Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.018%

Price spread now: OKX against Lighter RH−0.025%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$120.115% of the position

Long on Lighter RH Short on OKX

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+0.028%+$3 · spread now −0.025%, 7d avg −0.032%

Together, before fees−0.058%+ Points / potential airdropLighter RH: Points live · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.032%, 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	2,729	0.0096	pay 0.0012% / 1h	58m 22s	$23.4M	$95.0M	50x
Short	OKX ETH-USDT-SWAP	2,728.3	0.0078	get 0.0078% / 8h	7h 58m	$1.65B	$10.74B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$3.78
Price spread: −0.025% → −0.032%: $0.68
Slippage, 4 orders: −$1.53
Fee Lighter RH: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$14.63
Costs to cover: 0.115%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 6 min ago; OKX: live order book, 6 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, 6 min ago	0.61 bp	0.9 bp −$1	1.7 bp −$17	5.6 bp −$559	63.0 bp −$31.5K
Sell OKX live order book, 6 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$512	7.3 bp −$3,640

ETH on 54 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	2,728.5	−0.018%	$281K	$5.7M	8.3x	as long as short
Gate ETH_USDT	−0.0097%	8h	2,728.2	−0.029%	$3.31B	$8.17B	200x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.1	−0.032%	$5K	$1K	50x	as long as short
Bybit ETHUSDT	−0.0024%	8h	2,728	−0.034%	$2.32B	$4.32B	150x	as long as short
Phoenix ETH	−0.0015%	1h	2,723.8	−0.189%	$808K	$3.0M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.4	−0.020%	$11.9M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,728.3	−0.026%	$10.5M	$41.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,726.2	−0.102%	$6.7M	$672.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,726.1	−0.105%	$264.3M	$216.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,728.6	−0.015%	$32.9M	—	200x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0018%	8h	2,727.3	−0.061%	—	$18.6M	—	as long as short
01 Exchange ETHUSD	+0.0064%	1h	2,729.5	+0.019%	$191K	$884K	50x	as long as short
OKX ETH-USDT-SWAPshort	+0.0078%	8h	2,728.3	−0.025%	$1.65B	$10.74B	100x
ApeX Omni ETHUSDT	+0.0078%	1h	2,722.1	−0.253%	$8.4M	$31.3M	100x	as long as short
Hibachi ETH/USDT-P	+0.0080%	1h	2,726.5	−0.091%	$240K	$1.4M	20x	as long as short
SoDEX ETH-USD	+0.0081%	1h	2,725.2	−0.138%	$54.3M	$182.6M	40x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,728.5	−0.018%	$383.1M	$575.8M	100x	as long as short
Aster ETHUSDT	+0.0085%	8h	2,728.7	−0.011%	$252.3M	$851.4M	200x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,728.3	−0.025%	$1.58B	$2.53B	500x	as long as short
Aftermath Perps ETHUSD	+0.0093%	1h	2,725	−0.144%	$30K	$20K	20x	as long as short
Binance ETHUSDT	+0.0095%	8h	2,728.6	−0.013%	$6.32B	$16.10B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,727.8	−0.044%	$112.3M	$399.6M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,729	long leg	$23.4M	$95.0M	50x
Aevo ETH-PERP	+0.0096%	1h	2,728.8	−0.007%	$4.9M	$191K	20x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,730.6	+0.061%	$15.4M	$7.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,727.9	−0.039%	$14.1M	$104.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,730.8	+0.067%	$3.10B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,728	−0.036%	$32.1M	$332.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,728.2	−0.028%	$2.7M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729	0.000%	$1.6M	$15.9M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,727.1	−0.068%	$161.7M	$337.0M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,727.8	−0.044%	$2.11B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,726	−0.110%	$15.0M	$40.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723	−0.220%	$131.2M	$318.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,722.3	−0.243%	$185.2M	$683.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.8	−0.191%	$158.3M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,726.2	−0.102%	$20.9M	$70.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.4	+0.016%	—	$445K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,730	+0.038%	$11.2M	$9.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,725.4	−0.131%	$180K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,729.2	+0.007%	$20K	$23K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,727.4	−0.057%	$40.5M	$30.0M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,724.7	−0.155%	$955K	$10.7M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,725.4	−0.131%	$1.05B	$1.21B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,726	−0.110%	$262.7M	$64.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,726.3	−0.099%	$30.4M	$71.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0056%	1h	2,726.7	−0.083%	—	$30.1M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,725.8	−0.116%	$81.9M	$310.4M	100x	as long as short
BloFin ETH-USDT	+0.0107%	8h	2,725	−0.145%	$280.6M	$177.6M	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,726.6	−0.087%	$46.7M	$4.25B	50x	as long as short
RISEx ETH/USDC	+0.0137%	1h	2,728.8	−0.005%	$5.6M	$11.6M	25x	as long as short
Reya ETHRUSDPERP	+0.0176%	1h	2,727.4	−0.057%	$7.3M	$972K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0186%	8h	2,730.7	+0.062%	$32.2M	$11.3M	100x	as long as short
Injective ETH/USDC PERP	+0.0253%	1h	2,728.4	−0.021%	$117K	$18.9M	52x	as long as short