Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h +0.029%

Price spread now: Orderly against Lighter+0.157%7-day average +0.051% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days+0.269%+$27 on $10k

Price spread, last 3 days (all we have)−0.117%−$12 · spread now +0.157%, 7d avg +0.051%

Together, before fees+0.152%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Orderly is 0.105% dearer against Lighter than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.051%.

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 38s	$114.7M	$458.7M	50x
Short	Orderly PERP_ETH_USDC	2,768.6	0.0154	get 0.0154% / 8h	7h 18m	$32.6M	$11.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +0.157%Rate

Funding earned: $12.28
Price spread: +0.157% → +0.051%: $10.54
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: $16.82
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Lighter: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,766.7	+0.087%	$5.6M	$11.2M	25x	as long as short
Perpl ETH	−0.0112%	43m	2,767.1	+0.100%	$326K	$6.2M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,767.2	+0.105%	$5K	$1K	50x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,767.1	+0.101%	$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	2,767.2	+0.105%	$22.4M	—	200x	as long as short
Bullet ETH-USD	+0.0019%	1h	2,766.7	+0.086%	$184K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0028%	8h	2,764.3	0.000%	$1.70B	$11.12B	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	2,763.7	−0.022%	$55.0M	$188.0M	40x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0043% / S −0.0009%	1h	2,767.4	+0.111%	$12.7M	—	200x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,762.6	−0.064%	$255.8M	$885.9M	200x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,763.7	−0.022%	$3.38B	$9.05B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,764.6	+0.009%	$5.0M	$165K	20x	as long as short
Binance ETHUSDT	+0.0057%	8h	2,762.9	−0.050%	$6.46B	$16.27B	150x	as long as short
MEXC ETH_USDT	+0.0059%	8h	2,763.4	−0.034%	$1.61B	$2.65B	500x	as long as short
Deribit ETH-PERPETUAL	+0.0061%	1h	2,765.2	+0.032%	$259.1M	$204.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0072%	1h	2,771.1	+0.245%	$31K	$21K	20x	as long as short
Bitget ETHUSDT	+0.0076%	8h	2,763.2	−0.041%	$2.09B	$2.87B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,765	+0.023%	$60.2M	$4.41B	50x	as long as short
Vest ETH-PERP	+0.0082%	1h	2,767.8	+0.127%	—	$876K	50x	as long as short
KuCoin ETHUSDTM	+0.0085%	8h	2,764.3	+0.001%	$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	2,766.9	+0.094%	$488K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,766.1	+0.063%	$14.6M	$113.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,766.4	+0.076%	$3.16B	$2.18B	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	2,764.4	+0.001%	$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	2,772.8	+0.309%	$170.3M	$276.6M	25x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,763.2	−0.039%	—	$1.20B	—	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 ETHUSDC	+0.0100%	4h	2,768.1	+0.137%	$181.7M	$785.3M	100x	as long as short
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	2,767.8	+0.126%	$21.4M	$64.0M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.6	+0.119%	$10.5M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,766.4	+0.076%	$21K	$22K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,767.1	+0.101%	$42.5M	$28.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,766.3	+0.072%	$969K	$13.1M	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	2,762.7	−0.059%	$30.9M	$74.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,769	+0.171%	—	$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	2,765.4	+0.041%	$97.7M	$320.7M	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_USDCshort	+0.0154%	8h	2,768.6	+0.157%	$32.6M	$11.1M	100x
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	2,767.6	+0.120%	$7.3M	$1.1M	25x	as long as short