Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0031%/8h= −3.4% APRpaid last 24h −0.001%

Price spread now: KuCoin against Lighter RH−0.017%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$150.151% of the position

Long on Lighter RH Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 7 days+0.023%+$2 · spread now −0.017%, 7d avg −0.024%

Together, before fees−0.066%+ Points / potential airdropLighter RH: Points live · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.024%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,746.1	0.0096	pay 0.0012% / 1h	32m 17s	$24.6M	$103.9M	50x
Short	KuCoin ETHUSDTM	2,745.7	0.0065	get 0.0065% / 8h	5h 32m	$383.5M	$584.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$6.51
Price spread: −0.017% → −0.024%: $0.68
Slippage, 4 orders: −$3.07
Fee Lighter RH: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$20.9
Costs to cover: 0.151%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 2 min ago; KuCoin: live order book, 7 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, 2 min ago	0.95 bp	1.2 bp −$1	3.0 bp −$30	10.9 bp −$1,092	68.3 bp −$34.1K
Sell KuCoin live order book, 7 min ago	0.02 bp	6.0 bp −$6	8.6 bp −$86	11.4 bp −$1,140	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
Hotstuff ETH-PERP	−0.0080%	1h	2,745.3	−0.030%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	−0.110%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.3	−0.031%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,745.1	−0.037%	$10.8M	$41.8M	50x	as long as short
Perpl ETH	0.0000%	43m	2,745	−0.042%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,745.3	−0.029%	$22.2M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,745.2	−0.034%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,745.8	−0.012%	$183K	$914K	50x	as long as short
ApeX Omni ETHUSDT	+0.0046%	1h	2,741.3	−0.176%	$8.9M	$30.9M	100x	as long as short
BingX ETH-USDC	+0.0050%	8h	2,744.7	−0.052%	—	$18.4M	—	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	+0.0064%	8h	2,743.9	−0.080%	$1.70B	$10.57B	100x	as long as short
KuCoin ETHUSDTMshort	+0.0065%	8h	2,745.7	−0.017%	$383.5M	$584.1M	100x
RISEx ETH/USDC	+0.0077%	1h	2,746.2	+0.003%	$5.7M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0081%	1h	2,744.9	−0.044%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0082%	8h	2,745.2	−0.035%	$252.4M	$841.0M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,742	−0.150%	$4.9M	$155K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,745.6	−0.021%	$1.56B	$2.54B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,745.2	−0.034%	$6.38B	$15.68B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,744.8	−0.049%	$112.8M	$433.6M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,746.1	long leg	$24.6M	$103.9M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.3	−0.030%	—	$30.7M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,745.8	−0.012%	$58.7M	$4.27B	50x	as long as short
HTX ETH-USDT	+0.0099%	8h	2,744.2	−0.071%	$1.06B	$1.18B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,750.2	+0.148%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,745.5	−0.023%	$468K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,745.5	−0.021%	$13.9M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,747.9	+0.064%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,745.8	−0.012%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,744.6	−0.057%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,744.9	−0.045%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.1	−0.003%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,741.5	−0.168%	$164.1M	$300.8M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,745.2	−0.033%	$3.39B	$8.72B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,744.4	−0.063%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,744.4	−0.063%	$15.0M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,740.7	−0.198%	$132.6M	$333.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,740.6	−0.203%	$182.1M	$690.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,742.9	−0.116%	$159.5M	$83.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744.8	−0.048%	$21.2M	$68.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.2	+0.004%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.6	+0.017%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,745.2	−0.034%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,746.1	−0.003%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,744.9	−0.047%	$962K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,744.3	−0.067%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,744.2	−0.069%	$266.9M	$65.1M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743.6	−0.093%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0132%	1h	2,742.9	−0.118%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0133%	1h	2,745.7	−0.017%	$258.8M	$195.9M	50x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,745.6	−0.019%	$7.6M	$669.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0190%	8h	2,746.7	+0.019%	$32.3M	$11.3M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,745.4	−0.026%	$87.0M	$310.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,745.1	−0.036%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,746.2	+0.002%	$252K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0292%	8h	2,745.4	−0.027%	$285.2M	$182.1M	150x	as long as short