Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.014%

Price spread now: Lighter RH against Phemex+0.057%7-day average +0.057% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$160.163% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 4 days (all we have)+0.271%+$27 · spread now +0.057%, 7d avg +0.057%

Together, before fees+0.361%+ Points / potential airdropLighter RH: Points live · farm board+$36 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex ETHUSDT	2,740.6	0.0100	pay 0.0100% / 8h	5h 39m	$266.6M	$65.1M	150x
Short	Lighter RH ETH	2,742.2	0.0096	get 0.0012% / 1h	39m 31s	$24.6M	$103.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Phemex. 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 PhemexbpFee Lighter RHbpOrdersPrice spread, now +0.057%Rate

Funding earned: −$0.84
Price spread: +0.057% → +0.057%: $0
Slippage, 4 orders: −$4.31
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$17.14
Costs to cover: 0.163%
Break-even: never at this rate

Slippage from Phemex: live order book, 5 min ago; Lighter RH: 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 Phemex live order book, 5 min ago	0.02 bp	6.0 bp −$6	7.1 bp −$71	9.4 bp −$935	12.7 bp −$6,337
Sell Lighter RH live order book, 5 min ago	1.66 bp	2.3 bp −$2	3.4 bp −$34	11.8 bp −$1,180	73.9 bp −$37.0K

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	−0.0112%	43m	2,740.3	−0.011%	$304K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,741.3	+0.026%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,743.1	+0.091%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,738.7	−0.070%	$12.0M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,740.8	+0.007%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,738.8	−0.065%	$22.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.7	+0.150%	$846K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,739.7	−0.033%	$182K	$916K	50x	as long as short
BingX ETH-USDC	+0.0049%	8h	2,738	−0.096%	—	$18.5M	—	as long as short
OKX ETH-USDT-SWAP	+0.0063%	8h	2,739.5	−0.041%	$1.70B	$10.56B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0063%	8h	2,739	−0.058%	$383.2M	$597.9M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,739.7	−0.035%	$5.6M	$11.2M	25x	as long as short
Bullet ETH-USD	+0.0077%	1h	2,738.4	−0.080%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0080%	8h	2,740.5	−0.004%	$252.1M	$841.2M	200x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,737.9	−0.098%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0089%	8h	2,738.2	−0.086%	$1.55B	$2.53B	500x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,738.9	−0.061%	$6.37B	$15.71B	150x	as long as short
HTX ETH-USDT	+0.0096%	8h	2,740.4	−0.008%	$1.06B	$1.18B	200x	as long as short
Lighter ETH	+0.0096%	1h	2,740	−0.022%	$112.7M	$432.6M	50x	as long as short
Lighter RH ETHshort	+0.0096%	1h	2,742.2	+0.057%	$24.6M	$103.6M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,741.2	+0.021%	—	$30.8M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,741.6	+0.035%	$58.7M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,743.1	+0.092%	$16.0M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,739.2	−0.051%	$468K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,739.2	−0.051%	$13.9M	$106.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.7	+0.040%	$3.12B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.3	−0.010%	$31.6M	$335.1M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,739.6	−0.037%	$2.45B	$4.18B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.3	−0.084%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.5	−0.039%	$2.7M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.5	+0.107%	$165.1M	$304.9M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,739.7	−0.032%	$3.39B	$8.71B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,739.4	−0.044%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,740.4	−0.008%	$14.9M	$40.9M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,736.2	−0.160%	$132.4M	$335.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.2	−0.050%	$182.0M	$689.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.5	+0.106%	$159.5M	$82.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,742.5	+0.068%	$8.9M	$31.0M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,740.8	+0.007%	$21.2M	$68.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.6	0.000%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.2	−0.015%	$11.0M	$8.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,741.3	+0.026%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,742.8	+0.078%	$41.6M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,739.7	−0.032%	$961K	$11.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,740.8	+0.007%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDTlong	+0.0100%	8h	2,740.6	long leg	$266.6M	$65.1M	150x
Extended ETH-USD	+0.0104%	1h	2,738.3	−0.083%	$30.6M	$72.4M	50x	as long as short
Aftermath Perps ETHUSD	+0.0136%	1h	2,742.2	+0.058%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0155%	1h	2,741.9	+0.046%	$258.7M	$196.1M	50x	as long as short
Kalshi KXETHPERP	+0.0155%	8h	2,741.3	+0.026%	$7.7M	$668.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,743.3	+0.100%	$32.3M	$11.3M	100x	as long as short
BloFin ETH-USDT	+0.0209%	8h	2,736.5	−0.151%	$284.1M	$177.1M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.3	+0.027%	$87.1M	$310.4M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,739	−0.059%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,742	+0.050%	$250K	$1.4M	20x	as long as short