Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.018%

Price spread now: OKX against Lighter−0.027%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$110.110% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.011%−$1 on $10k

Price spread, last 7 days+0.034%+$3 · spread now −0.027%, 7d avg −0.015%

Together, before fees+0.023%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: −$2 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	2,769.9	0.0096	pay 0.0012% / 1h	16m 35s	$115.0M	$459.1M	50x
Short	OKX ETH-USDT-SWAP	2,769.1	0.0028	get 0.0028% / 8h	7h 16m	$1.70B	$11.14B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$14.22
Price spread: −0.027% → −0.015%: −$1.24
Slippage, 4 orders: −$0.99
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$26.45
Costs to cover: 0.110%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; OKX: live order book, 3 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, 8 min ago	0.31 bp	0.4 bp $0	0.8 bp −$8	1.2 bp −$117	3.8 bp −$1,916
Sell OKX live order book, 3 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	6.3 bp −$631	8.6 bp −$4,320

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	2,765.8	−0.146%	$119K	$22.5M	52x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,769	−0.030%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,767.3	−0.093%	$340K	$6.3M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.1	−0.099%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,769.1	−0.027%	$169K	$1.1M	50x	as long as short
Phoenix ETH	−0.0003%	1h	2,772	+0.078%	$873K	$3.7M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,769.9	+0.001%	$12.3M	$43.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,767.2	−0.096%	$22.3M	—	200x	as long as short
Bullet ETH-USD	+0.0018%	1h	2,766	−0.139%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAPshort	+0.0028%	8h	2,769.1	−0.027%	$1.70B	$11.14B	100x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0030%	1h	2,767	−0.103%	$55.1M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,766.6	−0.116%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0045%	8h	2,768.6	−0.045%	$256.4M	$885.6M	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,765.3	−0.164%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0057%	8h	2,769.4	−0.016%	$1.61B	$2.66B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,768.9	−0.033%	$6.48B	$16.25B	150x	as long as short
Gate ETH_USDT	+0.0061%	8h	2,769.6	−0.009%	$3.38B	$9.07B	200x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,769.1	−0.026%	$2.10B	$2.87B	150x	as long as short
Aftermath Perps ETHUSD	+0.0078%	1h	2,769.6	−0.008%	$31K	$21K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,768.7	−0.043%	$60.3M	$4.42B	50x	as long as short
Vest ETH-PERP	+0.0081%	1h	2,767.8	−0.074%	—	$876K	50x	as long as short
Phemex ETHUSDT	+0.0082%	8h	2,767.2	−0.096%	$269.3M	$67.3M	150x	as long as short
HTX ETH-USDT	+0.0084%	8h	2,766.2	−0.131%	$1.07B	$1.24B	200x	as long as short
KuCoin ETHUSDTM	+0.0086%	8h	2,769.7	−0.005%	$420.7M	$604.4M	100x	as long as short
Lighter ETHlong	+0.0096%	1h	2,769.9	long leg	$115.0M	$459.1M	50x
Lighter RH ETH	+0.0096%	1h	2,770.9	+0.039%	$25.6M	$111.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0098%	1h	2,768.2	−0.060%	$8.7M	$32.1M	100x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.9	+0.110%	$15.9M	$8.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,769	−0.031%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,768.7	−0.042%	$14.6M	$113.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.7	+0.068%	$3.16B	$2.19B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,769.9	+0.001%	$31.2M	$328.0M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,769.6	−0.009%	$2.51B	$4.32B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,768.2	−0.060%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,769.6	−0.009%	$2.8M	$16.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,763.5	−0.228%	$172.0M	$292.0M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,768.8	−0.036%	—	$1.20B	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.8	−0.076%	$15.1M	$42.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,768.5	−0.047%	$137.0M	$344.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,768.1	−0.063%	$181.7M	$785.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,768.8	−0.039%	$161.1M	$85.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.5	−0.085%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.6	−0.081%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,767.4	−0.087%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,768.5	−0.047%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767	−0.104%	$971K	$13.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,768.4	−0.052%	$30.9M	$75.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,767.5	−0.086%	—	$36.2M	500x	as long as short
Kalshi KXETHPERP	+0.0109%	8h	2,768.6	−0.045%	$8.1M	$677.7M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,768.5	−0.048%	$97.8M	$320.5M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0155%	8h	2,769.2	−0.025%	$32.6M	$11.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0158%	1h	2,768.6	−0.044%	$259.1M	$203.2M	50x	as long as short
Hibachi ETH/USDT-P	+0.0160%	1h	2,766.5	−0.121%	$252K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,767.2	−0.096%	$287.6M	$178.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0213%	1h	2,766.8	−0.109%	$7.3M	$1.1M	25x	as long as short