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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC−0.0038%/8h= −4.1% APRnext payment −$0.05 per $10,000 · paid last 24h −0.002%
Price spread now: Lighter RH against Kraken Futures+0.025%7-day average +0.046% · you sell dearer than you buy
Net, funding: paid 7d − costs−$19as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$150.149% of the position
Long on Kraken FuturesShort on Lighter RH
What this pair did over the last
the charts below follow
Funding, last 7 days−0.039%−$4 on $10k
Price spread, last 3 days (all we have)+0.025%+$2 · spread now +0.025%, 7d avg +0.046%
Together, before fees−0.014%+ Points / potential airdropLighter RH: Points live · farm board−$1 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter RH is 0.020% cheaper against Kraken Futures than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.046%). Swap the legs.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKraken Futures PF_ETHUSD2,773.40.0134pay 0.0017% / 1h9m 07s$98.0M$314.3M100x
ShortLighter RH ETH2,774.10.0096get 0.0012% / 1h9m 07s$25.6M$112.1M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Lighter RH against Kraken Futures. 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
−$7.94
Price spread: +0.025% → +0.046%
−$2.05
Slippage, 4 orders
−$4.88
Fee Kraken Futures: 5 bp × 2 orders
−$10
Fee Lighter RH: 0 bp × 2 orders
$0
Net
−$24.87
Costs to cover
0.149%
Break-even
never at this rate
Slippage from Kraken Futures: live order book, 5 min ago; Lighter RH: live order book, 5 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 Kraken Futures live order book, 5 min ago0.36 bp5.5 bp −$66.7 bp −$679.5 bp −$95114.0 bp −$7,002
Sell Lighter RH live order book, 5 min ago1.61 bp1.7 bp −$21.9 bp −$199.4 bp −$94167.1 bp −$33.5K

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
Injective ETH/USDC PERP−0.0752%1h2,773.8+0.014%$119K$22.5M52xas long as short
RISEx ETH/USDC−0.0128%1h2,774.1+0.023%$5.6M$11.2M25xas long as short
Perpl ETH−0.0112%43m2,773.8+0.012%$323K$6.2M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,774.6+0.043%$5K$1K50xas long as short
01 Exchange ETHUSD−0.0032%1h2,774+0.021%$169K$1.1M50xas long as short
Phoenix ETH−0.0003%1h2,770.8−0.094%$872K$3.7M25xas long as short
dYdX ETH-USD0.0000%1h2,774.7+0.046%$12.3M$42.8M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,773.2−0.007%$22.4M—200xas long as short
Phemex ETHUSDT+0.0006%8h2,772.4−0.037%$269.8M$65.9M150xas long as short
Bullet ETH-USD+0.0015%1h2,772.8−0.022%$185K$1.7M20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
OKX ETH-USDT-SWAP+0.0031%8h2,771.7−0.064%$1.71B$10.97B100xas long as short
GMX ETH/USD [ETH-USDC]L +0.0043% / S −0.0009%1h2,773.2−0.007%$12.7M—200xas long as short
SoDEX ETH-USD+0.0045%1h2,771.8−0.058%$55.2M$187.7M40xas long as short
Aster ETHUSDT+0.0051%8h2,772.2−0.045%$256.4M$861.4M200xas long as short
Aevo ETH-PERP+0.0056%1h2,770.8−0.096%$5.0M$156K20xas long as short
MEXC ETH_USDT+0.0059%8h2,772−0.050%$1.61B$2.66B500xas long as short
Binance ETHUSDT+0.0060%8h2,772.1−0.048%$6.48B$16.06B150xas long as short
Aftermath Perps ETHUSD+0.0072%1h2,771.4−0.072%$31K$21K20xas long as short
HTX ETH-USDT+0.0077%8h2,771.9−0.055%$1.08B$1.23B200xas long as short
Bitget ETHUSDT+0.0079%8h2,772.7−0.024%$2.10B$2.82B150xas long as short
Coinbase International ETH-PERP-INTX+0.0080%1h2,773.3−0.004%$60.4M$4.40B50xas long as short
Gate ETH_USDT+0.0084%8h2,772.5−0.032%$3.38B$9.10B200xas long as short
Vest ETH-PERP+0.0085%1h2,773.9+0.018%—$876K50xas long as short
ApeX Omni ETHUSDT+0.0089%1h2,769−0.159%$8.6M$31.4M100xas long as short
KuCoin ETHUSDTM+0.0089%8h2,772.7−0.027%$420.9M$594.3M100xas long as short
Lighter ETH+0.0096%1h2,772.7−0.027%$115.2M$460.2M50xas long as short
Lighter RH ETHshort+0.0096%1h2,774.1+0.025%$25.6M$112.1M50x
Paradex ETH-USD-PERP+0.0099%8h2,778.6+0.187%$16.0M$8.2M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,773.6+0.007%$486K$2.8M50xas long as short
Nado ETH-PERP+0.0100%1h2,773.8+0.013%$14.6M$112.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,774.6+0.043%$3.17B$2.10B25xas long as short
Pacifica ETH+0.0100%1h2,774.6+0.043%$31.4M$328.9M50xas long as short
Bybit ETHUSDT+0.0100%8h2,771.9−0.056%$2.51B$4.27B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,774.2+0.028%$2.8M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,774.7+0.047%$2.8M$16.7M25xas long as short
Bulk ETH-USD+0.0100%1h2,763.5−0.356%$172.0M$292.0M25xas long as short
BingX ETH-USDC+0.0100%8h2,772−0.052%—$17.3M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,772.3−0.042%$15.2M$41.7M50xas long as short
Variational Omni ETH+0.0100%8h2,769.2−0.154%$134.1M$347.1M—as long as short
edgeX ETHUSDC+0.0100%4h2,768.6−0.175%$183.7M$750.2M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,771.4−0.073%$161.1M$84.1M50xas long as short
StandX ETH-USD+0.0100%1h2,771.1−0.083%$21.4M$64.2M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,773.5+0.003%$10.5M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,773.3−0.005%$21K$22K25xas long as short
Derive ETH-PERP+0.0100%1h2,774.2+0.029%$42.6M$28.9M15xas long as short
SunX ETH-USDT+0.0100%8h2,772.3−0.039%$972K$12.8M100xas long as short
Extended ETH-USD+0.0104%1h2,771.7−0.062%$30.9M$74.5M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,773.9+0.017%—$36.0M500xas long as short
Kalshi KXETHPERP+0.0116%8h2,774.8+0.050%$8.2M$673.4M4.9xas long as short
Kraken Futures PF_ETHUSDlong+0.0134%1h2,773.4long leg$98.0M$314.3M100x
Orderly PERP_ETH_USDC+0.0157%8h2,775.1+0.059%$32.7M$11.0M100xas long as short
Hibachi ETH/USDT-P+0.0160%1h2,774.4+0.035%$253K$1.5M20xas long as short
Deribit ETH-PERPETUAL+0.0168%1h2,773.5+0.004%$259.1M$201.6M50xas long as short
BloFin ETH-USDT+0.0180%8h2,771.6−0.067%$288.0M$175.4M150xas long as short
Reya ETHRUSDPERP+0.0214%1h2,772.7−0.025%$7.3M$1.1M25xas long as short