Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.5% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Variational Omni−0.078%7-day average +0.021% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.007%+$1 on $10k

Price spread, last 7 days+0.105%+$11 · spread now −0.078%, 7d avg +0.021%

Together, before fees+0.112%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board+$11 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 0.099% cheaper against Variational Omni than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni ETH	2,775.7	0.0092	pay 0.0092% / 8h	2h 52m	$140.7M	$320.1M	—
Short	Lighter RH ETH	2,773.6	0.0096	get 0.0012% / 1h	52m 45s	$25.4M	$121.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Variational Omni. 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 Variational OmnibpFee Lighter RHbpOrdersPrice spread, now −0.078%Rate

Funding earned: $0.88
Price spread: −0.078% → +0.021%: −$9.91
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$9.03
Costs to cover: 0.000%
Break-even: 78.7 days

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Lighter RH: 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 Variational Omni RFQ quote, 1 min ago	0.58 bp	doesn't fit	0.7 bp −$7	2.7 bp −$267	doesn't fit
Sell Lighter RH live order book, 6 min ago	1.46 bp	1.6 bp −$2	3.8 bp −$38	10.3 bp −$1,027	74.1 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	−0.0447%	43m	2,773.7	−0.073%	$289K	$6.9M	8.3x	as long as short
ApeX Omni ETHUSDT	−0.0318%	1h	2,773.3	−0.090%	$10.5M	$30.9M	100x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,774.7	−0.038%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,772.1	−0.131%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0064%	1h	2,772.7	−0.110%	$172K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,776.7	+0.035%	$797K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,773.8	−0.070%	$5.8M	$12.0M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,773	−0.099%	$12.9M	$45.3M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,773.4	−0.084%	$22.4M	—	200x	as long as short
BingX ETH-USDC	+0.0017%	8h	2,770.7	−0.183%	—	$17.3M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDT	+0.0022%	8h	2,771.9	−0.139%	$266.7M	$65.9M	150x	as long as short
OKX ETH-USDT-SWAP	+0.0022%	8h	2,770.4	−0.192%	$1.70B	$11.90B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,773.3	−0.089%	$13.0M	—	200x	as long as short
Aftermath Perps ETHUSD	+0.0032%	1h	2,777.8	+0.074%	$29K	$22K	20x	as long as short
MEXC ETH_USDT	+0.0043%	8h	2,770.4	−0.193%	$1.60B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0044%	8h	2,771.1	−0.166%	$6.45B	$17.26B	150x	as long as short
Aster ETHUSDT	+0.0046%	8h	2,771.2	−0.163%	$256.1M	$999.1M	200x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,769.3	−0.232%	$5.0M	$636K	20x	as long as short
Gate ETH_USDT	+0.0054%	8h	2,770.8	−0.179%	$3.29B	$9.53B	200x	as long as short
Deribit ETH-PERPETUAL	+0.0060%	1h	2,773.6	−0.077%	$258.9M	$223.5M	50x	as long as short
SoDEX ETH-USD	+0.0071%	1h	2,771.7	−0.146%	$55.2M	$228.6M	40x	as long as short
Bitget ETHUSDT	+0.0074%	8h	2,771.6	−0.151%	$2.09B	$3.14B	150x	as long as short
Bullet ETH-USD	+0.0084%	1h	2,772.7	−0.110%	$188K	$1.8M	20x	as long as short
Variational Omni ETHlong	+0.0092%	8h	2,775.7	long leg	$140.7M	$320.1M	—
Lighter ETH	+0.0096%	1h	2,771.5	−0.154%	$115.2M	$507.6M	50x	as long as short
Lighter RH ETHshort	+0.0096%	1h	2,773.6	−0.078%	$25.4M	$121.6M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,774.2	−0.057%	—	$42.8M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,774.6	−0.042%	$15.9M	$11.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,773.4	−0.084%	$493K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,772.8	−0.107%	$16.2M	$115.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,774.6	−0.041%	$3.20B	$2.38B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,773.5	−0.081%	$31.2M	$281.2M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,770.9	−0.173%	$2.51B	$4.66B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,773.4	−0.084%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,775.8	+0.003%	$2.8M	$17.7M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,780.5	+0.172%	$165.0M	$263.0M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,771.7	−0.145%	$426.7M	$745.0M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,772.8	−0.107%	$15.4M	$42.4M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,774.5	−0.045%	$177.5M	$786.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,777	+0.047%	$161.5M	$98.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773	−0.099%	$21.4M	$57.5M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,774.6	−0.041%	$10.8M	$7.9M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,773	−0.100%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.4	−0.047%	$42.9M	$29.9M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,772.1	−0.130%	$971K	$14.3M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,771.5	−0.151%	$1.08B	$1.32B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,774.1	−0.060%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,771.3	−0.159%	$31.6M	$76.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,773.2	−0.091%	$60.4M	$4.66B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,773.9	−0.066%	$8.6M	$671.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0128%	8h	2,774.6	−0.041%	$32.6M	$11.7M	100x	as long as short
BloFin ETH-USDT	+0.0164%	8h	2,773.2	−0.093%	$287.2M	$197.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0193%	1h	2,772.6	−0.113%	$7.5M	$992K	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,773.1	−0.094%	$88.6M	$331.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0360%	1h	2,773.8	−0.071%	$273K	$1.5M	20x	as long as short