Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0018%/8h= −1.9% APRpaid last 24h −0.014%

Price spread now: Phemex against Lighter−0.012%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$150.149% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now −0.012%, 7d avg −0.031%

Together, before fees−0.136%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.031%, 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	2,736.8	0.0096	pay 0.0012% / 1h	3m 06s	$112.9M	$442.1M	50x
Short	Phemex ETHUSDT	2,736.5	0.0078	get 0.0078% / 8h	4h 03m	$265.9M	$65.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.012%Rate

Funding earned: −$3.73
Price spread: −0.012% → −0.031%: $1.93
Slippage, 4 orders: −$2.92
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$16.72
Costs to cover: 0.149%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Phemex: live order book, 6 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, 6 min ago	0.55 bp	0.6 bp −$1	1.2 bp −$12	1.5 bp −$147	3.8 bp −$1,918
Sell Phemex live order book, 6 min ago	0.40 bp	7.2 bp −$7	8.0 bp −$80	10.3 bp −$1,034	14.3 bp −$7,145

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
Perpl ETH	−0.0447%	43m	2,736	−0.029%	$297K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,734.2	−0.095%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,735.1	−0.062%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.7	−0.005%	$11.9M	—	200x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,736.9	+0.003%	$187K	$822K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,733.9	−0.106%	$826K	$2.9M	25x	as long as short
dYdX ETH-USD	+0.0001%	1h	2,736.7	−0.005%	$10.7M	$41.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.7	−0.003%	$28.1M	—	200x	as long as short
Bullet ETH-USD	+0.0014%	1h	2,736.2	−0.022%	$180K	$1.7M	20x	as long as short
HTX ETH-USDT	+0.0020%	8h	2,735.9	−0.034%	$1.06B	$1.20B	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0044%	8h	2,735.8	−0.037%	—	$18.4M	—	as long as short
Bybit ETHUSDT	+0.0054%	8h	2,736.3	−0.018%	$2.38B	$4.35B	150x	as long as short
ApeX Omni ETHUSDT	+0.0063%	1h	2,733.1	−0.135%	$8.7M	$31.3M	100x	as long as short
KuCoin ETHUSDTM	+0.0067%	8h	2,736.4	−0.014%	$380.4M	$573.4M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,736.7	−0.005%	$1.67B	$10.72B	100x	as long as short
Phemex ETHUSDTshort	+0.0078%	8h	2,736.5	−0.012%	$265.9M	$65.0M	150x
Aster ETHUSDT	+0.0086%	8h	2,736.5	−0.012%	$251.2M	$841.9M	200x	as long as short
MEXC ETH_USDT	+0.0094%	8h	2,736.3	−0.019%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0096%	8h	2,736.6	−0.008%	$6.36B	$15.88B	150x	as long as short
Lighter ETHlong	+0.0096%	1h	2,736.8	long leg	$112.9M	$442.1M	50x
Lighter RH ETH	+0.0096%	1h	2,738	+0.043%	$23.5M	$106.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,734.8	−0.073%	—	$30.9M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,734	−0.101%	$4.9M	$155K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,740.2	+0.125%	$15.6M	$8.0M	50x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,737.1	+0.010%	$5.6M	$11.7M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,736.2	−0.022%	$501K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,736.1	−0.026%	$13.6M	$104.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.6	+0.065%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,737	+0.006%	$32.0M	$335.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,733.9	−0.106%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,737.1	+0.011%	$1.6M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,733.7	−0.115%	$169.4M	$313.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,736.4	−0.015%	$3.34B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,736.6	−0.007%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.6	−0.043%	$15.1M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,732	−0.176%	$133.7M	$324.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.4	−0.161%	$183.8M	$671.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,733.6	−0.118%	$159.0M	$86.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,734	−0.103%	$21.1M	$68.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,736.8	+0.001%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,738	+0.043%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,736.6	−0.007%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,738.1	+0.048%	$41.3M	$29.8M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.2	−0.060%	$959K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,736.3	−0.019%	$54.5M	$187.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,735.8	−0.035%	$30.4M	$72.9M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.6	+0.028%	$51.3M	$4.27B	50x	as long as short
Aftermath Perps ETHUSD	+0.0116%	1h	2,734.4	−0.089%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0130%	1h	2,737.7	+0.034%	$259.6M	$196.3M	50x	as long as short
Kalshi KXETHPERP	+0.0130%	8h	2,736.6	−0.008%	$6.7M	$678.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0198%	8h	2,739	+0.079%	$32.2M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0216%	1h	2,735.8	−0.036%	$7.3M	$1.2M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,737	+0.007%	$83.3M	$314.9M	100x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,734.2	−0.096%	$249K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0382%	8h	2,736.6	−0.008%	$283.6M	$175.9M	150x	as long as short