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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 09:00 UTC−0.0009%/8h= −1.0% APRnext payment −$0.01 per $10,000 · paid last 24h −0.021%
Price spread now: Lighter against Kraken Futures−0.022%7-day average +0.020% · you buy dearer than you sell
Net, funding: paid 7d − costs−$24as in the Funding arb table
Net, price: spread back to 7d avg − costs−$16as in the Price arb table
costs, in and out, $10k−$120.120% of the position
Long on Kraken FuturesShort on Lighter
What this pair did over the last
the charts below follow
Funding, last 7 days−0.120%−$12 on $10k
Price spread, last 4 days (all we have)+0.325%+$32 · spread now −0.022%, 7d avg +0.020%
Together, before fees+0.205%+ Points / potential airdropLighter: Season 3 · farm board+$20 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 0.042% cheaper against Kraken Futures than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.020%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKraken Futures PF_ETHUSD2,732.20.0105pay 0.0013% / 1h42m 12s$82.0M$309.8M100x
ShortLighter ETH2,731.60.0096get 0.0012% / 1h42m 12s$112.6M$401.1M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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
−$1.87
Price spread: −0.022% → +0.020%
−$4.22
Slippage, 4 orders
−$2.04
Fee Kraken Futures: 5 bp × 2 orders
−$10
Fee Lighter: 0 bp × 2 orders
$0
Net
−$18.12
Costs to cover
0.120%
Break-even
never at this rate
Slippage from Kraken Futures: live order book, 2 min ago; Lighter: live order book, 7 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 Kraken Futures live order book, 2 min ago0.18 bp5.7 bp −$67.1 bp −$718.6 bp −$85611.8 bp −$5,875
Sell Lighter live order book, 7 min ago0.22 bp0.4 bp $00.9 bp −$91.8 bp −$1824.6 bp −$2,323

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
BloFin ETH-USDT−0.0140%8h2,730.4−0.064%$280.2M$177.7M150xas long as short
Perpl ETH−0.0112%43m2,731.3−0.033%$277K$5.7M8.3xas long as short
Phemex ETHUSDT−0.0091%8h2,732−0.007%$263.3M$63.7M150xas long as short
Hotstuff ETH-PERP−0.0080%1h2,731.3−0.032%$5K$1K50xas long as short
HTX ETH-USDT−0.0060%8h2,731.5−0.027%$1.05B$1.21B200xas long as short
Bybit ETHUSDT−0.0013%8h2,730.6−0.059%$2.32B$4.31B150xas long as short
Phoenix ETH−0.0012%1h2,733+0.030%$807K$3.0M25xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,732.4+0.007%$11.9M—200xas long as short
dYdX ETH-USD0.0000%1h2,732.6+0.016%$10.6M$41.9M50xas long as short
Kalshi KXETHPERP0.0000%8h2,731.9−0.010%$6.7M$672.0M4.9xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Deribit ETH-PERPETUAL0.0000%1h2,732.3+0.003%$264.6M$218.7M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,732.4+0.007%$33.0M—200xas long as short
01 Exchange ETHUSD+0.0048%1h2,732.8+0.023%$191K$883K50xas long as short
SunX ETH-USDT+0.0051%8h2,731−0.044%$940K$10.7M100xas long as short
SoDEX ETH-USD+0.0061%1h2,731.5−0.025%$54.4M$182.5M40xas long as short
Hibachi ETH/USDT-P+0.0072%1h2,731.4−0.028%$239K$1.4M20xas long as short
ApeX Omni ETHUSDT+0.0078%1h2,730.8−0.049%$8.4M$31.2M100xas long as short
OKX ETH-USDT-SWAP+0.0078%8h2,730.7−0.054%$1.65B$10.73B100xas long as short
Aster ETHUSDT+0.0082%8h2,731.1−0.039%$252.2M$849.6M200xas long as short
Gate ETH_USDT+0.0083%8h2,731.7−0.017%$3.28B$8.24B200xas long as short
KuCoin ETHUSDTM+0.0085%8h2,731.2−0.038%$383.3M$576.0M100xas long as short
Binance ETHUSDT+0.0092%8h2,731.1−0.038%$6.32B$16.06B150xas long as short
MEXC ETH_USDT+0.0093%8h2,730.8−0.050%$1.57B$2.55B500xas long as short
Lighter ETHshort+0.0096%1h2,731.6−0.022%$112.6M$401.1M50x
Lighter RH ETH+0.0096%1h2,732.7+0.018%$23.7M$95.9M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0056%1h2,731.9−0.010%—$30.4M500xas long as short
Aevo ETH-PERP+0.0096%1h2,729.4−0.102%$4.9M$195K20xas long as short
Katana Perps ETH-USD+0.0100%8h2,732−0.007%$500K$3.6M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,734.8+0.095%$15.4M$7.2M50xas long as short
Nado ETH-PERP+0.0100%1h2,731.5−0.024%$14.2M$100.7M50xas long as short
Hyperliquid ETH+0.0100%1h2,734.8+0.096%$3.11B$2.04B25xas long as short
Pacifica ETH+0.0100%1h2,732−0.007%$32.0M$332.0M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,731.1−0.040%$2.7M$16.5M25xas long as short
Arcus ETH-USD+0.0100%1h2,732.4+0.007%$1.6M$15.8M25xas long as short
Bitget ETHUSDT+0.0100%8h2,730.8−0.052%$2.11B$2.75B150xas long as short
BingX ETH-USDC+0.0100%8h2,730.1−0.077%—$18.7M—as long as short
Backpack ETH_USDC_PERP+0.0100%1h2,731.1−0.040%$15.2M$39.9M50xas long as short
Variational Omni ETH+0.0100%8h2,731−0.042%$131.5M$316.0M—as long as short
edgeX ETHUSDC+0.0100%4h2,731.1−0.039%$185.8M$686.3M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,731.6−0.021%$158.8M$79.8M50xas long as short
StandX ETH-USD+0.0100%1h2,731.9−0.010%$21.0M$70.8M40xas long as short
Vest ETH-PERP+0.0100%1h2,733.6+0.052%—$441K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,733.2+0.037%$11.2M$9.4M50xas long as short
Bullet ETH-USD+0.0100%1h2,732.2+0.002%$178K$1.7M20xas long as short
Derive ETH-PERP+0.0100%1h2,731.8−0.014%$40.6M$29.0M15xas long as short
Bulk ETH-USD+0.0100%1h2,730.8−0.050%$162.8M$334.7M25xas long as short
Extended ETH-USD+0.0104%1h2,730.8−0.051%$30.5M$71.2M50xas long as short
Kraken Futures PF_ETHUSDlong+0.0105%1h2,732.2long leg$82.0M$309.8M100x
Aftermath Perps ETHUSD+0.0112%1h2,731.8−0.015%$30K$20K20xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,732.6+0.016%$46.4M$4.25B50xas long as short
RISEx ETH/USDC+0.0137%1h2,733+0.029%$5.7M$11.4M25xas long as short
Reya ETHRUSDPERP+0.0174%1h2,731.4−0.029%$7.3M$972K25xas long as short
Orderly PERP_ETH_USDC+0.0185%8h2,734+0.066%$32.2M$11.3M100xas long as short
Injective ETH/USDC PERP+0.0253%1h2,735.4+0.118%$293K$20.1M52xas long as short
Bluefin ETH-PERP+0.2429%1h2,759.6+1.004%$20K$23K25xas long as short