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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 04:00 UTC+0.0128%/8h= +14.0% APRnext payment +$0.16 per $10,000 · paid last 24h +0.018%
Price spread now: Reya against Lighter+0.012%7-day average −0.039% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on LighterShort on Reya
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.043%+$4 on $10k
Price spread, last 7 days−0.043%−$4 · spread now +0.012%, 7d avg −0.039%
Together, before fees0.000%+ Points / potential airdropLighter: Season 3 · Reya: Active · farm board$0 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Reya is 0.050% dearer against Lighter than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.039%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongLighter ETH2,734.90.0096pay 0.0012% / 1h50m 48s$112.6M$432.3M50x
ShortReya ETHRUSDPERP2,735.30.0224get 0.0028% / 1h50m 48s$7.3M$1.2M25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Reya against Lighter. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$26.91
Price spread: +0.012% → −0.039%
$5.04
Slippage, 4 orders
no order book: not counted
Fee Lighter: 0 bp × 2 orders
$0
Fee Reya: 3 bp × 2 orders
−$6
Net
$25.95
Costs to cover
0.060%
Break-even
0.2 days
Slippage unknown: Lighter: live order book, 8 min ago; Reya: 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
LegHalf-spread$10k$100k$1M$5M
Buy Lighter live order book, 8 min ago0.22 bp0.6 bp −$11.2 bp −$121.4 bp −$1404.8 bp −$2,414
Sell Reya no order-book sample—————
Reya: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,735.2+0.008%$300K$5.5M8.3xas long as short
Injective ETH/USDC PERP−0.0141%1h2,739.3+0.159%$118K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,736.3+0.050%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,736.5+0.057%$12.0M—200xas long as short
dYdX ETH-USD0.0000%1h2,734.9−0.001%$10.8M$41.7M50xas long as short
01 Exchange ETHUSD0.0000%1h2,736.3+0.050%$181K$834K50xas long as short
Phoenix ETH0.0000%1h2,741.2+0.229%$832K$2.9M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,736.1+0.043%$25.7M—200xas long as short
Bullet ETH-USD+0.0047%1h2,735.9+0.035%$180K$1.7M20xas long as short
SoDEX ETH-USD+0.0049%1h2,735.8+0.031%$54.5M$187.6M40xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX ETH-USDT+0.0056%8h2,737.6+0.097%—$1.14B—as long as short
OKX ETH-USDT-SWAP+0.0071%8h2,734.7−0.007%$1.68B$10.60B100xas long as short
KuCoin ETHUSDTM+0.0072%8h2,737.7+0.102%$381.2M$573.3M100xas long as short
Aster ETHUSDT+0.0084%8h2,737.2+0.082%$253.1M$840.4M200xas long as short
Aevo ETH-PERP+0.0088%1h2,733.1−0.066%$4.9M$154K20xas long as short
MEXC ETH_USDT+0.0091%8h2,737.7+0.101%$1.56B$2.52B500xas long as short
Binance ETHUSDT+0.0091%8h2,734.7−0.010%$6.35B$15.71B150xas long as short
Lighter ETHlong+0.0096%1h2,734.9long leg$112.6M$432.3M50x
Lighter RH ETH+0.0096%1h2,737+0.076%$24.1M$103.8M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,735.5+0.022%—$30.5M500xas long as short
RISEx ETH/USDC+0.0099%1h2,736.3+0.050%$5.6M$11.4M25xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,739.5+0.168%$15.8M$8.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,735.2+0.010%$499K$3.2M50xas long as short
Nado ETH-PERP+0.0100%1h2,735.5+0.021%$13.9M$104.6M50xas long as short
Hyperliquid ETH+0.0100%1h2,739.7+0.174%$3.11B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,736.4+0.053%$31.6M$335.1M50xas long as short
Bybit ETHUSDT+0.0100%8h2,734.6−0.013%$2.43B$4.19B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,735.3+0.013%$2.7M$16.9M25xas long as short
Arcus ETH-USD+0.0100%1h2,736+0.039%$2.8M$16.0M25xas long as short
Bulk ETH-USD+0.0100%1h2,740.8+0.213%$166.9M$306.7M25xas long as short
Gate ETH_USDT+0.0100%8h2,737.8+0.103%$3.39B$8.69B200xas long as short
Bitget ETHUSDT+0.0100%8h2,737.6+0.097%$2.08B$2.72B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,736.1+0.042%$15.0M$39.6M50xas long as short
Variational Omni ETH+0.0100%8h2,734.9−0.002%$133.1M$324.8M—as long as short
edgeX ETHUSDC+0.0100%4h2,738+0.111%$182.0M$665.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,739+0.148%$159.4M$84.4M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,738+0.110%$8.7M$30.7M100xas long as short
StandX ETH-USD+0.0100%1h2,739.3+0.159%$21.1M$69.6M40xas long as short
Vest ETH-PERP+0.0100%1h2,736.9+0.072%—$843K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,737.2+0.083%$10.9M$8.8M50xas long as short
Derive ETH-PERP+0.0100%1h2,737.3+0.086%$41.4M$29.7M15xas long as short
SunX ETH-USDT+0.0100%8h2,735.3+0.013%$960K$11.4M100xas long as short
HTX ETH-USDT+0.0100%8h2,735.8+0.032%$1.06B$1.18B200xas long as short
Phemex ETHUSDT+0.0100%8h2,736+0.039%$265.9M$65.1M150xas long as short
Extended ETH-USD+0.0104%1h2,736.8+0.067%$30.6M$72.4M50xas long as short
Coinbase International ETH-PERP-INTX+0.0112%1h2,737.5+0.093%$51.1M$4.26B50xas long as short
Aftermath Perps ETHUSD+0.0123%1h2,739+0.150%$30K$20K20xas long as short
Kalshi KXETHPERP+0.0156%8h2,736.3+0.050%$7.7M$672.9M4.9xas long as short
Orderly PERP_ETH_USDC+0.0194%8h2,737.8+0.104%$32.2M$11.4M100xas long as short
Deribit ETH-PERPETUAL+0.0196%1h2,737.5+0.093%$260.0M$194.6M50xas long as short
BloFin ETH-USDT+0.0211%8h2,735.5+0.021%$285.2M$172.6M150xas long as short
Kraken Futures PF_ETHUSD+0.0222%1h2,736.6+0.061%$85.6M$310.0M100xas long as short
Reya ETHRUSDPERPshort+0.0224%1h2,735.3+0.012%$7.3M$1.2M25x
Hibachi ETH/USDT-P+0.0248%1h2,739.6+0.170%$252K$1.4M20xas long as short
Bluefin ETH-PERP+0.1422%1h2,736.1+0.044%$21K$20K25xas long as short