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Funding arb · Price arb /

ETH

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 06:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.003%
Price spread now: Lighter against Kalshi+0.035%7-day average +0.019% · 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−$10as in the Price arb table
costs, in and out, $10k−$120.119% of the position
Long on KalshiShort on Lighter
What this pair did over the last
the charts below follow
Funding, last 7 days+0.045%+$4 on $10k
Price spread, last 7 days−0.063%−$6 · spread now +0.035%, 7d avg +0.019%
Together, before fees−0.018%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour
The price spread sits at its 7-day average of +0.019%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKalshi KXETHPERP2,737.30.0140pay 0.0140% / 8h6h 06m$6.8M$693.5M4.9x
ShortLighter ETH2,738.30.0096get 0.0012% / 1h6m 25s$113.0M$437.7M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Lighter against Kalshi. 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

Funding earned
−$9.23
Price spread: +0.035% → +0.019%
$1.59
Slippage, 4 orders
−$1.9
Fee Kalshi: 5 bp × 2 orders
−$10
Fee Lighter: 0 bp × 2 orders
$0
Net
−$19.54
Costs to cover
0.119%
Break-even
never at this rate
Slippage from Kalshi: live order book, 3 min ago; Lighter: live order book, 8 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Kalshi live order book, 3 min ago0.37 bp5.6 bp −$67.7 bp −$7710.9 bp −$1,08818.7 bp −$9,348
Sell Lighter live order book, 8 min ago0.02 bp0.2 bp $00.4 bp −$41.0 bp −$1034.0 bp −$2,013

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0447%43m2,737.5+0.008%$292K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,736.6−0.026%$5K$1K50xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,738.1+0.028%$12.0M—200xas long as short
Phoenix ETH−0.0009%1h2,736.5−0.029%$817K$3.0M25xas long as short
dYdX ETH-USD+0.0005%1h2,737.5+0.007%$10.5M$42.9M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0007%1h2,738.2+0.034%$33.0M—200xas long as short
Injective ETH/USDC PERP+0.0009%1h2,735.4−0.069%$117K$22.5M52xas long as short
HTX ETH-USDT+0.0010%8h2,737.30.000%$1.05B$1.22B200xas long as short
BingX ETH-USDC+0.0036%8h2,737−0.011%—$18.6M—as long as short
Bybit ETHUSDT+0.0044%8h2,737.7+0.015%$2.35B$4.42B150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0048%1h2,738.6+0.047%$192K$873K50xas long as short
Deribit ETH-PERPETUAL+0.0057%1h2,739+0.063%$259.2M$208.5M50xas long as short
KuCoin ETHUSDTM+0.0081%8h2,737.8+0.019%$376.3M$577.9M100xas long as short
Aftermath Perps ETHUSD+0.0084%1h2,735.6−0.063%$30K$20K20xas long as short
Bullet ETH-USD+0.0084%1h2,737.6+0.012%$182K$1.7M20xas long as short
SunX ETH-USDT+0.0095%8h2,737.1−0.008%$959K$11.1M100xas long as short
Lighter ETHshort+0.0096%1h2,738.3+0.035%$113.0M$437.7M50x
Lighter RH ETH+0.0096%1h2,739.3+0.072%$23.5M$104.2M50xas long as short
Aevo ETH-PERP+0.0096%1h2,735.5−0.067%$4.9M$155K20xas long as short
OKX ETH-USDT-SWAP+0.0098%8h2,737.8+0.019%$1.66B$10.95B100xas long as short
Aster ETHUSDT+0.0099%8h2,737.9+0.023%$253.3M$848.3M200xas long as short
Phemex ETHUSDT+0.0099%8h2,737.7+0.015%$264.1M$65.0M150xas long as short
Katana Perps ETH-USD+0.0100%8h2,737.30.000%$508K$3.5M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,741.8+0.164%$15.2M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,737.7+0.016%$14.2M$105.4M50xas long as short
Hyperliquid ETH+0.0100%1h2,740.1+0.102%$3.11B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,738.6+0.047%$32.1M$334.3M50xas long as short
Binance ETHUSDT+0.0100%8h2,737.8+0.019%$6.35B$16.16B150xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,736.5−0.029%$2.7M$16.8M25xas long as short
Arcus ETH-USD+0.0100%1h2,738.2+0.034%$1.5M$16.2M25xas long as short
Gate ETH_USDT+0.0100%8h2,737.8+0.018%$3.28B$9.09B200xas long as short
MEXC ETH_USDT+0.0100%8h2,737.7+0.016%$1.53B$2.61B500xas long as short
Bitget ETHUSDT+0.0100%8h2,738+0.024%$2.09B$2.79B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,737.4+0.003%$15.0M$42.5M50xas long as short
Variational Omni ETH+0.0100%8h2,735.8−0.056%$134.4M$327.0M—as long as short
edgeX ETHUSDC+0.0100%4h2,736−0.046%$185.5M$680.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,736.9−0.013%$159.2M$87.4M50xas long as short
ApeX Omni ETHUSDT+0.0100%1h2,736.9−0.015%$8.7M$31.5M100xas long as short
StandX ETH-USD+0.0100%1h2,737.30.000%$21.0M$70.0M40xas long as short
Vest ETH-PERP+0.0100%1h2,739+0.062%—$876K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,739.3+0.073%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,738+0.024%$22K$21K25xas long as short
Derive ETH-PERP+0.0100%1h2,739.6+0.083%$41.1M$30.2M15xas long as short
SoDEX ETH-USD+0.0100%1h2,737.8+0.018%$54.5M$187.6M40xas long as short
Bulk ETH-USD+0.0100%1h2,735.9−0.051%$162.8M$321.5M25xas long as short
Extended ETH-USD+0.0104%1h2,737.1−0.009%$30.3M$74.4M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,737.9+0.021%—$31.3M500xas long as short
Coinbase International ETH-PERP-INTX+0.0104%1h2,739.2+0.070%$49.8M$4.33B50xas long as short
RISEx ETH/USDC+0.0108%1h2,738.4+0.040%$5.6M$11.8M25xas long as short
Kalshi KXETHPERPlong+0.0140%8h2,737.3long leg$6.8M$693.5M4.9x
Kraken Futures PF_ETHUSD+0.0175%1h2,738.8+0.055%$83.7M$311.5M100xas long as short
Orderly PERP_ETH_USDC+0.0188%8h2,740.3+0.108%$32.3M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0197%1h2,737−0.011%$7.3M$1.3M25xas long as short
Hibachi ETH/USDT-P+0.0288%1h2,738.3+0.035%$250K$1.4M20xas long as short
BloFin ETH-USDT+0.0400%8h2,737.2−0.003%$280.2M$175.4M150xas long as short