Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.002%

Price spread now: Lighter RH against SunX−0.008%7-day average +0.074% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$140.143% of the position

Long on SunX Short on Lighter RH

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)+0.225%+$22 · spread now −0.008%, 7d avg +0.074%

Together, before fees+0.212%+ Points / potential airdropLighter RH: Points live · farm board+$21 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 RH is 0.081% cheaper against SunX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.074%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX ETH-USDT	2,766.2	0.0100	pay 0.0100% / 8h	2h 36m	$971K	$14.3M	100x
Short	Lighter RH ETH	2,766	0.0096	get 0.0012% / 1h	36m 22s	$25.3M	$122.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against SunX. 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 SunXbpFee Lighter RHbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$0.84
Price spread: −0.008% → +0.074%: −$8.15
Slippage, 4 orders: −$6.27
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$23.26
Costs to cover: 0.143%
Break-even: never at this rate

Slippage from SunX: live order book, 13 min ago; Lighter RH: live order book, 3 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 SunX live order book, 13 min ago	0.58 bp	6.7 bp −$7	6.7 bp −$67	9.8 bp −$977	doesn't fit
Sell Lighter RH live order book, 3 min ago	1.01 bp	1.8 bp −$2	3.5 bp −$35	7.3 bp −$728	52.9 bp −$26.4K

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	2,765.4	−0.032%	$288K	$6.8M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,766.1	−0.005%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,763.9	−0.085%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0072%	1h	2,765.2	−0.036%	$10.4M	$30.9M	100x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,764.5	−0.063%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,767.2	+0.035%	$795K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,764.6	−0.061%	$5.8M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,765.6	−0.025%	$12.7M	$45.5M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,764	−0.081%	$22.3M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,762.7	−0.128%	$1.70B	$11.81B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps ETHUSD	+0.0024%	1h	2,767.6	+0.050%	$29K	$21K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,764.3	−0.069%	$13.1M	—	200x	as long as short
Phemex ETHUSDT	+0.0029%	8h	2,767	+0.028%	$266.3M	$66.0M	150x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,764.2	−0.072%	$255.6M	$995.3M	200x	as long as short
MEXC ETH_USDT	+0.0045%	8h	2,763.7	−0.091%	$1.61B	$2.65B	500x	as long as short
Deribit ETH-PERPETUAL	+0.0046%	1h	2,768.6	+0.085%	$258.4M	$224.4M	50x	as long as short
Binance ETHUSDT	+0.0046%	8h	2,763.2	−0.111%	$6.41B	$17.19B	150x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,765.1	−0.043%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0062%	8h	2,763.7	−0.092%	$3.28B	$9.60B	200x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,764.3	−0.070%	$2.09B	$3.13B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,763.8	−0.088%	$183K	$1.8M	20x	as long as short
Variational Omni ETH	+0.0091%	8h	2,765.4	−0.031%	$140.3M	$319.1M	—	as long as short
Lighter ETH	+0.0096%	1h	2,764.6	−0.058%	$115.1M	$511.3M	50x	as long as short
Lighter RH ETHshort	+0.0096%	1h	2,766	−0.008%	$25.3M	$122.0M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,765.2	−0.038%	—	$41.7M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,764	−0.080%	$15.9M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,764.6	−0.059%	$479K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,764	−0.081%	$14.7M	$116.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,766.8	+0.020%	$3.18B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,764.9	−0.048%	$31.1M	$285.6M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,762.9	−0.122%	$2.50B	$4.64B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,764.9	−0.048%	$2.9M	$16.5M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,766.4	+0.007%	$2.7M	$17.5M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,765.5	−0.026%	$164.9M	$254.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,764.4	−0.068%	$424.0M	$741.5M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,763.3	−0.105%	—	$17.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.2	+0.034%	$15.3M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,763.9	−0.084%	$177.7M	$791.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,765.7	−0.019%	$160.8M	$97.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,767.4	+0.042%	$21.4M	$57.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,765.7	−0.021%	—	$1.1M	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,765.7	−0.020%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,764.4	−0.065%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769.5	+0.119%	$42.6M	$29.2M	15x	as long as short
SunX ETH-USDTlong	+0.0100%	8h	2,766.2	long leg	$971K	$14.3M	100x
SoDEX ETH-USD	+0.0100%	1h	2,766.8	+0.020%	$55.1M	$228.6M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,766.6	+0.013%	$1.08B	$1.32B	200x	as long as short
Extended ETH-USD	+0.0104%	1h	2,763.7	−0.093%	$31.4M	$76.2M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,768.3	+0.073%	$60.2M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0118%	8h	2,768.5	+0.082%	$8.6M	$671.9M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0130%	8h	2,765.8	−0.017%	$32.5M	$11.9M	100x	as long as short
BloFin ETH-USDT	+0.0165%	8h	2,766.7	+0.016%	$286.2M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,763.1	−0.113%	$7.4M	$998K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0241%	1h	2,768	+0.065%	$87.9M	$329.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0416%	1h	2,769.3	+0.112%	$272K	$1.5M	20x	as long as short