSD	+0.0077%	1h	2,728.9	−0.126%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0079%	8h	2,732.6	+0.011%	$375.2M	$578.0M	100x	as long as short
SunX ETH-USDT	+0.0080%	8h	2,731.4	−0.033%	$957K	$11.1M	100x	as long as short
Bullet ETH-USD	+0.0082%	1h	2,732.4	+0.002%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0092%	8h	2,732.6	+0.009%	$252.4M	$846.2M	200x	as long as short
Phemex ETHUSDT	+0.0093%	8h	2,732.2	−0.005%	$263.4M	$65.0M	150x	as long as short
Lighter ETH	+0.0096%	1h	2,733.3	+0.036%	$112.7M	$436.2M	50x	as long as short
Lighter RH ETHshort	+0.0096%	1h	2,734.4	+0.076%	$23.5M	$104.0M	50x
Aevo ETH-PERP	+0.0096%	1h	2,729.7	−0.093%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0097%	8h	2,732.6	+0.010%	$1.54B	$2.60B	500x	as long as short
OKX ETH-USDT-SWAP	+0.0098%	8h	2,732.2	−0.003%	$1.66B	$10.88B	100x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,732.5	+0.008%	$6.34B	$16.12B	150x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,732.3	long leg	$505K	$3.5M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,736.5	+0.155%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,732.4	+0.002%	$14.1M	$105.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.8	+0.092%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,733.6	+0.046%	$32.0M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,732.2	−0.004%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,733.3	+0.036%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.5	−0.358%	$160.0M	$319.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732.3	−0.001%	$3.29B	$9.05B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,732.5	+0.008%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.8	−0.017%	$15.0M	$42.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.7	−0.023%	$134.3M	$327.4M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.2	−0.042%	$185.1M	$680.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,731.6	−0.026%	$158.9M	$87.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,732.2	−0.005%	$8.7M	$31.4M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.2	−0.004%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.9	+0.059%	—	$875K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.9	+0.059%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,732.6	+0.012%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.4	+0.042%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,731.9	−0.015%	$54.4M	$187.7M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,731.9	−0.016%	$30.4M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,732.8	+0.019%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,733.3	+0.036%	$49.7M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,733.2	+0.033%	$5.6M	$11.8M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0138%	1h	2,733.1	+0.029%	$259.3M	$207.7M	50x	as long as short
Kalshi KXETHPERP	+0.0146%	8h	2,732.2	−0.004%	$6.9M	$692.5M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,732.6	+0.011%	$83.2M	$311.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,734.6	+0.085%	$32.1M	$11.5M	100x	as long as short
Reya ETHRUSDPERP	+0.0198%	1h	2,731.6	−0.025%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,733.5	+0.042%	$250K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0382%	8h	2,731.9	−0.016%	$281.6M	$174.8M	150x	as long as short