Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0099%/8h= −10.8% APRpaid last 24h −0.029%

Price spread now: Lighter against Orderly−0.084%7-day average −0.052% · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.268%−$27 on $10k

Price spread, last 4 days (all we have)+0.313%+$31 · spread now −0.084%, 7d avg −0.052%

Together, before fees+0.045%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Lighter is 0.032% cheaper against Orderly than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.052%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_ETH_USDC	2,741	0.0195	pay 0.0195% / 8h	4h 53m	$32.2M	$11.5M	100x
Short	Lighter ETH	2,738.7	0.0096	get 0.0012% / 1h	53m 22s	$112.5M	$431.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$20.69
Price spread: −0.084% → −0.052%: −$3.22
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: −$29.91
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 6 min ago. 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 6 min ago	0.22 bp	0.2 bp $0	0.8 bp −$8	2.2 bp −$219	6.0 bp −$3,022

Orderly: 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 ETH	−0.0447%	43m	2,738.4	−0.095%	$300K	$5.5M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0141%	1h	2,740.3	−0.027%	$118K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,739.1	−0.070%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,739	−0.075%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,739.5	−0.057%	$10.8M	$41.7M	50x	as long as short
01 Exchange ETHUSD	0.0000%	1h	2,739	−0.074%	$182K	$834K	50x	as long as short
Phoenix ETH	0.0000%	1h	2,741.2	+0.006%	$832K	$2.9M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,739.2	−0.067%	$25.4M	—	200x	as long as short
BingX ETH-USDC	+0.0055%	8h	2,738.4	−0.098%	—	$18.4M	—	as long as short
Bullet ETH-USD	+0.0059%	1h	2,738.3	−0.099%	$180K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SoDEX ETH-USD	+0.0062%	1h	2,738.5	−0.092%	$54.5M	$187.6M	40x	as long as short
OKX ETH-USDT-SWAP	+0.0070%	8h	2,739	−0.074%	$1.68B	$10.59B	100x	as long as short
KuCoin ETHUSDTM	+0.0073%	8h	2,738.5	−0.094%	$380.6M	$573.4M	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,738.5	−0.093%	$253.3M	$840.3M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,736.3	−0.173%	$4.9M	$154K	20x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,738.5	−0.091%	$1.56B	$2.52B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,738.5	−0.091%	$6.36B	$15.70B	150x	as long as short
Lighter ETHshort	+0.0096%	1h	2,738.7	−0.084%	$112.5M	$431.3M	50x
Lighter RH ETH	+0.0096%	1h	2,740.3	−0.028%	$24.5M	$102.9M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739.3	−0.065%	—	$30.5M	500x	as long as short
RISEx ETH/USDC	+0.0099%	1h	2,739.1	−0.072%	$5.6M	$11.4M	25x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,742.4	+0.050%	$15.8M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,737.9	−0.114%	$499K	$3.2M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.5	−0.091%	$13.9M	$104.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,740.7	−0.012%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739	−0.074%	$31.7M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,738.8	−0.082%	$2.43B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.7	−0.085%	$2.7M	$16.9M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,738.9	−0.078%	$2.8M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,740.8	−0.010%	$166.9M	$306.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,738.8	−0.082%	$3.39B	$8.68B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.9	−0.078%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,739.3	−0.064%	$15.0M	$39.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,741	−0.003%	$133.2M	$324.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.9	−0.043%	$182.1M	$665.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,737.4	−0.134%	$159.2M	$83.8M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,734.9	−0.222%	$8.7M	$30.7M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.7	−0.012%	$21.2M	$69.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740	−0.038%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,740.5	−0.019%	$41.4M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,737.8	−0.117%	$961K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,738.4	−0.096%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,738.4	−0.094%	$266.1M	$65.1M	150x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.5	−0.055%	—	$843K	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.1	−0.108%	$30.6M	$72.3M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,740.3	−0.025%	$51.1M	$4.26B	50x	as long as short
Aftermath Perps ETHUSD	+0.0126%	1h	2,740.1	−0.033%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0157%	8h	2,739.2	−0.067%	$7.7M	$672.7M	4.9x	as long as short
Orderly PERP_ETH_USDClong	+0.0195%	8h	2,741	long leg	$32.2M	$11.5M	100x
Deribit ETH-PERPETUAL	+0.0195%	1h	2,740.3	−0.026%	$260.0M	$194.8M	50x	as long as short
BloFin ETH-USDT	+0.0211%	8h	2,738.4	−0.096%	$285.5M	$172.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0222%	1h	2,739.4	−0.059%	$86.0M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,738.2	−0.104%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,740.3	−0.025%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.1989%	1h	2,739.3	−0.062%	$21K	$20K	25x	as long as short