Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against edgeX−0.103%49s7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$110.109% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.111%−$11 on $10k

Price spread, last 7 days+0.120%+$12 · spread now −0.103%, 7d avg +0.042%

Together, before fees+0.009%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board+$1 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 0.145% cheaper against edgeX than usual: you would sell low and buy high, −$14 on $10k if it goes back to its 7-day average of +0.042%. The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX ETHUSDC	2,772.2	0.0100	pay 0.0050% / 4h	24m 15s	$182.0M	$782.8M	100x
Short	Lighter ETH	2,769.3	0.0096	get 0.0012% / 1h	24m 15s	$115.1M	$499.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$0.84
Price spread: −0.103% → +0.042%: −$14.46
Slippage, 4 orders: −$1.86
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$26.16
Costs to cover: 0.109%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Lighter: 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 edgeX live order book, 5 min ago	0.07 bp	4.9 bp −$5	4.9 bp −$49	5.0 bp −$504	6.4 bp −$3,182
Sell Lighter live order book, 5 min ago	0.29 bp	0.5 bp −$1	1.1 bp −$11	1.5 bp −$154	4.2 bp −$2,116

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	−0.0223%	43m	2,768.5	−0.132%	$285K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0206%	1h	2,767.7	−0.161%	$5.6M	$11.9M	25x	as long as short
Injective ETH/USDC PERP	−0.0088%	1h	2,781.9	+0.352%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.1	−0.146%	$5K	$2K	50x	as long as short
ApeX Omni ETHUSDT	−0.0032%	1h	2,772.4	+0.007%	$8.8M	$32.9M	100x	as long as short
01 Exchange ETHUSD	−0.0008%	1h	2,768.3	−0.139%	$168K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,768.5	−0.133%	$12.7M	$45.9M	50x	as long as short
Phoenix ETH	+0.0003%	1h	2,771.1	−0.038%	$876K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,768.2	−0.143%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0021%	8h	2,766.5	−0.204%	$1.70B	$11.85B	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	+0.0023%	1h	2,772.5	+0.013%	$29K	$22K	20x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0026% / S +0.0009%	1h	2,768.1	−0.145%	$12.8M	—	200x	as long as short
Aster ETHUSDT	+0.0030%	8h	2,767.5	−0.168%	$255.4M	$1.00B	200x	as long as short
BingX ETH-USDT	+0.0031%	8h	2,767.3	−0.174%	—	$1.22B	—	as long as short
SoDEX ETH-USD	+0.0032%	1h	2,766.3	−0.211%	$55.1M	$229.0M	40x	as long as short
Phemex ETHUSDT	+0.0036%	8h	2,767.3	−0.175%	$269.8M	$69.0M	150x	as long as short
Deribit ETH-PERPETUAL	+0.0043%	1h	2,767.8	−0.156%	$259.0M	$222.4M	50x	as long as short
Bullet ETH-USD	+0.0045%	1h	2,767.4	−0.170%	$182K	$1.7M	20x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,763.8	−0.300%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,767.3	−0.174%	$1.60B	$2.65B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,767.3	−0.175%	$6.44B	$17.30B	150x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,766.2	−0.216%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0069%	8h	2,767.4	−0.170%	$3.29B	$9.66B	200x	as long as short
KuCoin ETHUSDTM	+0.0082%	8h	2,767.5	−0.168%	$420.5M	$739.9M	100x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,768	−0.148%	$60.0M	$4.58B	50x	as long as short
Bybit ETHUSDT	+0.0089%	8h	2,766.7	−0.195%	$2.50B	$4.63B	150x	as long as short
Vest ETH-PERP	+0.0094%	1h	2,768.5	−0.133%	—	$1.1M	50x	as long as short
HTX ETH-USDT	+0.0095%	8h	2,766	−0.221%	$1.08B	$1.32B	200x	as long as short
Lighter ETHshort	+0.0096%	1h	2,769.3	−0.103%	$115.1M	$499.6M	50x
Lighter RH ETH	+0.0096%	1h	2,769.5	−0.096%	$25.2M	$121.5M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,767.3	−0.174%	$15.9M	$10.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,768	−0.150%	$476K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.7	−0.161%	$14.3M	$118.2M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,769.8	−0.085%	$3.18B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.8	−0.122%	$31.2M	$312.6M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,767.7	−0.161%	$2.8M	$17.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.8	−0.120%	$2.7M	$17.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,772.9	+0.027%	$167.0M	$259.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.9	−0.081%	$15.1M	$44.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.3	−0.066%	$147.5M	$336.1M	—	as long as short
edgeX ETHUSDClong	+0.0100%	4h	2,772.2	long leg	$182.0M	$782.8M	100x
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.2	−0.033%	$161.1M	$89.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,771.4	−0.027%	$21.4M	$58.6M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,767.8	−0.157%	$10.6M	$8.0M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,768.1	−0.146%	$21K	$24K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,767.3	−0.176%	$970K	$13.9M	100x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,769	−0.116%	$42.6M	$29.4M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,765.6	−0.235%	$32.5M	$78.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,770.7	−0.051%	—	$42.0M	500x	as long as short
Kalshi KXETHPERP	+0.0114%	8h	2,770.1	−0.074%	$8.2M	$686.9M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0123%	1h	2,767.7	−0.162%	$87.0M	$335.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0141%	8h	2,769.3	−0.103%	$32.5M	$12.1M	100x	as long as short
BloFin ETH-USDT	+0.0178%	8h	2,770	−0.078%	$287.3M	$194.2M	150x	as long as short
Reya ETHRUSDPERP	+0.0202%	1h	2,767.3	−0.175%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,771.5	−0.025%	$252K	$1.6M	20x	as long as short