Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h −0.002%

Price spread now: HTX against Lighter RH−0.041%7-day average −0.070% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$140.145% of the position

Long on Lighter RH Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.043%−$4 on $10k

Price spread, last 4 days (all we have)−0.148%−$15 · spread now −0.041%, 7d avg −0.070%

Together, before fees−0.191%+ Points / potential airdropLighter RH: Points live · farm board−$19 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.029% dearer against Lighter RH than usual: you sell high and buy low (spread −0.041% now, against its 7-day average of −0.070%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 7 days (−0.043% in total) that is about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,742.6	0.0096	pay 0.0012% / 1h	54m 28s	$23.5M	$103.7M	50x
Short	HTX ETH-USDT	2,741.5	0.0021	get 0.0021% / 8h	3h 54m	$1.06B	$1.20B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$15.81
Price spread: −0.041% → −0.070%: $2.88
Slippage, 4 orders: −$2.46
Fee Lighter RH: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$27.39
Costs to cover: 0.145%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 min ago; HTX: 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	0.53 bp	0.5 bp −$1	1.7 bp −$17	8.4 bp −$839	65.2 bp −$32.6K
Sell HTX live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.9 bp −$792	11.1 bp −$5,565

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	2,738.9	−0.134%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.1	−0.054%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,741.2	−0.049%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,741.1	−0.053%	$10.7M	$41.9M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,740.1	−0.090%	$6.7M	$680.3M	4.9x	as long as short
Phoenix ETH	0.0000%	1h	2,739.6	−0.109%	$826K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,741.6	−0.036%	$28.1M	—	200x	as long as short
HTX ETH-USDTshort	+0.0021%	8h	2,741.5	−0.041%	$1.06B	$1.20B	200x
Bullet ETH-USD	+0.0033%	1h	2,738.1	−0.163%	$179K	$1.7M	20x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,739.8	−0.101%	$187K	$817K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDT	+0.0042%	8h	2,740.3	−0.085%	—	$1.15B	—	as long as short
Bybit ETHUSDT	+0.0049%	8h	2,738.1	−0.163%	$2.37B	$4.36B	150x	as long as short
KuCoin ETHUSDTM	+0.0068%	8h	2,739.1	−0.129%	$380.3M	$574.2M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0075%	8h	2,738.2	−0.160%	$1.67B	$10.75B	100x	as long as short
Phemex ETHUSDT	+0.0077%	8h	2,741.8	−0.027%	$266.2M	$65.1M	150x	as long as short
Aster ETHUSDT	+0.0090%	8h	2,740.6	−0.073%	$251.4M	$842.5M	200x	as long as short
Lighter ETH	+0.0096%	1h	2,741.8	−0.028%	$113.2M	$430.3M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,742.6	long leg	$23.5M	$103.7M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,740.1	−0.090%	—	$31.0M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,737.8	−0.176%	$4.9M	$155K	20x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,734.2	−0.306%	$117K	$22.5M	52x	as long as short
MEXC ETH_USDT	+0.0098%	8h	2,738.2	−0.161%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0098%	8h	2,739.8	−0.100%	$6.36B	$15.90B	150x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,746	+0.123%	$15.7M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,740.4	−0.079%	$505K	$3.3M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.2	−0.158%	$13.7M	$104.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740.4	−0.079%	$3.11B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,742.4	−0.007%	$32.0M	$334.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,740.2	−0.087%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,740.8	−0.065%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,739.7	−0.106%	$171.0M	$325.1M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,740.7	−0.069%	$3.34B	$8.83B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.2	−0.159%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,741.5	−0.040%	$15.2M	$40.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.5	−0.150%	$134.0M	$323.1M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,737.9	−0.172%	$184.2M	$669.5M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.7	−0.140%	$159.3M	$86.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,738.6	−0.144%	$8.7M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.9	−0.098%	$21.1M	$68.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.1	−0.091%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.2	−0.087%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.5	−0.040%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,743	+0.017%	$41.4M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738.7	−0.143%	$961K	$11.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,741.5	−0.039%	$54.6M	$187.6M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,739.6	−0.108%	$30.6M	$72.9M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,740.6	−0.070%	$5.7M	$11.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,738.6	−0.145%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,743	+0.013%	$51.2M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0152%	1h	2,742.7	+0.005%	$83.7M	$315.4M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0166%	1h	2,743	+0.015%	$260.4M	$197.7M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0199%	8h	2,743.6	+0.039%	$32.3M	$11.7M	100x	as long as short
Reya ETHRUSDPERP	+0.0215%	1h	2,737.4	−0.187%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0280%	1h	2,741.3	−0.047%	$248K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0395%	8h	2,741.5	−0.041%	$283.7M	$176.1M	150x	as long as short