Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: Bybit against Lighter RH−0.014%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

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

costs, in and out, $10k−$140.141% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 7 days−0.006%−$1 · spread now −0.014%, 7d avg −0.025%

Together, before fees−0.092%+ Points / potential airdropLighter RH: Points live · farm board−$9 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,771.4	0.0096	pay 0.0012% / 1h	51m 02s	$25.3M	$121.8M	50x
Short	Bybit ETHUSDT	2,771	0.0100	get 0.0100% / 8h	2h 51m	$2.51B	$4.65B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0.84
Price spread: −0.014% → −0.025%: $1.16
Slippage, 4 orders: −$3.08
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.09
Costs to cover: 0.141%
Break-even: 107.7 days

Slippage from Lighter RH: live order book, 3 min ago; Bybit: live order book, 3 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, 3 min ago	1.23 bp	1.8 bp −$2	3.4 bp −$34	11.2 bp −$1,119	73.4 bp −$36.7K
Sell Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	6.0 bp −$60	7.9 bp −$787	11.1 bp −$5,542

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	2,769.7	−0.060%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0176%	1h	2,772.5	+0.041%	$10.5M	$31.0M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	+0.121%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,771.8	+0.016%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0072%	1h	2,770.5	−0.031%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.193%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,770.4	−0.035%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.5	+0.004%	$12.9M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.9	−0.017%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,770.1	−0.045%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0022%	8h	2,771	−0.012%	$1.70B	$11.91B	100x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,770.1	−0.046%	$266.5M	$66.0M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,770.7	−0.023%	$13.0M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0034%	1h	2,775.8	+0.160%	$29K	$22K	20x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,767.3	−0.145%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,770.3	−0.038%	$1.59B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0043%	8h	2,771.1	−0.009%	$6.45B	$17.26B	150x	as long as short
Aster ETHUSDT	+0.0044%	8h	2,770.7	−0.024%	$255.8M	$999.2M	200x	as long as short
Gate ETH_USDT	+0.0056%	8h	2,770.5	−0.031%	$3.29B	$9.54B	200x	as long as short
SoDEX ETH-USD	+0.0070%	1h	2,769.1	−0.081%	$55.1M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,770.1	−0.044%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0080%	1h	2,769.7	−0.059%	$186K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,775.7	+0.158%	$140.7M	$320.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,770.8	−0.021%	$115.2M	$508.1M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,771.4	long leg	$25.3M	$121.8M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,770.4	−0.034%	—	$42.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,771	−0.012%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.4	−0.034%	$489K	$2.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.6	−0.065%	$16.1M	$115.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773	+0.060%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.2	−0.042%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,771	−0.014%	$2.51B	$4.65B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.4	−0.070%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.3	+0.032%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.019%	$164.5M	$255.4M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,770.4	−0.034%	$426.2M	$745.2M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.9	−0.018%	$15.4M	$42.5M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,772.9	+0.057%	$178.4M	$789.3M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.205%	$161.5M	$98.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.2	+0.031%	$21.4M	$57.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,771.5	+0.005%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.4	−0.034%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.3	+0.033%	$42.9M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,769.6	−0.063%	$972K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,768.9	−0.088%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,771	−0.011%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769	−0.086%	$31.6M	$76.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.4	0.000%	$60.2M	$4.65B	50x	as long as short
Kalshi KXETHPERP	+0.0113%	8h	2,770.9	−0.016%	$8.6M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,772.8	+0.052%	$32.5M	$11.8M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0151%	1h	2,771.3	−0.001%	$258.9M	$223.4M	50x	as long as short
BloFin ETH-USDT	+0.0163%	8h	2,769	−0.085%	$286.4M	$197.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0192%	1h	2,769	−0.083%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,770.9	−0.017%	$88.5M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0368%	1h	2,774.6	+0.118%	$273K	$1.5M	20x	as long as short