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 −0.001%

Price spread now: Lighter against Paradex−0.003%7-day average −0.041% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$1371.366% of the position

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 7 days−0.077%−$8 · spread now −0.003%, 7d avg −0.041%

Together, before fees−0.072%+ Points / potential airdropParadex: Active · Lighter: Season 3 · farm board−$7 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: Lighter is 0.038% dearer against Paradex than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex ETH-USD-PERP	2,778.2	0.0100	pay 0.0100% / 8h	1h 43m	$16.0M	$10.6M	50x
Short	Lighter ETH	2,778.1	0.0096	get 0.0012% / 1h	43m 33s	$115.3M	$496.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Paradex. 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 ParadexbpFee LighterbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$0.75
Price spread: −0.003% → −0.041%: $3.79
Slippage, 4 orders: −$132.55
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$133.52
Costs to cover: 1.366%
Break-even: never at this rate

Slippage from Paradex: live order book, 1 min ago; Lighter: 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 Paradex live order book, 1 min ago	61.49 bp	72.0 bp −$72	92.4 bp −$924	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.38 bp	0.5 bp −$1	0.8 bp −$8	1.4 bp −$137	4.1 bp −$2,044

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	2,776.4	−0.063%	$289K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,777.4	−0.027%	$5.8M	$12.0M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,778.1	−0.003%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,762.7	−0.557%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,778	−0.006%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0015%	1h	2,774.3	−0.138%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,777.3	−0.031%	$12.7M	$45.5M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,774.2	−0.143%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,776.9	−0.048%	$22.4M	—	200x	as long as short
Phemex ETHUSDT	+0.0014%	8h	2,775.7	−0.090%	$267.3M	$65.7M	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0017%	8h	2,777.4	−0.027%	—	$17.3M	—	as long as short
OKX ETH-USDT-SWAP	+0.0019%	8h	2,777.2	−0.034%	$1.71B	$11.82B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,776.7	−0.053%	$13.2M	—	200x	as long as short
Aster ETHUSDT	+0.0033%	8h	2,777.2	−0.034%	$256.7M	$989.8M	200x	as long as short
Bullet ETH-USD	+0.0035%	1h	2,775.7	−0.089%	$182K	$1.8M	20x	as long as short
Nado ETH-PERP	+0.0041%	1h	2,777.6	−0.020%	$14.3M	$117.8M	50x	as long as short
MEXC ETH_USDT	+0.0054%	8h	2,777.6	−0.021%	$1.62B	$2.64B	500x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,774.3	−0.139%	$5.0M	$636K	20x	as long as short
Binance ETHUSDT	+0.0056%	8h	2,777.6	−0.020%	$6.45B	$17.10B	150x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,777.7	−0.019%	$2.10B	$3.10B	150x	as long as short
Deribit ETH-PERPETUAL	+0.0074%	1h	2,778	−0.007%	$258.4M	$222.6M	50x	as long as short
Gate ETH_USDT	+0.0082%	8h	2,777.7	−0.016%	$3.29B	$9.56B	200x	as long as short
HTX ETH-USDT	+0.0094%	8h	2,776.1	−0.075%	$1.08B	$1.31B	200x	as long as short
SoDEX ETH-USD	+0.0095%	1h	2,776.3	−0.067%	$55.3M	$228.7M	40x	as long as short
Lighter ETHshort	+0.0096%	1h	2,778.1	−0.003%	$115.3M	$496.7M	50x
Lighter RH ETH	+0.0096%	1h	2,779.4	+0.045%	$25.4M	$120.8M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,777.1	−0.038%	—	$41.3M	500x	as long as short
Hibachi ETH/USDT-P	+0.0096%	1h	2,778.5	+0.012%	$287K	$1.5M	20x	as long as short
Bybit ETHUSDT	+0.0098%	8h	2,777.6	−0.022%	$2.52B	$4.59B	150x	as long as short
Paradex ETH-USD-PERPlong	+0.0100%	8h	2,778.2	long leg	$16.0M	$10.6M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,777.7	−0.017%	$483K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,779.8	+0.059%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,778	−0.008%	$31.3M	$295.5M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,776.7	−0.053%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,779.4	+0.044%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.273%	$166.0M	$246.3M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,777.6	−0.020%	$425.4M	$737.6M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,777.4	−0.027%	$15.2M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,773.8	−0.157%	$135.8M	$327.0M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,775.5	−0.095%	$179.9M	$780.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,776.5	−0.059%	$161.5M	$93.1M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,776.6	−0.058%	$8.7M	$32.6M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,776.2	−0.071%	$21.4M	$57.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,776.3	−0.068%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,777.2	−0.035%	$10.8M	$7.7M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,778.8	+0.023%	$42.7M	$29.3M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,775.8	−0.087%	$974K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,777	−0.040%	$31.4M	$74.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,777.8	−0.013%	$60.1M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0110%	8h	2,777	−0.042%	$8.6M	$673.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0139%	8h	2,779.1	+0.032%	$32.6M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0169%	1h	2,777.6	−0.022%	$86.2M	$330.4M	100x	as long as short
Bluefin ETH-PERP	+0.0171%	1h	2,777.1	−0.038%	$21K	$24K	25x	as long as short
BloFin ETH-USDT	+0.0174%	8h	2,776.4	−0.064%	$285.5M	$194.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0188%	1h	2,775.2	−0.106%	$7.4M	$1.1M	25x	as long as short