Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.005%

Price spread now: Aster against Lighter RH−0.070%7-day average −0.021% · 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−$16as in the Price arb table

costs, in and out, $10k−$110.114% of the position

Long on Lighter RH Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 7 days+0.073%+$7 · spread now −0.070%, 7d avg −0.021%

Together, before fees+0.015%+ Points / potential airdropLighter RH: Points live · Aster: Stage 5 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Aster is 0.049% cheaper against Lighter RH than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,740.9	0.0096	pay 0.0012% / 1h	54m 01s	$24.6M	$102.9M	50x
Short	Aster ETHUSDT	2,738.9	0.0084	get 0.0084% / 8h	4h 54m	$253.4M	$840.4M	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Lighter RH. 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 Lighter RHbpFee AsterbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$2.56
Price spread: −0.070% → −0.021%: −$4.94
Slippage, 4 orders: −$3.38
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$18.88
Costs to cover: 0.114%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 min ago; Aster: live order book, 5 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 RH live order book, 5 min ago	1.13 bp	1.4 bp −$1	2.6 bp −$26	9.1 bp −$907	doesn't fit
Sell Aster live order book, 5 min ago	0.02 bp	4.1 bp −$4	5.0 bp −$50	5.7 bp −$568	11.7 bp −$5,842

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	2,741.2	+0.012%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,740.1	−0.028%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,740.4	−0.017%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739.2	−0.062%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,741	+0.007%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,740	−0.031%	$182K	$834K	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,739.4	−0.054%	$25.4M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,739	−0.068%	$832K	$2.9M	25x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,739	−0.067%	—	$18.5M	—	as long as short
SoDEX ETH-USD	+0.0062%	1h	2,738.9	−0.072%	$54.6M	$187.6M	40x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet ETH-USD	+0.0065%	1h	2,738.5	−0.086%	$181K	$1.7M	20x	as long as short
OKX ETH-USDT-SWAP	+0.0069%	8h	2,738.5	−0.085%	$1.68B	$10.59B	100x	as long as short
KuCoin ETHUSDTM	+0.0072%	8h	2,739.3	−0.059%	$380.8M	$573.8M	100x	as long as short
Aster ETHUSDTshort	+0.0084%	8h	2,738.9	−0.070%	$253.4M	$840.4M	200x
Aevo ETH-PERP	+0.0088%	1h	2,735.9	−0.181%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,739	−0.069%	$1.55B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,739	−0.069%	$6.36B	$15.70B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,739.3	−0.058%	$112.5M	$431.2M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,740.9	long leg	$24.6M	$102.9M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.3	+0.016%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,740.3	−0.020%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,744.2	+0.122%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.4	−0.053%	$500K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.6	−0.047%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.3	+0.016%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.8	−0.001%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,738.7	−0.081%	$2.43B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.1	−0.064%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.4	−0.017%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	−0.004%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,739.4	−0.054%	$3.39B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.6	−0.082%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,739.3	−0.058%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	+0.003%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,734.9	−0.217%	$181.8M	$664.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	−0.128%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.216%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.7	−0.006%	$21.2M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.8	−0.003%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.9	+0.001%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,740.3	−0.021%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,739.1	−0.063%	$960K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,738.6	−0.082%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,739.3	−0.059%	$266.2M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.1	−0.102%	$30.6M	$72.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,740.9	+0.001%	$52.2M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,740.3	−0.019%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,740.5	−0.013%	$7.7M	$672.7M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0170%	1h	2,740.5	−0.012%	$260.0M	$194.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,740.7	−0.005%	$32.2M	$11.5M	100x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,740.1	−0.028%	$285.8M	$175.4M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,740	−0.033%	$86.0M	$309.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0225%	1h	2,738.8	−0.076%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,741.6	+0.027%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.2440%	1h	2,739.2	−0.062%	$21K	$20K	25x	as long as short