Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h −0.003%

Price spread now: Binance against Lighter RH−0.081%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$130.125% of the position

Long on Lighter RH Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$9 on $10k

Price spread, last 7 days+0.076%+$8 · spread now −0.081%, 7d avg −0.025%

Together, before fees−0.010%+ Points / potential airdropLighter RH: Points live · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.056% cheaper against Lighter RH than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,774	0.0096	pay 0.0012% / 1h	28m 43s	$25.3M	$121.4M	50x
Short	Binance ETHUSDT	2,771.8	0.0060	get 0.0060% / 8h	28m 43s	$6.45B	$17.28B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.081%Rate

Funding earned: −$7.56
Price spread: −0.081% → −0.025%: −$5.57
Slippage, 4 orders: −$2.51
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$25.65
Costs to cover: 0.125%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 min ago; Binance: live order book, 15 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	1.03 bp	1.4 bp −$1	2.2 bp −$22	9.5 bp −$950	68.4 bp −$34.2K
Sell Binance live order book, 15 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.8 bp −$583	8.0 bp −$3,995

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	−0.0223%	43m	2,773.3	−0.025%	$286K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,772.6	−0.050%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.285%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,773.1	−0.032%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0044%	1h	2,774.2	+0.006%	$8.9M	$32.8M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,773.2	−0.029%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773.2	−0.029%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,775.6	+0.058%	$878K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.2	−0.029%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0014%	1h	2,775.6	+0.059%	$29K	$22K	20x	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	+0.0016%	8h	2,771.8	−0.080%	—	$17.5M	—	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,772.2	−0.064%	$1.70B	$11.86B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,773.1	−0.033%	$12.9M	—	200x	as long as short
Aster ETHUSDT	+0.0032%	8h	2,772	−0.073%	$256.3M	$1.00B	200x	as long as short
Phemex ETHUSDT	+0.0033%	8h	2,772.7	−0.047%	$270.3M	$69.0M	150x	as long as short
SoDEX ETH-USD	+0.0041%	1h	2,772.7	−0.047%	$55.2M	$229.1M	40x	as long as short
Bullet ETH-USD	+0.0049%	1h	2,772.3	−0.060%	$183K	$1.7M	20x	as long as short
Binance ETHUSDTshort	+0.0060%	8h	2,771.8	−0.081%	$6.45B	$17.28B	150x
MEXC ETH_USDT	+0.0061%	8h	2,772.3	−0.061%	$1.60B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,770.3	−0.133%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,772.3	−0.063%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,772.4	−0.057%	$3.29B	$9.65B	200x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,772.5	−0.053%	$420.9M	$739.5M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,774	0.000%	$59.9M	$4.59B	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,772.1	−0.068%	$2.50B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0095%	1h	2,773.1	−0.034%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,773	−0.036%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,772.7	−0.049%	$115.9M	$497.7M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,774	long leg	$25.3M	$121.4M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.6	−0.016%	—	$42.0M	500x	as long as short
Deribit ETH-PERPETUAL	+0.0096%	1h	2,774.5	+0.017%	$259.0M	$222.3M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,772.1	−0.068%	$15.9M	$10.2M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.7	−0.047%	$477K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.5	−0.056%	$14.3M	$118.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.4	+0.014%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773	−0.034%	$31.3M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.3	−0.061%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,773.7	−0.011%	$2.8M	$17.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	−0.040%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.5	−0.054%	$15.1M	$44.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.3	−0.026%	$147.8M	$336.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,773.6	−0.015%	$182.1M	$784.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,774.1	+0.004%	$161.3M	$89.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.9	−0.040%	$21.5M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773	−0.036%	$10.7M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773.9	−0.004%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,775.7	+0.063%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.8	−0.078%	$972K	$13.9M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.8	−0.081%	$32.7M	$78.0M	50x	as long as short
Kalshi KXETHPERP	+0.0116%	8h	2,773.4	−0.022%	$8.3M	$685.5M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,773.8	−0.009%	$86.5M	$333.6M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0140%	8h	2,775.9	+0.068%	$32.6M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,772.3	−0.062%	$286.4M	$194.0M	150x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,772.3	−0.061%	$7.4M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,774.5	+0.019%	$252K	$1.6M	20x	as long as short