Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0013%/8h= +1.4% APRpaid last 24h +0.001%

Price spread now: Lighter against KuCoin+0.039%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$130.127% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.022%+$2 on $10k

Price spread, last 7 days−0.045%−$4 · spread now +0.039%, 7d avg +0.009%

Together, before fees−0.023%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Lighter is 0.030% dearer against KuCoin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin ETHUSDTM	2,725.6	0.0083	pay 0.0083% / 8h	7h 59m	$382.7M	$575.8M	100x
Short	Lighter ETH	2,726.6	0.0096	get 0.0012% / 1h	59m 34s	$112.2M	$399.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against KuCoin. 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 KuCoinbpFee LighterbpOrdersPrice spread, now +0.039%Rate

Funding earned: $2.73
Price spread: +0.039% → +0.009%: $2.98
Slippage, 4 orders: −$0.66
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$6.95
Costs to cover: 0.127%
Break-even: 24.8 days

Slippage from KuCoin: live order book, 10 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 KuCoin live order book, 10 min ago	0.02 bp	6.0 bp −$6	8.2 bp −$82	10.4 bp −$1,043	doesn't fit
Sell Lighter live order book, 5 min ago	0.22 bp	0.3 bp $0	0.9 bp −$9	1.4 bp −$139	4.5 bp −$2,237

ETH on 54 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	2,725.5	−0.001%	$274K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.1	+0.020%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,723.8	−0.064%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,724.6	−0.033%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,725	−0.020%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,724.7	−0.031%	$6.7M	$673.0M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,725.4	−0.004%	$264.1M	$216.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,725.8	+0.009%	$32.9M	—	200x	as long as short
BingX ETH-USDC	+0.0018%	8h	2,725.8	+0.009%	—	$18.7M	—	as long as short
HTX ETH-USDT	+0.0037%	8h	2,724.5	−0.040%	$1.05B	$1.21B	200x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0040%	1h	2,726	+0.017%	$189K	$883K	50x	as long as short
BloFin ETH-USDT	+0.0044%	8h	2,724.3	−0.047%	$280.6M	$177.6M	150x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,728.3	+0.101%	$117K	$22.5M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,725.2	−0.012%	$82.0M	$310.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0078%	8h	2,725.6	+0.003%	$1.65B	$10.73B	100x	as long as short
ApeX Omni ETHUSDT	+0.0078%	1h	2,722.1	−0.128%	$8.4M	$31.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,724.2	−0.048%	$239K	$1.4M	20x	as long as short
KuCoin ETHUSDTMlong	+0.0083%	8h	2,725.6	long leg	$382.7M	$575.8M	100x
Aster ETHUSDT	+0.0084%	8h	2,725.5	−0.002%	$252.0M	$850.8M	200x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,725.6	+0.003%	$1.58B	$2.53B	500x	as long as short
Aftermath Perps ETHUSD	+0.0093%	1h	2,724.6	−0.037%	$30K	$20K	20x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,725.6	+0.001%	$6.31B	$16.07B	150x	as long as short
Lighter ETHshort	+0.0096%	1h	2,726.6	+0.039%	$112.2M	$399.5M	50x
Lighter RH ETH	+0.0096%	1h	2,727.9	+0.087%	$23.4M	$95.0M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,722	−0.131%	$4.9M	$189K	20x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.6	+0.221%	$15.5M	$7.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.1	+0.020%	$14.1M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,728.1	+0.094%	$3.10B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.2	+0.062%	$32.1M	$332.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,725.5	−0.001%	$2.31B	$4.31B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,725	−0.020%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.6	+0.037%	$1.6M	$15.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,726.4	+0.030%	$3.31B	$8.17B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,725.7	+0.007%	$2.11B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,725.2	−0.014%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723	−0.095%	$131.2M	$318.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,722.3	−0.117%	$185.2M	$683.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.8	−0.066%	$158.3M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,723.6	−0.072%	$20.9M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.1	+0.057%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,727.1	+0.057%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,725.4	−0.006%	$180K	$1.7M	20x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,724.2	−0.050%	$40.6M	$30.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,723.9	−0.061%	$956K	$10.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,724.3	−0.046%	$54.3M	$182.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,725	−0.020%	$262.6M	$64.0M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,722.9	−0.098%	$160.5M	$349.9M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,725.6	+0.001%	$30.4M	$71.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,724.5	−0.037%	—	$30.1M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,725.8	+0.010%	$46.7M	$4.25B	50x	as long as short
Bluefin ETH-PERP	+0.0128%	1h	2,724.5	−0.040%	$20K	$23K	25x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,727.1	+0.057%	$5.6M	$11.6M	25x	as long as short
Reya ETHRUSDPERP	+0.0176%	1h	2,723.6	−0.072%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,726.9	+0.051%	$32.1M	$11.4M	100x	as long as short