Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: edgeX against Lighter+0.137%49s7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs−$1as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

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

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.110%+$11 on $10k

Price spread, last 7 days−0.158%−$16 · spread now +0.137%, 7d avg −0.042%

Together, before fees−0.048%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board−$5 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: edgeX is 0.179% dearer against Lighter than usual: you sell high and buy low, +$18 on $10k if it goes back to its 7-day average of −0.042%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETH	2,764.3	0.0096	pay 0.0012% / 1h	18m 25s	$114.7M	$458.7M	50x
Short	edgeX ETHUSDC	2,768.1	0.0100	get 0.0050% / 4h	3h 18m	$181.7M	$785.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.137%Rate

Funding earned: $0.84
Price spread: +0.137% → −0.042%: $17.93
Slippage, 4 orders: −$3.38
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $6.39
Costs to cover: 0.124%
Break-even: from the start

Slippage from Lighter: live order book, 6 min ago; edgeX: live order book, 1 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, 6 min ago	0.31 bp	0.4 bp $0	0.8 bp −$8	1.2 bp −$117	3.8 bp −$1,916
Sell edgeX live order book, 1 min ago	0.04 bp	6.7 bp −$7	7.0 bp −$70	7.1 bp −$709	9.2 bp −$4,599

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
Injective ETH/USDC PERP	−0.0752%	1h	2,776.9	+0.455%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,763.6	−0.026%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,764.2	−0.003%	$340K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,764.2	−0.004%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,764.2	−0.004%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.278%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,764.7	+0.015%	$12.2M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,766.7	+0.086%	$22.3M	—	200x	as long as short
Bullet ETH-USD	+0.0018%	1h	2,765.5	+0.043%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,767	+0.096%	$1.70B	$11.14B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0028%	1h	2,766.6	+0.083%	$55.1M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,766.3	+0.073%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,764.5	+0.008%	$256.0M	$885.9M	200x	as long as short
Gate ETH_USDT	+0.0055%	8h	2,766.9	+0.093%	$3.38B	$9.06B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,765.9	+0.058%	$5.0M	$165K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,766	+0.060%	$6.47B	$16.26B	150x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,765	+0.025%	$1.61B	$2.65B	500x	as long as short
Aftermath Perps ETHUSD	+0.0069%	1h	2,770	+0.205%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,766.9	+0.093%	$2.10B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,769	+0.169%	$60.3M	$4.42B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,764.7	+0.015%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,764.1	−0.008%	$419.8M	$619.4M	100x	as long as short
HTX ETH-USDT	+0.0088%	8h	2,762.4	−0.071%	$1.07B	$1.25B	200x	as long as short
Lighter ETHlong	+0.0096%	1h	2,764.3	long leg	$114.7M	$458.7M	50x
Lighter RH ETH	+0.0096%	1h	2,765.7	+0.048%	$25.5M	$111.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,768.2	+0.140%	$8.7M	$32.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,766.1	+0.066%	$15.9M	$8.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,764.2	−0.004%	$487K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,763	−0.046%	$14.6M	$113.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,767.3	+0.108%	$3.16B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,764.2	−0.003%	$31.1M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,767.3	+0.108%	$2.51B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,763.5	−0.029%	$2.8M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,764.3	−0.001%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.028%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,765.3	+0.035%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,763.7	−0.024%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	+0.153%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDCshort	+0.0100%	4h	2,768.1	+0.137%	$181.7M	$785.3M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.8	+0.161%	$161.1M	$85.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.9	+0.130%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,764.4	+0.003%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.7	+0.123%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768.7	+0.159%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,765.3	+0.035%	$969K	$13.0M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,763.8	−0.018%	$269.0M	$67.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.2	+0.067%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,765.8	+0.052%	—	$36.1M	500x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,767.4	+0.112%	$8.1M	$678.7M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,769.2	+0.175%	$97.8M	$320.5M	100x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,769.3	+0.179%	$252K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0155%	8h	2,769.8	+0.197%	$32.6M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0158%	1h	2,768.8	+0.161%	$259.1M	$203.4M	50x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,763.6	−0.027%	$287.3M	$178.3M	150x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,764.4	+0.003%	$7.3M	$1.1M	25x	as long as short