Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0042%/8h= −4.6% APRpaid last 24h −0.009%

Price spread now: BingX against Lighter+0.027%7-day average −0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$120.120% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 7 days−0.047%−$5 · spread now +0.027%, 7d avg −0.053%

Together, before fees−0.050%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BingX is 0.080% dearer against Lighter than usual: you sell high and buy low (spread +0.027% now, against its 7-day average of −0.053%): +$8 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.3 days. At the pace of the last 7 days (−0.004% in total) that is about 5 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETH	2,745.8	0.0096	pay 0.0012% / 1h	10m 50s	$112.9M	$435.6M	50x
Short	BingX ETH-USDC	2,746.6	0.0054	get 0.0054% / 8h	5h 10m	—	$18.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter. 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 LighterbpFee BingXbpOrdersPrice spread, now +0.027%Rate

Funding earned: −$8.82
Price spread: +0.027% → −0.053%: $7.99
Slippage, 4 orders: −$1.99
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$12.82
Costs to cover: 0.120%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; BingX: live order book, 8 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 Lighter live order book, 8 min ago	0.25 bp	0.4 bp $0	0.8 bp −$8	1.3 bp −$132	4.4 bp −$2,206
Sell BingX live order book, 8 min ago	0.18 bp	5.2 bp −$5	5.2 bp −$52	6.4 bp −$635	9.8 bp −$4,919

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
Hotstuff ETH-PERP	−0.0080%	1h	2,743.2	−0.095%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,735.6	−0.371%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,745.4	−0.014%	$12.1M	—	200x	as long as short
dYdX ETH-USD	0.0000%	1h	2,743.2	−0.095%	$10.8M	$41.7M	50x	as long as short
Perpl ETH	0.0000%	43m	2,744.1	−0.062%	$305K	$5.6M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,745.6	−0.006%	$25.1M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,746.8	+0.036%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,745	−0.029%	$182K	$836K	50x	as long as short
ApeX Omni ETHUSDT	+0.0032%	1h	2,744.4	−0.051%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDCshort	+0.0054%	8h	2,746.6	+0.027%	—	$18.4M	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0068%	8h	2,746.6	+0.027%	$1.71B	$10.56B	100x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,746.6	+0.029%	$382.3M	$575.3M	100x	as long as short
Bullet ETH-USD	+0.0074%	1h	2,745	−0.031%	$182K	$1.7M	20x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,745.3	−0.020%	$5.6M	$11.4M	25x	as long as short
Aster ETHUSDT	+0.0087%	8h	2,746.7	+0.033%	$254.1M	$841.0M	200x	as long as short
SoDEX ETH-USD	+0.0091%	1h	2,745.4	−0.015%	$54.7M	$187.6M	40x	as long as short
Binance ETHUSDT	+0.0094%	8h	2,747	+0.045%	$6.39B	$15.68B	150x	as long as short
MEXC ETH_USDT	+0.0095%	8h	2,746.8	+0.037%	$1.57B	$2.56B	500x	as long as short
Lighter ETHlong	+0.0096%	1h	2,745.8	long leg	$112.9M	$435.6M	50x
Lighter RH ETH	+0.0096%	1h	2,747.1	+0.048%	$24.7M	$104.2M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,742.8	−0.108%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,744.6	−0.042%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.2	+0.013%	$56.0M	$4.26B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,747	+0.045%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.4	−0.051%	$469K	$3.1M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,744.5	−0.047%	$13.9M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.2	+0.087%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.4	−0.051%	$31.7M	$334.5M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.8	+0.038%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.7	−0.113%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,745.4	−0.015%	$2.8M	$16.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.6	+0.028%	$165.7M	$303.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,747.2	+0.052%	$3.40B	$8.77B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.8	+0.038%	$2.09B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.5	−0.011%	$15.0M	$39.4M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,743.1	−0.098%	$133.1M	$325.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.6	−0.082%	$182.4M	$665.2M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.7	−0.076%	$159.6M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,744	−0.066%	$21.2M	$67.9M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,745.1	−0.027%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,745.8	0.000%	$11.0M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,747.5	+0.061%	$41.5M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,745	−0.028%	$963K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,744.7	−0.039%	$1.06B	$1.17B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,745.4	−0.014%	$266.8M	$64.9M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.9	+0.005%	$30.7M	$71.9M	50x	as long as short
Aftermath Perps ETHUSD	+0.0133%	1h	2,745.5	−0.011%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,744.5	−0.047%	$7.7M	$670.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,747.9	+0.077%	$32.3M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0218%	8h	2,745.4	−0.016%	$285.8M	$180.2M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,746.3	+0.018%	$86.6M	$310.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,744.1	−0.063%	$7.3M	$1.2M	25x	as long as short
Deribit ETH-PERPETUAL	+0.0231%	1h	2,747	+0.044%	$259.8M	$195.3M	50x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,745.3	−0.017%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0402%	1h	2,745.7	−0.003%	$21K	$20K	25x	as long as short