Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.002%

Price spread now: Bybit against Lighter−0.012%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$120.124% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 7 days+0.011%+$1 · spread now −0.012%, 7d avg −0.012%

Together, before fees0.000%+ Points / potential airdropLighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETH	2,769.3	0.0096	pay 0.0012% / 1h	11m 38s	$115.1M	$500.4M	50x
Short	Bybit ETHUSDT	2,769	0.0088	get 0.0088% / 8h	11m 38s	$2.50B	$4.62B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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

Position, each leg$Hold fordaysFee LighterbpFee BybitbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$1.73
Price spread: −0.012% → −0.012%: $0.01
Slippage, 4 orders: −$1.36
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$14.09
Costs to cover: 0.124%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; Bybit: live order book, 3 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 Lighter live order book, 8 min ago	0.22 bp	0.6 bp −$1	0.9 bp −$9	1.4 bp −$139	3.7 bp −$1,848
Sell Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	6.1 bp −$61	7.6 bp −$761	11.1 bp −$5,571

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	−0.0223%	43m	2,771.4	+0.074%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,770.7	+0.050%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,762.1	−0.261%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.5	+0.042%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0022%	1h	2,771.4	+0.075%	$8.7M	$33.0M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,770.9	+0.056%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.8	+0.053%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.8	+0.089%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.8	+0.053%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,768.8	−0.018%	$1.70B	$11.87B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,770.9	+0.056%	$12.8M	—	200x	as long as short
Phemex ETHUSDT	+0.0029%	8h	2,770.2	+0.030%	$270.0M	$68.9M	150x	as long as short
Aftermath Perps ETHUSD	+0.0030%	1h	2,772	+0.094%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,769.5	+0.007%	$255.6M	$1.00B	200x	as long as short
SoDEX ETH-USD	+0.0035%	1h	2,769.3	−0.001%	$55.1M	$228.9M	40x	as long as short
Bullet ETH-USD	+0.0039%	1h	2,770	+0.025%	$182K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0046%	1h	2,771	+0.058%	$259.0M	$222.2M	50x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,767.8	−0.056%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0056%	8h	2,769	−0.014%	$6.45B	$17.30B	150x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,768.8	−0.021%	$1.62B	$2.66B	500x	as long as short
Bitget ETHUSDT	+0.0065%	8h	2,768.9	−0.016%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0068%	8h	2,769.7	+0.013%	$3.29B	$9.68B	200x	as long as short
KuCoin ETHUSDTM	+0.0081%	8h	2,769.3	−0.001%	$420.7M	$739.3M	100x	as long as short
Bybit ETHUSDTshort	+0.0088%	8h	2,769	−0.012%	$2.50B	$4.62B	150x
BingX ETH-USDC	+0.0088%	8h	2,768.8	−0.021%	—	$17.4M	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,771.1	+0.063%	$60.2M	$4.59B	50x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,770.5	+0.043%	$1.08B	$1.32B	200x	as long as short
Lighter ETHlong	+0.0096%	1h	2,769.3	long leg	$115.1M	$500.4M	50x
Lighter RH ETH	+0.0096%	1h	2,770.7	+0.051%	$25.3M	$122.0M	50x	as long as short
Vest ETH-PERP	+0.0096%	1h	2,771.1	+0.065%	—	$1.1M	50x	as long as short
Nado ETH-PERP	+0.0098%	1h	2,770.6	+0.046%	$14.3M	$118.2M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,768.5	−0.030%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	+0.031%	$475K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.7	+0.085%	$3.17B	$2.36B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.5	+0.006%	$31.2M	$315.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.8	−0.019%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.9	+0.021%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,773	+0.131%	$170.1M	$265.7M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	+0.012%	$15.1M	$44.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,772.7	+0.122%	$147.4M	$335.8M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.6	+0.081%	$182.0M	$785.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.1	+0.065%	$161.1M	$90.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.4	+0.074%	$21.4M	$58.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.9	+0.056%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.7	+0.047%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771	+0.059%	$972K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772	+0.096%	$42.7M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.4	+0.004%	$32.5M	$78.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.5	+0.042%	—	$43.7M	500x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,771	+0.060%	$8.1M	$687.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,770.7	+0.050%	$90.3M	$338.3M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0143%	8h	2,772.2	+0.104%	$32.6M	$12.2M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,770	+0.024%	$286.1M	$194.7M	150x	as long as short
Reya ETHRUSDPERP	+0.0204%	1h	2,770.3	+0.035%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,772.1	+0.099%	$252K	$1.6M	20x	as long as short