Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0018%/8h= −2.0% APRpaid last 24h −0.002%

Price spread now: HTX against Lighter−0.011%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

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

costs, in and out, $10k−$130.126% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 3 days (all we have)−0.048%−$5 · spread now −0.011%, 7d avg −0.046%

Together, before fees−0.018%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.035% dearer against Lighter than usual: you sell high and buy low (spread −0.011% now, against its 7-day average of −0.046%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETH	2,768.3	0.0096	pay 0.0012% / 1h	51m 37s	$115.0M	$456.2M	50x
Short	HTX ETH-USDT	2,768	0.0078	get 0.0078% / 8h	7h 51m	$1.08B	$1.31B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$3.78
Price spread: −0.011% → −0.046%: $3.47
Slippage, 4 orders: −$0.58
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$12.89
Costs to cover: 0.126%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; HTX: live order book, 3 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	0.07 bp	0.1 bp $0	0.9 bp −$9	1.2 bp −$122	4.0 bp −$2,004
Sell HTX live order book, 3 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.1 bp −$714	11.1 bp −$5,553

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
Injective ETH/USDC PERP	−0.0752%	1h	2,774.3	+0.217%	$119K	$22.5M	52x	as long as short
Perpl ETH	−0.0223%	43m	2,772.3	+0.144%	$284K	$6.8M	8.3x	as long as short
RISEx ETH/USDC	−0.0128%	1h	2,767.6	−0.026%	$5.7M	$11.9M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,768.5	+0.008%	$5K	$1K	50x	as long as short
Gate ETH_USDT	−0.0029%	8h	2,767.8	−0.019%	$3.30B	$8.91B	200x	as long as short
01 Exchange ETHUSD	−0.0024%	1h	2,768.1	−0.007%	$168K	$1.2M	50x	as long as short
SoDEX ETH-USD	−0.0021%	1h	2,767.8	−0.018%	$55.1M	$228.8M	40x	as long as short
ApeX Omni ETHUSDT	−0.0016%	1h	2,771.8	+0.126%	$8.7M	$32.9M	100x	as long as short
Phoenix ETH	−0.0003%	1h	2,771.4	+0.112%	$876K	$3.7M	25x	as long as short
Bullet ETH-USD	−0.0003%	1h	2,773.1	+0.174%	$183K	$1.7M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX ETH-USD	0.0000%	1h	2,768.8	+0.019%	$12.7M	$45.8M	50x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,772.1	+0.138%	$8.1M	$690.6M	4.9x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,774.3	+0.216%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0020%	8h	2,768.7	+0.016%	$1.70B	$11.72B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0025% / S +0.0009%	1h	2,773.8	+0.198%	$12.8M	—	200x	as long as short
Phemex ETHUSDT	+0.0037%	8h	2,768.1	−0.007%	$269.6M	$68.1M	150x	as long as short
Aftermath Perps ETHUSD	+0.0039%	1h	2,772.4	+0.149%	$29K	$22K	20x	as long as short
Aster ETHUSDT	+0.0039%	8h	2,768.1	−0.007%	$256.1M	$1.00B	200x	as long as short
Aevo ETH-PERP	+0.0056%	1h	2,768.9	+0.023%	$5.0M	$165K	20x	as long as short
MEXC ETH_USDT	+0.0058%	8h	2,767.9	−0.015%	$1.62B	$2.62B	500x	as long as short
Binance ETHUSDT	+0.0058%	8h	2,768	−0.010%	$6.47B	$17.16B	150x	as long as short
Bitget ETHUSDT	+0.0066%	8h	2,767.5	−0.027%	$2.10B	$3.05B	150x	as long as short
HTX ETH-USDTshort	+0.0078%	8h	2,768	−0.011%	$1.08B	$1.31B	200x
KuCoin ETHUSDTM	+0.0079%	8h	2,767.3	−0.036%	$421.7M	$734.4M	100x	as long as short
BingX ETH-USDT	+0.0080%	8h	2,767.3	−0.038%	—	$1.24B	—	as long as short
Coinbase International ETH-PERP-INTX	+0.0080%	1h	2,769.1	+0.030%	$60.6M	$4.56B	50x	as long as short
Vest ETH-PERP	+0.0090%	1h	2,769	+0.026%	—	$1.1M	50x	as long as short
Bybit ETHUSDT	+0.0091%	8h	2,768.3	0.000%	$2.50B	$4.58B	150x	as long as short
Lighter ETHlong	+0.0096%	1h	2,768.3	long leg	$115.0M	$456.2M	50x
Lighter RH ETH	+0.0096%	1h	2,769.6	+0.046%	$25.2M	$109.7M	50x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,767.8	−0.018%	$15.9M	$9.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,767.4	−0.032%	$481K	$2.9M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,767.3	−0.034%	$14.6M	$117.9M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,769.6	+0.047%	$3.16B	$2.30B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,768.3	+0.001%	$31.2M	$319.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,766.7	−0.057%	$2.8M	$17.3M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,768.1	−0.009%	$2.7M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.5	+0.081%	$170.6M	$266.1M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,767.5	−0.027%	$15.2M	$43.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,771.4	+0.113%	$151.3M	$343.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.1	+0.101%	$181.9M	$785.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.6	+0.155%	$161.3M	$87.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,772.3	+0.145%	$21.4M	$58.7M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.2	+0.141%	$10.6M	$8.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.8	+0.163%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,770.7	+0.088%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,771.2	+0.104%	$973K	$13.8M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,766.7	−0.057%	$32.5M	$78.0M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,771.5	+0.116%	—	$41.7M	500x	as long as short
Kraken Futures PF_ETHUSD	+0.0134%	1h	2,768.9	+0.023%	$93.3M	$332.1M	100x	as long as short
Deribit ETH-PERPETUAL	+0.0140%	1h	2,769.6	+0.047%	$259.1M	$219.8M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0147%	8h	2,771.9	+0.131%	$32.6M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0177%	8h	2,771.4	+0.113%	$287.4M	$192.6M	150x	as long as short
Hibachi ETH/USDT-P	+0.0184%	1h	2,773.7	+0.194%	$252K	$1.6M	20x	as long as short
Reya ETHRUSDPERP	+0.0207%	1h	2,772.5	+0.151%	$7.3M	$1.2M	25x	as long as short