Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Katana Perps+0.044%7-day average +0.064% · you sell dearer than you buy

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

Long on Katana Perps Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.002%$0 on $10k

Price spread, last 7 days+0.005%+$1 · spread now +0.044%, 7d avg +0.064%

Together, before fees+0.007%+ Points / potential airdropLighter RH: Points live · 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 RH is 0.020% cheaper against Katana Perps than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.064%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps ETH-USD	2,735.7	0.0100	pay 0.0100% / 8h	2h 04m	$509K	$3.5M	50x
Short	Lighter RH ETH	2,736.9	0.0096	get 0.0012% / 1h	4m 11s	$23.5M	$104.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Katana Perps. 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 Katana PerpsbpFee Lighter RHbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$0.8
Price spread: +0.044% → +0.064%: −$2.01
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$6.6
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Lighter RH: live order book, 5 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 Katana Perps no order-book sample	—	—	—	—	—
Sell Lighter RH live order book, 5 min ago	1.02 bp	1.7 bp −$2	2.1 bp −$21	9.0 bp −$904	57.6 bp −$28.8K

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	2,735.6	−0.004%	$292K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,736.5	+0.029%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,736.3	+0.023%	$12.0M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,736.5	+0.029%	$817K	$3.0M	25x	as long as short
Deribit ETH-PERPETUAL	0.0000%	1h	2,736.3	+0.022%	$259.3M	$209.6M	50x	as long as short
dYdX ETH-USD	+0.0005%	1h	2,736	+0.012%	$10.5M	$42.9M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,736.4	+0.024%	$33.0M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,735.4	−0.011%	$117K	$22.5M	52x	as long as short
HTX ETH-USDT	+0.0011%	8h	2,735	−0.025%	$1.05B	$1.22B	200x	as long as short
BingX ETH-USDT	+0.0036%	8h	2,736	+0.011%	—	$1.12B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0044%	8h	2,735.1	−0.021%	$2.35B	$4.42B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,736.7	+0.037%	$190K	$880K	50x	as long as short
KuCoin ETHUSDTM	+0.0080%	8h	2,735.8	+0.003%	$376.0M	$577.9M	100x	as long as short
Bullet ETH-USD	+0.0083%	1h	2,736	+0.009%	$184K	$1.7M	20x	as long as short
Aftermath Perps ETHUSD	+0.0084%	1h	2,736.1	+0.016%	$30K	$20K	20x	as long as short
SunX ETH-USDT	+0.0095%	8h	2,735.3	−0.016%	$958K	$11.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,735.6	−0.005%	$112.6M	$438.3M	50x	as long as short
Lighter RH ETHshort	+0.0096%	1h	2,736.9	+0.044%	$23.5M	$104.3M	50x
Aevo ETH-PERP	+0.0096%	1h	2,733.1	−0.097%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0098%	8h	2,735.2	−0.018%	$1.66B	$10.94B	100x	as long as short
Aster ETHUSDT	+0.0099%	8h	2,735.4	−0.012%	$253.1M	$848.2M	200x	as long as short
Katana Perps ETH-USDlong	+0.0100%	8h	2,735.7	long leg	$509K	$3.5M	50x
Paradex ETH-USD-PERP	+0.0100%	8h	2,740	+0.159%	$15.3M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,735.7	−0.001%	$14.2M	$105.4M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,738.6	+0.106%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,736.7	+0.035%	$32.1M	$334.3M	50x	as long as short
Binance ETHUSDT	+0.0100%	8h	2,735.3	−0.015%	$6.34B	$16.16B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,735.3	−0.015%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,736.5	+0.030%	$1.5M	$16.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,735.8	+0.004%	$3.28B	$9.09B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,735.4	−0.013%	$1.53B	$2.61B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,735.3	−0.015%	$2.09B	$2.79B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,736.7	+0.035%	$15.1M	$42.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,737.1	+0.052%	$135.0M	$326.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,736.2	+0.019%	$185.6M	$682.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,738.1	+0.088%	$159.3M	$87.5M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,736.7	+0.035%	$8.7M	$31.5M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,737.6	+0.069%	$21.0M	$70.0M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,737.5	+0.066%	—	$878K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,737.3	+0.058%	$11.2M	$9.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,736.4	+0.024%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.2	+0.054%	$41.0M	$30.2M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,735.1	−0.022%	$54.5M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,735.5	−0.007%	$263.8M	$65.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,735.9	+0.008%	$162.8M	$321.5M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,734.7	−0.037%	$30.3M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,736.8	+0.040%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,736.3	+0.022%	$50.2M	$4.33B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,736.7	+0.037%	$5.6M	$11.8M	25x	as long as short
Kalshi KXETHPERP	+0.0133%	8h	2,735.7	0.000%	$6.8M	$693.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0175%	1h	2,735.8	+0.003%	$83.6M	$311.4M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,737.9	+0.081%	$32.2M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0197%	1h	2,735	−0.026%	$7.3M	$1.3M	25x	as long as short
Hibachi ETH/USDT-P	+0.0288%	1h	2,738.1	+0.088%	$250K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,736.6	+0.034%	$280.1M	$175.4M	150x	as long as short