Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Lighter−0.050%7-day average −0.007% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.050%, 7d avg −0.007%

Together, before fees+0.026%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.043% cheaper against Lighter than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETH	2,728.4	0.0096	pay 0.0012% / 1h	50m 52s	$112.1M	$432.1M	50x
Short	Variational Omni ETH	2,727	0.0100	get 0.0100% / 8h	1h 50m	$133.2M	$326.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.050%Rate

Funding earned: $0.84
Price spread: −0.050% → −0.007%: −$4.25
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$3.41
Costs to cover: 0.000%
Break-even: 35.4 days

Slippage unknown: Lighter: live order book, 8 min ago; Variational Omni: RFQ quote, 3 min ago. 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, 8 min ago	0.18 bp	0.5 bp −$1	0.9 bp −$9	1.7 bp −$169	5.2 bp −$2,591
Sell Variational Omni RFQ quote, 3 min ago	0.57 bp	doesn't fit	0.6 bp −$6	3.7 bp −$368	doesn't fit

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	−0.0112%	43m	2,725.6	−0.102%	$287K	$5.8M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,726.4	−0.073%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,727.4	−0.036%	$8.6M	$31.5M	100x	as long as short
Injective ETH/USDC PERP	−0.0040%	1h	2,729.2	+0.030%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,727.3	−0.041%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,729.8	+0.052%	$815K	$3.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,726.9	−0.055%	$10.5M	$42.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,727	−0.051%	$6.7M	$692.1M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,728.1	−0.012%	$261.8M	$213.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,727.3	−0.040%	$32.9M	—	200x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
HTX ETH-USDT	+0.0009%	8h	2,727.2	−0.043%	$1.05B	$1.23B	200x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,726.4	−0.073%	$191K	$892K	50x	as long as short
BingX ETH-USDC	+0.0034%	8h	2,728	−0.013%	—	$18.6M	—	as long as short
Bybit ETHUSDT	+0.0039%	8h	2,729.3	+0.033%	$2.35B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0077%	1h	2,730.2	+0.066%	$30K	$20K	20x	as long as short
KuCoin ETHUSDTM	+0.0078%	8h	2,728.8	+0.016%	$375.3M	$576.1M	100x	as long as short
SunX ETH-USDT	+0.0087%	8h	2,725.3	−0.112%	$955K	$11.1M	100x	as long as short
SoDEX ETH-USD	+0.0090%	1h	2,727.3	−0.040%	$54.3M	$187.5M	40x	as long as short
Aster ETHUSDT	+0.0090%	8h	2,729	+0.023%	$252.2M	$849.5M	200x	as long as short
OKX ETH-USDT-SWAP	+0.0093%	8h	2,729.4	+0.037%	$1.66B	$10.94B	100x	as long as short
Lighter ETHlong	+0.0096%	1h	2,728.4	long leg	$112.1M	$432.1M	50x
Lighter RH ETH	+0.0096%	1h	2,729.1	+0.026%	$23.4M	$102.7M	50x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,724.8	−0.131%	$4.9M	$161K	20x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,729.4	+0.038%	$6.33B	$16.18B	150x	as long as short
MEXC ETH_USDT	+0.0099%	8h	2,729.1	+0.026%	$1.52B	$2.58B	500x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,725.8	−0.095%	$507K	$3.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.2	+0.068%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,726.4	−0.073%	$14.0M	$105.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.2	+0.140%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,727.1	−0.049%	$31.9M	$334.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,725.8	−0.095%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,726.7	−0.063%	$1.5M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,725.9	−0.091%	$161.8M	$340.3M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,729.4	+0.038%	$3.27B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,729.8	+0.050%	$2.08B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,728.7	+0.010%	$15.0M	$42.6M	50x	as long as short
Variational Omni ETHshort	+0.0100%	8h	2,727	−0.050%	$133.2M	$326.3M	—
edgeX ETHUSDC	+0.0100%	4h	2,727.6	−0.028%	$184.9M	$681.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,727.8	−0.021%	$158.5M	$87.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.5	−0.033%	$21.0M	$70.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,727.8	−0.020%	—	$879K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,728.2	−0.007%	$11.2M	$9.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,727	−0.052%	$180K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,727.2	−0.044%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,729	+0.023%	$40.9M	$30.2M	15x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,728.1	−0.010%	$263.0M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,728.1	−0.011%	$30.3M	$74.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,726.7	−0.061%	—	$30.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,729	+0.021%	$50.2M	$4.32B	50x	as long as short
RISEx ETH/USDC	+0.0115%	1h	2,726.6	−0.064%	$5.6M	$11.8M	25x	as long as short
Orderly PERP_ETH_USDC	+0.0187%	8h	2,729.4	+0.036%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,725.9	−0.090%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0211%	1h	2,728.4	0.000%	$83.3M	$311.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0272%	1h	2,728.4	−0.001%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0392%	8h	2,728.3	−0.003%	$282.1M	$175.1M	150x	as long as short