Funding arb · Price arb /

ETHFI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.015%

Price spread now: MEXC against Lighter−0.123%7-day average −0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$830.826% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.104%−$10 on $10k

Price spread, last 7 days−0.048%−$5 · spread now −0.123%, 7d avg −0.151%

Together, before fees−0.152%+ Points / potential airdropLighter: Season 3 · farm board−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.028% dearer against Lighter than usual: you sell high and buy low (spread −0.123% now, against its 7-day average of −0.151%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETHFI	0.7170	0.0096	pay 0.0012% / 1h	10m 27s	$1.1M	$898K	5x
Short	MEXC ETHFI_USDT	0.7161	0.0024	get 0.0012% / 4h	1h 10m	$15.1M	$3.8M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Lighter. 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 LighterbpFee MEXCbpOrdersPrice spread, now −0.123%Rate

Funding earned: −$15.12
Price spread: −0.123% → −0.151%: $2.8
Slippage, 4 orders: −$78.61
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$94.93
Costs to cover: 0.826%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; MEXC: 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 Lighter live order book, 5 min ago	7.54 bp	32.4 bp −$32	116.6 bp −$1,166	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.70 bp	5.2 bp −$5	14.6 bp −$146	70.2 bp −$7,020	189.4 bp −$94.7K

ETHFI on 24 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
Deribit ETHFI_USDC-PERPETUAL	−0.0307%	1h	0.7171	+0.017%	$42K	$18K	10x	as long as short
HTX ETHFI-USDT	−0.0261%	4h	0.7132	−0.527%	$83K	$165K	20x	as long as short
Kraken Futures PF_ETHFIUSD	−0.0252%	1h	0.7176	+0.081%	$282K	$148K	20x	as long as short
Orderly PERP_ETHFI_USDC	−0.0185%	4h	0.7163	−0.095%	$16K	$1K	10x	as long as short
Paradex ETHFI-USD-PERP	+0.0023%	8h	0.7161	−0.116%	$6K	—	5x	as long as short
Extended ETHFI-USD	+0.0024%	1h	0.7160	−0.141%	$93K	$493K	10x	as long as short
MEXC ETHFI_USDTshort	+0.0024%	4h	0.7161	−0.123%	$15.1M	$3.8M	125x
Binance ETHFIUSDT	+0.0025%	4h	0.7162	−0.109%	$24.8M	$37.2M	75x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+0.979%	$321	$51K	5.5x	as long as short
Aevo ETHFI-PERP	+0.0088%	1h	0.7165	−0.067%	$9K	—	3x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget ETHFIUSDT	+0.0094%	4h	0.7160	−0.137%	$6.1M	$5.7M	75x	as long as short
Lighter ETHFIlong	+0.0096%	1h	0.7170	long leg	$1.1M	$898K	5x
Hyperliquid ETHFI	+0.0100%	1h	0.7174	+0.059%	$18.1M	$8.9M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.7163	−0.101%	$183K	$259K	10x	as long as short
Bybit ETHFIUSDT	+0.0100%	4h	0.7165	−0.067%	$18.2M	$13.0M	25x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.7165	−0.067%	$4.9M	$12.5M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.7166	−0.053%	$1.7M	$2.1M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.7162	−0.109%	$1.2M	$272K	50x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.7165	−0.067%	—	$26.1M	—	as long as short
Variational Omni ETHFI	+0.0100%	4h	0.7158	−0.163%	$1.0M	$755K	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.7163	−0.089%	$59K	$93K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.7163	−0.095%	$1K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0104%	4h	0.7158	−0.165%	$1.2M	$292K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0304%	1h	0.7177	+0.100%	$31K	$6K	50x	as long as short