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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h −0.009%
Price spread now: Bullet against Lighter−0.020%7-day average +0.001% · you buy dearer than you sell
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs−$13as in the Price arb table
costs, in and out, $10k−$100.104% of the position
Long on LighterShort on Bullet
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)−0.046%−$5 on $10k
Price spread, last 7 days+0.025%+$3 · spread now −0.020%, 7d avg +0.001%
Together, before fees−0.021%+ Points / potential airdropLighter: Season 3 · farm board−$2 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: Bullet is 0.021% cheaper against Lighter than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.001%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongLighter ETH2,729.30.0096pay 0.0012% / 1h52m 34s$112.6M$429.0M50x
ShortBullet ETH-USD2,728.70.0100get 0.0013% / 1h52m 34s$186K$1.7M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Bullet against Lighter. 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
$0.84
Price spread: −0.020% → +0.001%
−$2.12
Slippage, 4 orders
−$2.41
Fee Lighter: 0 bp × 2 orders
$0
Fee Bullet: 4 bp × 2 orders
−$8
Net
−$11.68
Costs to cover
0.104%
Break-even
104.3 days
Slippage from Lighter: live order book, 7 min ago; Bullet: live order book, 7 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 Lighter live order book, 7 min ago0.02 bp0.4 bp $00.8 bp −$81.3 bp −$1303.9 bp −$1,960
Sell Bullet live order book, 7 min ago0.18 bp4.9 bp −$58.7 bp −$87doesn't fitdoesn't fit

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
ApeX Omni ETHUSDT−0.0132%1h2,727.7−0.059%$8.6M$31.6M100xas long as short
Hotstuff ETH-PERP−0.0080%1h2,729.30.000%$5K$1K50xas long as short
Phoenix ETH−0.0015%1h2,730+0.026%$812K$3.0M25xas long as short
BloFin ETH-USDT−0.0011%8h2,728.3−0.038%$281.5M$177.2M150xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,728.6−0.027%$11.9M—200xas long as short
dYdX ETH-USD0.0000%1h2,729.2−0.005%$10.5M$42.7M50xas long as short
Kalshi KXETHPERP0.0000%8h2,729.30.000%$6.5M$681.1M4.9xas long as short
Perpl ETH0.0000%43m2,728.3−0.035%$287K$5.8M8.3xas long as short
Deribit ETH-PERPETUAL0.0000%1h2,729.2−0.003%$262.4M$212.9M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,728.7−0.022%$32.9M—200xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDC+0.0020%8h2,727.1−0.082%—$18.6M—as long as short
Bybit ETHUSDT+0.0024%8h2,728.6−0.025%$2.33B$4.38B150xas long as short
HTX ETH-USDT+0.0030%8h2,727.9−0.052%$1.05B$1.22B200xas long as short
01 Exchange ETHUSD+0.0040%1h2,729.30.000%$192K$891K50xas long as short
Injective ETH/USDC PERP+0.0050%1h2,731.1+0.066%$117K$20.2M52xas long as short
Kraken Futures PF_ETHUSD+0.0060%1h2,728.9−0.013%$82.0M$309.7M100xas long as short
KuCoin ETHUSDTM+0.0068%8h2,728.9−0.016%$384.8M$577.7M100xas long as short
OKX ETH-USDT-SWAP+0.0077%8h2,728.7−0.023%$1.65B$10.85B100xas long as short
Aster ETHUSDT+0.0080%8h2,729−0.012%$252.8M$848.8M200xas long as short
MEXC ETH_USDT+0.0093%8h2,728.1−0.044%$1.54B$2.55B500xas long as short
Binance ETHUSDT+0.0093%8h2,728.8−0.016%$6.31B$16.14B150xas long as short
Lighter ETHlong+0.0096%1h2,729.3long leg$112.6M$429.0M50x
Lighter RH ETH+0.0096%1h2,730.3+0.038%$23.5M$101.8M50xas long as short
Hibachi ETH/USDT-P+0.0096%1h2,731.5+0.081%$242K$1.4M20xas long as short
Aevo ETH-PERP+0.0096%1h2,725.8−0.130%$4.9M$179K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,728.4−0.033%$502K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,732.3+0.111%$15.4M$7.8M50xas long as short
Nado ETH-PERP+0.0100%1h2,728.5−0.029%$14.0M$104.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,731+0.063%$3.10B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,729.5+0.008%$32.2M$333.8M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,727.7−0.058%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,729.1−0.008%$1.5M$16.0M25xas long as short
Gate ETH_USDT+0.0100%8h2,728.3−0.038%$3.30B$8.84B200xas long as short
Bitget ETHUSDT+0.0100%8h2,728.9−0.013%$2.10B$2.77B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,728.6−0.027%$15.0M$41.7M50xas long as short
Variational Omni ETH+0.0100%8h2,726.9−0.087%$133.9M$319.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,727.6−0.063%$185.5M$682.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,729.30.000%$158.6M$83.7M50xas long as short
StandX ETH-USD+0.0100%1h2,729.1−0.007%$21.0M$70.4M40xas long as short
Vest ETH-PERP+0.0100%1h2,730.4+0.042%—$445K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,730+0.026%$11.2M$9.4M50xas long as short
Bullet ETH-USDshort+0.0100%1h2,728.7−0.020%$186K$1.7M20x
Bluefin ETH-PERP+0.0100%1h2,728.9−0.015%$22K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,730.5+0.045%$40.9M$30.1M15xas long as short
SunX ETH-USDT+0.0100%8h2,728.4−0.034%$957K$10.9M100xas long as short
SoDEX ETH-USD+0.0100%1h2,728.3−0.036%$54.4M$187.2M40xas long as short
Phemex ETHUSDT+0.0100%8h2,728.9−0.014%$262.9M$64.5M150xas long as short
Bulk ETH-USD+0.0100%1h2,729−0.012%$162.7M$352.6M25xas long as short
Aftermath Perps ETHUSD+0.0102%1h2,729.9+0.023%$30K$20K20xas long as short
Extended ETH-USD+0.0104%1h2,727.1−0.081%$30.4M$72.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0056%1h2,729.3+0.002%—$30.5M500xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,729.3+0.001%$46.5M$4.30B50xas long as short
RISEx ETH/USDC+0.0114%1h2,729.4+0.004%$5.6M$11.7M25xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,730.3+0.036%$32.2M$11.3M100xas long as short
Reya ETHRUSDPERP+0.0185%1h2,728−0.046%$7.3M$975K25xas long as short