Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.001%

Price spread now: KuCoin against Lighter−0.027%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$140.140% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.022%−$2 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.027%, 7d avg −0.009%

Together, before fees+0.011%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETH	2,732.6	0.0096	pay 0.0012% / 1h	42m 01s	$112.7M	$429.6M	50x
Short	KuCoin ETHUSDTM	2,731.9	0.0072	get 0.0072% / 8h	42m 01s	$385.0M	$576.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$5.04
Price spread: −0.027% → −0.009%: −$1.8
Slippage, 4 orders: −$2.01
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$20.85
Costs to cover: 0.140%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; KuCoin: live order book, 7 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, 7 min ago	0.17 bp	0.5 bp $0	0.8 bp −$8	1.2 bp −$122	4.1 bp −$2,051
Sell KuCoin live order book, 7 min ago	0.02 bp	6.0 bp −$6	7.3 bp −$73	9.3 bp −$934	doesn't fit

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
BloFin ETH-USDT	−0.0189%	8h	2,730	−0.095%	$281.1M	$177.9M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732.1	−0.019%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,733.5	+0.032%	$811K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.3	−0.012%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,731.3	−0.050%	$10.5M	$42.6M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.1	−0.056%	$6.4M	$681.4M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,731.4	−0.043%	$286K	$5.7M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,732.7	+0.003%	$262.4M	$212.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,732.5	−0.005%	$33.0M	—	200x	as long as short
BingX ETH-USDT	+0.0019%	8h	2,731.6	−0.037%	—	$1.10B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0024%	8h	2,731.4	−0.044%	$2.33B	$4.36B	150x	as long as short
HTX ETH-USDT	+0.0029%	8h	2,731.4	−0.044%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,731.8	−0.030%	$192K	$888K	50x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,732.3	−0.012%	$117K	$20.2M	52x	as long as short
ApeX Omni ETHUSDT	+0.0057%	1h	2,731.2	−0.051%	$8.6M	$31.6M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,732.6	−0.002%	$82.2M	$309.4M	100x	as long as short
KuCoin ETHUSDTMshort	+0.0072%	8h	2,731.9	−0.027%	$385.0M	$576.8M	100x
Hibachi ETH/USDT-P	+0.0072%	1h	2,731.7	−0.034%	$242K	$1.4M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0074%	8h	2,731.6	−0.039%	$1.65B	$10.86B	100x	as long as short
Aster ETHUSDT	+0.0081%	8h	2,731.5	−0.040%	$253.0M	$849.3M	200x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,731.9	−0.028%	$6.32B	$16.14B	150x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,731.3	−0.050%	$1.56B	$2.56B	500x	as long as short
Lighter ETHlong	+0.0096%	1h	2,732.6	long leg	$112.7M	$429.6M	50x
Lighter RH ETH	+0.0096%	1h	2,733.7	+0.039%	$23.5M	$102.0M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,729.1	−0.128%	$4.9M	$183K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.7	−0.070%	$500K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,735.3	+0.099%	$15.4M	$7.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730.3	−0.085%	$14.0M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,734.7	+0.076%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,731.9	−0.027%	$32.1M	$333.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,730.2	−0.089%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.8	−0.030%	$1.5M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.5	−0.113%	$162.7M	$356.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,732.2	−0.017%	$3.31B	$8.86B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.7	−0.033%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,732	−0.023%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.6	−0.036%	$134.1M	$318.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.7	−0.033%	$185.7M	$684.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732	−0.022%	$158.8M	$83.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,731.5	−0.041%	$21.0M	$70.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.2	+0.021%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.3	+0.025%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,731.9	−0.027%	$184K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,732.5	−0.004%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.5	+0.031%	$41.0M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,730.2	−0.089%	$957K	$10.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,731.8	−0.030%	$54.4M	$187.2M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,731.9	−0.026%	$263.3M	$64.5M	150x	as long as short
Aftermath Perps ETHUSD	+0.0104%	1h	2,732	−0.022%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.9	−0.062%	$30.4M	$72.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,731.5	−0.041%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.3	+0.023%	$46.6M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,732.6	0.000%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0183%	1h	2,731	−0.058%	$7.3M	$975K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0185%	8h	2,734.1	+0.055%	$32.2M	$11.3M	100x	as long as short