Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0002%/8h= −0.2% APRpaid last 24h −0.006%

Price spread now: MEXC against Lighter−0.016%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$3as in the Price arb table

costs, in and out, $10k−$30.029% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.016%, 7d avg −0.014%

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	2,732	0.0096	pay 0.0012% / 1h	45m 32s	$112.6M	$429.3M	50x
Short	MEXC ETH_USDT	2,731.6	0.0094	get 0.0094% / 8h	45m 32s	$1.56B	$2.56B	500x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$0.42
Price spread: −0.016% → −0.014%: −$0.29
Slippage, 4 orders: −$0.92
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 1 bp × 2 orders: −$2
Net: −$3.63
Costs to cover: 0.029%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 min ago; MEXC: live order book, 4 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, 9 min ago	0.24 bp	0.5 bp $0	0.9 bp −$9	1.5 bp −$146	4.1 bp −$2,044
Sell MEXC live order book, 4 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.1 bp −$109	3.7 bp −$1,863

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	−0.0132%	8h	2,732.1	0.000%	$281.6M	$178.1M	150x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,732	−0.001%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0015%	1h	2,730.5	−0.056%	$811K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,732.6	+0.019%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,732.9	+0.033%	$10.5M	$42.6M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,732.9	+0.031%	$6.5M	$680.5M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,731.9	−0.004%	$286K	$5.7M	8.3x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,733.1	+0.040%	$262.4M	$212.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.7	−0.014%	$33.0M	—	200x	as long as short
BingX ETH-USDC	+0.0019%	8h	2,730.9	−0.043%	—	$18.6M	—	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	2,731.3	−0.027%	$2.33B	$4.36B	150x	as long as short
HTX ETH-USDT	+0.0029%	8h	2,731.8	−0.008%	$1.05B	$1.22B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,732.2	+0.006%	$191K	$890K	50x	as long as short
ApeX Omni ETHUSDT	+0.0045%	1h	2,732.1	+0.001%	$8.6M	$31.6M	100x	as long as short
Injective ETH/USDC PERP	+0.0050%	1h	2,733.8	+0.064%	$117K	$20.2M	52x	as long as short
Kraken Futures PF_ETHUSD	+0.0060%	1h	2,732.8	+0.027%	$82.1M	$309.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,731.4	−0.024%	$385.0M	$577.6M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,731.5	−0.020%	$1.65B	$10.85B	100x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,733.9	+0.069%	$242K	$1.4M	20x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,731.6	−0.016%	$253.0M	$849.4M	200x	as long as short
MEXC ETH_USDTshort	+0.0094%	8h	2,731.6	−0.016%	$1.56B	$2.56B	500x
Binance ETHUSDT	+0.0094%	8h	2,731.5	−0.019%	$6.32B	$16.15B	150x	as long as short
Lighter ETHlong	+0.0096%	1h	2,732	long leg	$112.6M	$429.3M	50x
Lighter RH ETH	+0.0096%	1h	2,733.2	+0.043%	$23.5M	$101.9M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,730.2	−0.068%	$4.9M	$181K	20x	as long as short
Phemex ETHUSDT	+0.0098%	8h	2,732.7	+0.022%	$263.3M	$64.5M	150x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,731.2	−0.031%	$500K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,736	+0.143%	$15.4M	$7.8M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,731.3	−0.028%	$14.0M	$104.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,733.7	+0.061%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732.4	+0.012%	$32.1M	$333.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,731	−0.038%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,732.3	+0.009%	$1.5M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,729.5	−0.092%	$162.7M	$356.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,731.8	−0.011%	$3.31B	$8.85B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,731.7	−0.014%	$2.10B	$2.77B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,731.3	−0.028%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,731.6	−0.015%	$134.1M	$318.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,731.7	−0.012%	$185.7M	$684.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,732.8	+0.028%	$158.8M	$83.6M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,732.7	+0.024%	$21.0M	$70.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,733.9	+0.068%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,733.4	+0.050%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,732.2	+0.008%	$185K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,733	+0.037%	$22K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,734.2	+0.080%	$41.0M	$30.1M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,732.1	+0.001%	$958K	$10.9M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,732.1	+0.002%	$54.4M	$187.1M	40x	as long as short
Aftermath Perps ETHUSD	+0.0102%	1h	2,731.9	−0.007%	$30K	$20K	20x	as long as short
Extended ETH-USD	+0.0104%	1h	2,730.7	−0.049%	$30.4M	$72.7M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,732.9	+0.032%	—	$30.4M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,733.5	+0.052%	$46.5M	$4.30B	50x	as long as short
RISEx ETH/USDC	+0.0114%	1h	2,732.3	+0.008%	$5.6M	$11.7M	25x	as long as short
Reya ETHRUSDPERP	+0.0184%	1h	2,731.3	−0.027%	$7.3M	$975K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,734.3	+0.084%	$32.2M	$11.3M	100x	as long as short