ETH

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0258%/8h= −28.2% APRnext payment −$0.32 per $10,000 · paid last 24h −0.003%

Price spread now: Lighter RH against Kraken Futures+0.093%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$130.135% of the position

Long on Kraken Futures Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 3 days (all we have)−0.034%−$3 · spread now +0.093%, 7d avg +0.045%

Together, before fees−0.074%+ Points / potential airdropLighter RH: Points live · farm board−$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter RH is 0.048% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.093% now, against its 7-day average of +0.045%): +$5 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.041% in total) that is about 8.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.041% in total (about -2.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.32 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_ETHUSD	2,748.8	0.0354	pay 0.0044% / 1h	18m 22s	$89.2M	$317.0M	100x
Short	Lighter RH ETH	2,751.4	0.0096	get 0.0012% / 1h	18m 22s	$24.9M	$107.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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

Position, each leg$Hold fordaysFee Kraken FuturesbpFee Lighter RHbpOrdersPrice spread, now +0.093%Rate

Funding earned: −$54.17
Price spread: +0.093% → +0.045%: $4.83
Slippage, 4 orders: −$3.46
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$62.8
Costs to cover: 0.135%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 6 min ago; Lighter RH: live order book, 6 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 Kraken Futures live order book, 6 min ago	0.18 bp	5.4 bp −$5	6.6 bp −$66	8.2 bp −$825	12.0 bp −$5,999
Sell Lighter RH live order book, 6 min ago	0.83 bp	1.0 bp −$1	2.3 bp −$23	5.6 bp −$558	50.8 bp −$25.4K

ETH on 54 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	−0.0112%	43m	2,747.8	−0.037%	$312K	$5.9M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,748.1	−0.025%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,748	−0.028%	$5.7M	$11.4M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,749.4	+0.024%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,747.2	−0.058%	$848K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,749.9	+0.041%	$10.8M	$42.1M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,749.8	+0.035%	$22.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0019%	1h	2,749.4	+0.022%	$8.7M	$31.4M	100x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,749	+0.007%	$181K	$1.1M	50x	as long as short
BingX ETH-USDC	+0.0037%	8h	2,748.7	−0.004%	—	$18.5M	—	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0048%	8h	2,748.5	−0.010%	$1.69B	$10.96B	100x	as long as short
HTX ETH-USDT	+0.0056%	8h	2,747.5	−0.047%	$1.06B	$1.20B	200x	as long as short
Aster ETHUSDT	+0.0069%	8h	2,749	+0.007%	$253.2M	$858.7M	200x	as long as short
KuCoin ETHUSDTM	+0.0070%	8h	2,748.1	−0.026%	$372.3M	$610.2M	100x	as long as short
MEXC ETH_USDT	+0.0080%	8h	2,748.5	−0.013%	$1.56B	$2.57B	500x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,746.2	−0.096%	$4.9M	$168K	20x	as long as short
Binance ETHUSDT	+0.0080%	8h	2,749.3	+0.018%	$6.39B	$16.22B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.7	−0.005%	$59.0M	$4.34B	50x	as long as short
Gate ETH_USDT	+0.0092%	8h	2,749.3	+0.020%	$3.39B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0095%	8h	2,749	+0.008%	$2.08B	$2.84B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,750.4	+0.058%	$113.1M	$443.9M	50x	as long as short
Lighter RH ETHshort	+0.0096%	1h	2,751.4	+0.093%	$24.9M	$107.4M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748	−0.029%	—	$35.6M	500x	as long as short
Aftermath Perps ETHUSD	+0.0096%	1h	2,749.8	+0.038%	$30K	$20K	20x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,754.5	+0.207%	$16.3M	$8.1M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.9	+0.004%	$182K	$1.7M	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,748	−0.029%	$477K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,749.6	+0.030%	$14.0M	$112.3M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,750.4	+0.058%	$3.13B	$2.10B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,750.4	+0.058%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,748.9	+0.002%	$2.46B	$4.33B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.8	−0.036%	$2.8M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748.5	−0.010%	$2.8M	$16.5M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,749	+0.007%	$15.0M	$41.7M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748.7	−0.003%	$133.2M	$345.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,749.6	+0.029%	$181.8M	$704.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,752	+0.115%	$160.0M	$83.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.3	−0.018%	$21.3M	$68.4M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,749.2	+0.015%	—	$869K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.9	+0.004%	$10.7M	$8.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,749.2	+0.014%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,750.6	+0.067%	$41.8M	$29.5M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745.9	−0.105%	$964K	$12.3M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,749	+0.007%	$54.7M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.9	−0.034%	$267.2M	$65.9M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,751.8	+0.109%	$165.7M	$300.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.1	−0.061%	$30.5M	$73.5M	50x	as long as short
Kalshi KXETHPERP	+0.0143%	8h	2,748.3	−0.018%	$7.7M	$674.6M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0150%	1h	2,750.4	+0.058%	$258.5M	$199.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0173%	8h	2,751.2	+0.086%	$32.3M	$11.2M	100x	as long as short
Hibachi ETH/USDT-P	+0.0208%	1h	2,748.2	−0.022%	$250K	$1.5M	20x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,746.3	−0.091%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0221%	1h	2,748.2	−0.023%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSDlong	+0.0354%	1h	2,748.8	long leg	$89.2M	$317.0M	100x