Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: SunX against Lighter RH−0.120%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$130.135% of the position

Long on Lighter RH Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now −0.120%, 7d avg −0.073%

Together, before fees−0.038%+ Points / potential airdropLighter RH: Points live · 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: SunX is 0.047% cheaper against Lighter RH than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,778.4	0.0096	pay 0.0012% / 1h	34m 35s	$25.4M	$121.0M	50x
Short	SunX ETH-USDT	2,775.1	0.0100	get 0.0100% / 8h	1h 34m	$973K	$14.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.120%Rate

Funding earned: $0.84
Price spread: −0.120% → −0.073%: −$4.69
Slippage, 4 orders: −$5.48
Fee Lighter RH: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$17.33
Costs to cover: 0.135%
Break-even: 151.4 days

Slippage from Lighter RH: live order book, 5 min ago; SunX: 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	1.15 bp	2.1 bp −$2	3.3 bp −$33	10.8 bp −$1,075	67.8 bp −$33.9K
Sell SunX live order book, 5 min ago	0.20 bp	4.2 bp −$4	4.4 bp −$44	6.7 bp −$674	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	2,777	−0.051%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,775.2	−0.114%	$5.8M	$12.1M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,776.1	−0.083%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,777.1	−0.047%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0032%	1h	2,776.5	−0.068%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0019%	1h	2,777.1	−0.047%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,776.8	−0.059%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,779.8	+0.050%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,777.8	−0.023%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0015%	8h	2,776.6	−0.065%	—	$1.18B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0015%	8h	2,777.2	−0.042%	$270.1M	$68.6M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,777	−0.052%	$1.71B	$11.83B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,777.7	−0.025%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0035%	8h	2,776.9	−0.053%	$256.6M	$989.8M	200x	as long as short
Bullet ETH-USD	+0.0040%	1h	2,777	−0.052%	$181K	$1.7M	20x	as long as short
Nado ETH-PERP	+0.0058%	1h	2,775.8	−0.092%	$14.2M	$117.8M	50x	as long as short
Binance ETHUSDT	+0.0061%	8h	2,776.8	−0.057%	$6.44B	$17.11B	150x	as long as short
MEXC ETH_USDT	+0.0061%	8h	2,777.4	−0.037%	$1.63B	$2.65B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,774.8	−0.131%	$5.0M	$636K	20x	as long as short
Bitget ETHUSDT	+0.0072%	8h	2,776.8	−0.057%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0073%	8h	2,776.9	−0.053%	$3.29B	$9.59B	200x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,776.9	−0.054%	$55.3M	$228.8M	40x	as long as short
Bybit ETHUSDT	+0.0094%	8h	2,777.1	−0.049%	$2.52B	$4.59B	150x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,776.5	−0.069%	$1.08B	$1.32B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,777.7	−0.027%	$115.0M	$498.7M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,778.4	long leg	$25.4M	$121.0M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,775.5	−0.103%	—	$41.5M	500x	as long as short
KuCoin ETHUSDTM	+0.0099%	8h	2,776.3	−0.076%	$426.4M	$737.9M	100x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,776.7	−0.060%	$16.0M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,776.1	−0.083%	$480K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,778.5	+0.005%	$3.19B	$2.37B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,777.4	−0.036%	$31.4M	$297.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.2	−0.079%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,777.6	−0.031%	$2.8M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,781.3	+0.105%	$166.9M	$248.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.3	−0.039%	$15.2M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,774.6	−0.137%	$135.3M	$322.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,776.2	−0.078%	$179.9M	$779.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.3	−0.077%	$161.5M	$91.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,777.9	−0.019%	$8.7M	$32.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,775.4	−0.108%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.8	−0.059%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,778.6	+0.007%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,777.6	−0.027%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,779.5	+0.038%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,775.1	−0.120%	$973K	$14.0M	100x
Extended ETH-USD	+0.0104%	1h	2,775.7	−0.098%	$31.6M	$74.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,778	−0.016%	$60.3M	$4.60B	50x	as long as short
Deribit ETH-PERPETUAL	+0.0114%	1h	2,778.7	+0.010%	$258.3M	$222.0M	50x	as long as short
Kalshi KXETHPERP	+0.0117%	8h	2,776.9	−0.054%	$8.6M	$673.9M	4.9x	as long as short
Hibachi ETH/USDT-P	+0.0136%	1h	2,777.9	−0.018%	$279K	$1.5M	20x	as long as short
Orderly PERP_ETH_USDC	+0.0138%	8h	2,779.6	+0.044%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,778	−0.014%	$86.2M	$330.4M	100x	as long as short
BloFin ETH-USDT	+0.0181%	8h	2,777	−0.052%	$284.8M	$194.5M	150x	as long as short
Reya ETHRUSDPERP	+0.0190%	1h	2,777.2	−0.042%	$7.4M	$1.1M	25x	as long as short