ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.018%

Price spread now: Derive against Lighter+0.086%7-day average +0.028% · you sell dearer than you buy

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

Long on Lighter Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.154%+$15 on $10k

Price spread, last 4 days (all we have)−0.324%−$32 · spread now +0.086%, 7d avg +0.028%

Together, before fees−0.170%+ Points / potential airdropLighter: Season 3 · farm board−$17 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: Derive is 0.058% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.028%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETH	2,743.3	0.0096	pay 0.0012% / 1h	44m 31s	$112.8M	$431.9M	50x
Short	Derive ETH-PERP	2,745.7	0.0100	get 0.0013% / 1h	44m 31s	$41.6M	$29.6M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.086%Rate

Funding earned: $0.84
Price spread: +0.086% → +0.028%: $5.82
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Derive: 3 bp × 2 orders: −$6
Net: $0.66
Costs to cover: 0.060%
Break-even: 1.5 days

Slippage unknown: Lighter: live order book, 15 min ago; Derive: no order-book sample. 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 Lighter live order book, 15 min ago	0.53 bp	0.5 bp −$1	1.1 bp −$11	2.1 bp −$208	5.2 bp −$2,621
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	−0.0112%	43m	2,743.1	−0.009%	$305K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,742.7	−0.023%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,744.7	+0.050%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.2	−0.077%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,742.9	−0.016%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,741.4	−0.071%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,740.6	−0.100%	$845K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,742.8	−0.020%	$182K	$917K	50x	as long as short
BingX ETH-USDC	+0.0047%	8h	2,741.4	−0.069%	—	$18.5M	—	as long as short
OKX ETH-USDT-SWAP	+0.0061%	8h	2,741.7	−0.061%	$1.70B	$10.57B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,741.4	−0.073%	$376.2M	$598.0M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,742.4	−0.036%	$5.7M	$11.2M	25x	as long as short
Aster ETHUSDT	+0.0078%	8h	2,742.7	−0.024%	$252.3M	$841.3M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,741.2	−0.077%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,741.2	−0.077%	$1.56B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,741.2	−0.080%	$6.38B	$15.71B	150x	as long as short
Bullet ETH-USD	+0.0096%	1h	2,741.1	−0.083%	$182K	$1.7M	20x	as long as short
Lighter ETHlong	+0.0096%	1h	2,743.3	long leg	$112.8M	$431.9M	50x
Lighter RH ETH	+0.0096%	1h	2,744.3	+0.036%	$24.7M	$103.4M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,744.4	+0.040%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,744.9	+0.055%	$59.0M	$4.27B	50x	as long as short
HTX ETH-USDT	+0.0097%	8h	2,743.4	+0.002%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,746.5	+0.116%	$16.1M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,742.4	−0.034%	$469K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,742.5	−0.032%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,743.8	+0.017%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,743.5	+0.004%	$31.6M	$334.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,741.8	−0.056%	$2.45B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.8	−0.020%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,742.9	−0.015%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.007%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,741.7	−0.062%	$3.39B	$8.69B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,741.7	−0.059%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,743.2	−0.005%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.4	−0.108%	$132.4M	$336.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.2	−0.152%	$181.4M	$691.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.8	−0.130%	$159.3M	$82.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,740.9	−0.088%	$8.7M	$31.1M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.9	−0.089%	$21.2M	$69.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,743.1	−0.009%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,742.7	−0.023%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744	+0.022%	$21K	$21K	25x	as long as short
Derive ETH-PERPshort	+0.0100%	1h	2,745.7	+0.086%	$41.6M	$29.6M	15x
SunX ETH-USDT	+0.0100%	8h	2,740.6	−0.102%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,743.9	+0.020%	$54.6M	$187.5M	40x	as long as short
Deribit ETH-PERPETUAL	+0.0100%	1h	2,745.1	+0.063%	$258.8M	$195.7M	50x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743.4	+0.004%	$266.9M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,741.5	−0.065%	$30.6M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,743.1	−0.010%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0152%	8h	2,743.7	+0.013%	$7.7M	$668.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,744	+0.023%	$32.3M	$11.2M	100x	as long as short
BloFin ETH-USDT	+0.0208%	8h	2,742.9	−0.015%	$286.0M	$177.5M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,744.6	+0.044%	$87.4M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,741.3	−0.074%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,744.9	+0.058%	$250K	$1.4M	20x	as long as short