Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:03 UTC−0.0543%/8h= −59.4% APRpaid last 24h −0.028%

Price spread now: Perpl against Lighter RH−0.008%7-day average −0.006% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.055%+$5 on $10k

Price spread, last 7 days+0.001%$0 · spread now −0.008%, 7d avg −0.006%

Together, before fees+0.055%+ Points / potential airdropLighter RH: Points live · Perpl: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: −$16 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.055%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.055% in total (about 2.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,772.7	0.0096	pay 0.0012% / 1h	52m 53s	$25.4M	$120.6M	50x
Short	Perpl ETH	2,772.5	−0.0447	pay 0.0040% / 43m	22m 53s	$290K	$6.9M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$113.93
Price spread: −0.008% → −0.006%: −$0.18
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$127.9
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Lighter RH: live order book, 6 min ago; Perpl: no order-book sample. Net counts fees only.

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	0.74 bp	1.8 bp −$2	2.7 bp −$27	11.0 bp −$1,103	69.5 bp −$34.7K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 ETHshort	−0.0447%	43m	2,772.5	−0.008%	$290K	$6.9M	8.3x
RISEx ETH/USDC	−0.0085%	1h	2,772.2	−0.019%	$5.7M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.7	+0.071%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,773.2	+0.017%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.6	−0.005%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774.3	+0.056%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,775.6	+0.103%	$886K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.3	−0.016%	$22.4M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0008%	1h	2,772.9	+0.007%	$29K	$22K	20x	as long as short
BingX ETH-USDC	+0.0018%	8h	2,770.2	−0.091%	—	$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	2,769.4	−0.119%	$1.71B	$11.86B	100x	as long as short
Phemex ETHUSDT	+0.0025%	8h	2,770.8	−0.071%	$266.9M	$65.9M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,772.2	−0.020%	$13.2M	—	200x	as long as short
Hibachi ETH/USDT-P	+0.0032%	1h	2,776.1	+0.122%	$276K	$1.5M	20x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,770.5	−0.080%	$256.2M	$993.7M	200x	as long as short
Nado ETH-PERP	+0.0038%	1h	2,772.5	−0.008%	$14.3M	$118.9M	50x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,771.4	−0.048%	$182K	$1.8M	20x	as long as short
Binance ETHUSDT	+0.0054%	8h	2,770.4	−0.085%	$6.43B	$17.20B	150x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,770.4	−0.085%	$1.62B	$2.63B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,769.6	−0.113%	$5.0M	$636K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0064%	1h	2,772.7	−0.001%	$258.4M	$224.9M	50x	as long as short
SoDEX ETH-USD	+0.0074%	1h	2,770.8	−0.070%	$55.2M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,770.4	−0.084%	$2.10B	$3.12B	150x	as long as short
Gate ETH_USDT	+0.0080%	8h	2,770.5	−0.081%	$3.29B	$9.54B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,770.8	−0.071%	$114.9M	$495.7M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,772.7	long leg	$25.4M	$120.6M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,773.5	+0.026%	—	$41.7M	500x	as long as short
HTX ETH-USDT	+0.0098%	8h	2,771.1	−0.058%	$1.08B	$1.32B	200x	as long as short
Variational Omni ETH	+0.0098%	8h	2,772.1	−0.021%	$135.2M	$326.5M	—	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,772.8	+0.004%	$15.9M	$10.6M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.9	+0.006%	$481K	$2.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,772.8	+0.002%	$3.19B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.3	+0.020%	$31.2M	$293.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,771.3	−0.052%	$2.51B	$4.63B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.5	−0.009%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774.2	+0.053%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,771	−0.064%	$164.2M	$249.6M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.7	−0.109%	$423.4M	$740.7M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,771	−0.064%	$15.2M	$44.0M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.2	+0.052%	$179.8M	$779.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.1	+0.122%	$161.5M	$95.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.3	+0.128%	$8.7M	$32.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.5	+0.100%	$21.4M	$57.9M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.5	+0.027%	$10.8M	$7.7M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772	−0.027%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.2	+0.017%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772	−0.028%	$973K	$14.1M	100x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,773.3	+0.020%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.5	−0.116%	$31.4M	$75.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,772.3	−0.016%	$59.9M	$4.61B	50x	as long as short
Kalshi KXETHPERP	+0.0108%	8h	2,774	+0.045%	$8.6M	$673.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,774	+0.047%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,771.9	−0.029%	$86.1M	$331.6M	100x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,770.8	−0.070%	$286.0M	$194.9M	150x	as long as short
Reya ETHRUSDPERP	+0.0187%	1h	2,771.5	−0.044%	$7.3M	$1.1M	25x	as long as short