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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.018%
Price spread now: Hyperliquid against Lighter+0.097%7-day average +0.029% · you sell dearer than you buy
Net, funding: paid 7d − costs−$2as in the Funding arb table
Net, price: spread back to 7d avg − costs−$4as in the Price arb table
costs, in and out, $10k−$100.104% of the position
Long on LighterShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.088%+$9 on $10k
Price spread, last 7 days−0.083%−$8 · spread now +0.097%, 7d avg +0.029%
Together, before fees+0.005%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$1 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: Hyperliquid is 0.068% dearer against Lighter than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.029%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongLighter ETH2,735.80.0096pay 0.0012% / 1h32m 27s$113.0M$438.0M50x
ShortHyperliquid ETH2,738.40.0100get 0.0013% / 1h32m 27s$3.11B$2.05B25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid 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: +0.097% → +0.029%
$6.81
Slippage, 4 orders
−$1.45
Fee Lighter: 0 bp × 2 orders
$0
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$2.8
Costs to cover
0.104%
Break-even
30.3 days
Slippage from Lighter: live order book, 12 min ago; Hyperliquid: live order book, 12 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, 12 min ago0.46 bp0.6 bp −$11.0 bp −$101.5 bp −$1555.0 bp −$2,524
Sell Hyperliquid live order book, 12 min ago0.18 bp4.7 bp −$54.7 bp −$475.0 bp −$5027.7 bp −$3,869

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
Perpl ETH−0.0447%43m2,735.2−0.020%$298K$5.6M8.3xas long as short
Injective ETH/USDC PERP−0.0141%1h2,730.9−0.177%$117K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,735.9+0.005%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,734.4−0.049%$11.9M—200xas long as short
dYdX ETH-USD0.0000%1h2,736+0.009%$10.8M$41.7M50xas long as short
01 Exchange ETHUSD0.0000%1h2,736.3+0.020%$188K$821K50xas long as short
Phoenix ETH0.0000%1h2,732−0.137%$829K$2.9M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,734.6−0.043%$27.5M—200xas long as short
Bullet ETH-USD+0.0007%1h2,734−0.064%$178K$1.7M20xas long as short
ApeX Omni ETHUSDT+0.0044%1h2,731.3−0.161%$8.9M$31.3M100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDT+0.0058%8h2,735.3−0.016%—$1.14B—as long as short
HTX ETH-USDT+0.0064%8h2,733.4−0.087%$1.06B$1.20B200xas long as short
KuCoin ETHUSDTM+0.0067%8h2,735.2−0.020%$380.1M$575.5M100xas long as short
SoDEX ETH-USD+0.0068%1h2,734.3−0.053%$54.5M$187.7M40xas long as short
OKX ETH-USDT-SWAP+0.0070%8h2,735.70.000%$1.67B$10.72B100xas long as short
Bybit ETHUSDT+0.0073%8h2,735.6−0.005%$2.39B$4.35B150xas long as short
Phemex ETHUSDT+0.0074%8h2,734.1−0.060%$265.7M$65.4M150xas long as short
Aevo ETH-PERP+0.0080%1h2,731.6−0.153%$4.9M$155K20xas long as short
Aster ETHUSDT+0.0082%8h2,735.5−0.009%$251.6M$844.2M200xas long as short
MEXC ETH_USDT+0.0087%8h2,735.6−0.007%$1.53B$2.56B500xas long as short
Binance ETHUSDT+0.0088%8h2,736+0.008%$6.35B$15.87B150xas long as short
Lighter ETHlong+0.0096%1h2,735.8long leg$113.0M$438.0M50x
Lighter RH ETH+0.0096%1h2,736.9+0.042%$23.3M$106.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,733.5−0.083%—$30.8M500xas long as short
Paradex ETH-USD-PERP+0.0098%8h2,739.3+0.130%$15.5M$8.1M50xas long as short
RISEx ETH/USDC+0.0099%1h2,736.4+0.024%$5.6M$11.5M25xas long as short
Katana Perps ETH-USD+0.0100%8h2,735.4−0.013%$500K$3.2M50xas long as short
Nado ETH-PERP+0.0100%1h2,735.4−0.012%$13.8M$104.4M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,738.4+0.097%$3.11B$2.05B25x
Pacifica ETH+0.0100%1h2,736.3+0.020%$32.0M$334.3M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,732.3−0.126%$2.7M$17.0M25xas long as short
Arcus ETH-USD+0.0100%1h2,736.2+0.017%$1.6M$16.3M25xas long as short
Bulk ETH-USD+0.0100%1h2,728.7−0.259%$166.6M$310.3M25xas long as short
Gate ETH_USDT+0.0100%8h2,735.4−0.014%$3.35B$8.87B200xas long as short
Bitget ETHUSDT+0.0100%8h2,736+0.009%$2.07B$2.74B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,734.4−0.049%$15.0M$39.7M50xas long as short
Variational Omni ETH+0.0100%8h2,726.6−0.336%$133.1M$325.4M—as long as short
edgeX ETHUSDC+0.0100%4h2,729.6−0.223%$183.6M$671.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,730.3−0.200%$158.8M$86.8M50xas long as short
StandX ETH-USD+0.0100%1h2,730.8−0.181%$21.1M$68.7M40xas long as short
Vest ETH-PERP+0.0100%1h2,736.2+0.018%—$843K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,737.6+0.068%$11.2M$9.1M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,734.5−0.046%$21K$20K25xas long as short
Derive ETH-PERP+0.0100%1h2,735.9+0.005%$41.3M$29.8M15xas long as short
SunX ETH-USDT+0.0100%8h2,733.4−0.084%$957K$11.4M100xas long as short
Extended ETH-USD+0.0104%1h2,734.7−0.038%$30.3M$72.7M50xas long as short
Deribit ETH-PERPETUAL+0.0108%1h2,735.8+0.001%$260.2M$196.8M50xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,735.8+0.001%$51.3M$4.27B50xas long as short
Aftermath Perps ETHUSD+0.0120%1h2,731.6−0.151%$30K$20K20xas long as short
Kalshi KXETHPERP+0.0146%8h2,733.5−0.082%$6.5M$678.7M4.9xas long as short
Orderly PERP_ETH_USDC+0.0193%8h2,736.5+0.026%$32.2M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0221%1h2,735.2−0.019%$7.3M$1.2M25xas long as short
Kraken Futures PF_ETHUSD+0.0222%1h2,735.1−0.023%$83.5M$315.0M100xas long as short
Hibachi ETH/USDT-P+0.0256%1h2,734.9−0.030%$253K$1.4M20xas long as short
BloFin ETH-USDT+0.0350%8h2,734−0.064%$283.4M$175.7M150xas long as short