Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.001%

Price spread now: Paradex against Lighter RH+0.059%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$100.101% of the position

Long on Lighter RH Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 7 days−0.037%−$4 · spread now +0.059%, 7d avg +0.025%

Together, before fees−0.037%+ Points / potential airdropLighter RH: Points live · Paradex: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.034% dearer against Lighter RH than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,731.9	0.0096	pay 0.0012% / 1h	46m 08s	$23.2M	$105.5M	50x
Short	Paradex ETH-USD-PERP	2,733.5	0.0099	get 0.0099% / 8h	4h 46m	$15.7M	$8.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.059%Rate

Funding earned: $0.6
Price spread: +0.059% → +0.025%: $3.36
Slippage, 4 orders: −$6.14
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$6.18
Costs to cover: 0.101%
Break-even: 78.7 days

Slippage from Lighter RH: live order book, 3 min ago; Paradex: 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	1.67 bp	1.8 bp −$2	2.8 bp −$28	6.3 bp −$626	47.2 bp −$23.6K
Sell Paradex live order book, 3 min ago	1.19 bp	3.2 bp −$3	3.2 bp −$32	doesn't fit	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
Perpl ETH	−0.0447%	43m	2,728.5	−0.125%	$298K	$5.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,726.4	−0.201%	$117K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,728.5	−0.124%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,728.8	−0.112%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,730.4	−0.053%	$10.7M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,729.1	−0.102%	$188K	$843K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,728.8	−0.113%	$826K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,728.9	−0.108%	$25.7M	—	200x	as long as short
Bullet ETH-USD	+0.0021%	1h	2,728.3	−0.130%	$181K	$1.7M	20x	as long as short
SoDEX ETH-USD	+0.0048%	1h	2,730.5	−0.051%	$54.4M	$187.6M	40x	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	+0.0057%	8h	2,730.3	−0.058%	—	$1.15B	—	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,730.3	−0.060%	$380.2M	$575.8M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0073%	8h	2,730.4	−0.053%	$1.66B	$10.68B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,728.9	−0.108%	$252.0M	$843.9M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0087%	1h	2,731.9	+0.001%	$260.1M	$196.8M	50x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,730.1	−0.065%	$4.9M	$155K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,730.8	−0.040%	$6.34B	$15.84B	150x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,730.3	−0.057%	$1.53B	$2.54B	500x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,729.3	−0.096%	$1.05B	$1.19B	200x	as long as short
Bybit ETHUSDT	+0.0095%	8h	2,729.9	−0.071%	$2.39B	$4.33B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,730.9	−0.037%	$112.1M	$434.9M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,731.9	long leg	$23.2M	$105.5M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,730.7	−0.045%	—	$30.6M	500x	as long as short
Paradex ETH-USD-PERPshort	+0.0099%	8h	2,733.5	+0.059%	$15.7M	$8.0M	50x
RISEx ETH/USDC	+0.0099%	1h	2,729.3	−0.095%	$5.6M	$11.5M	25x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,727.9	−0.146%	$497K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,730	−0.068%	$13.7M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.7	+0.029%	$3.10B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,730.9	−0.035%	$31.6M	$333.8M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.3	−0.094%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,729.8	−0.077%	$2.8M	$16.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	+0.325%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.5	−0.052%	$3.35B	$8.78B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.2	−0.061%	$2.07B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.3	−0.058%	$15.0M	$39.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,728.4	−0.128%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,732.7	+0.030%	$181.8M	$667.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729	−0.104%	$158.7M	$84.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,732.1	+0.007%	$8.7M	$30.8M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,727.3	−0.168%	$21.0M	$69.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,729.4	−0.092%	—	$843K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,729.9	−0.072%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,731.6	−0.009%	$41.2M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,729.7	−0.081%	$958K	$11.4M	100x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,730.5	−0.051%	$265.4M	$65.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.3	−0.096%	$30.4M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,733.4	+0.055%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,732	+0.006%	$51.8M	$4.26B	50x	as long as short
Kalshi KXETHPERP	+0.0154%	8h	2,728.1	−0.138%	$6.3M	$676.8M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,732.2	+0.010%	$32.1M	$11.5M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,731.5	−0.014%	$84.6M	$313.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,727.3	−0.168%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,729	−0.105%	$253K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0251%	8h	2,726.4	−0.202%	$284.6M	$174.6M	150x	as long as short
Bluefin ETH-PERP	+0.0690%	1h	2,729.6	−0.083%	$21K	$20K	25x	as long as short