Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Lighter+0.029%54s7-day average −0.048% · you sell dearer than you buy

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

Long on Lighter Short on Katana Perps

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−0.068%−$7 · spread now +0.029%, 7d avg −0.048%

Together, before fees−0.066%+ Points / potential airdropLighter: Season 3 · farm board−$7 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: Katana Perps is 0.077% dearer against Lighter than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.048%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETH	2,738.9	0.0096	pay 0.0012% / 1h	5m 43s	$112.5M	$436.4M	50x
Short	Katana Perps ETH-USD	2,739.7	0.0100	get 0.0100% / 8h	5h 05m	$472K	$3.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now +0.029%Rate

Funding earned: $0.8
Price spread: +0.029% → −0.048%: $7.67
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $4.67
Costs to cover: 0.038%
Break-even: from the start

Slippage unknown: Lighter: live order book, 8 min ago; Katana Perps: no order-book sample. 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 Lighter live order book, 8 min ago	0.02 bp	0.2 bp $0	0.6 bp −$6	1.2 bp −$124	4.2 bp −$2,078
Sell Katana Perps no order-book sample	—	—	—	—	—

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
Hotstuff ETH-PERP	−0.0080%	1h	2,739.7	+0.029%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,735.6	−0.121%	$117K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,740.2	+0.046%	$12.0M	—	200x	as long as short
Perpl ETH	0.0000%	43m	2,739.8	+0.031%	$304K	$5.6M	8.3x	as long as short
dYdX ETH-USD	0.0000%	1h	2,738.9	−0.001%	$10.8M	$41.7M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0007%	1h	2,740.3	+0.050%	$25.3M	—	200x	as long as short
Phoenix ETH	+0.0017%	1h	2,744.6	+0.208%	$848K	$2.9M	25x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,739.7	+0.029%	$182K	$836K	50x	as long as short
ApeX Omni ETHUSDT	+0.0032%	1h	2,743.4	+0.163%	$8.8M	$30.7M	100x	as long as short
BingX ETH-USDT	+0.0054%	8h	2,739.1	+0.008%	—	$1.14B	—	as long as short

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	2,739	+0.001%	$1.70B	$10.54B	100x	as long as short
Bullet ETH-USD	+0.0071%	1h	2,739.7	+0.029%	$181K	$1.7M	20x	as long as short
KuCoin ETHUSDTM	+0.0071%	8h	2,738.9	0.000%	$381.3M	$574.9M	100x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,739.8	+0.033%	$5.6M	$11.4M	25x	as long as short
SoDEX ETH-USD	+0.0080%	1h	2,739.9	+0.036%	$54.6M	$187.5M	40x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,739.1	+0.006%	$253.4M	$840.6M	200x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,738.2	−0.025%	$6.36B	$15.69B	150x	as long as short
MEXC ETH_USDT	+0.0093%	8h	2,738.8	−0.006%	$1.57B	$2.57B	500x	as long as short
Lighter ETHlong	+0.0096%	1h	2,738.9	long leg	$112.5M	$436.4M	50x
Lighter RH ETH	+0.0096%	1h	2,740.1	+0.045%	$24.6M	$104.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,740.7	+0.066%	—	$30.4M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,736.9	−0.075%	$4.9M	$154K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,741.8	+0.106%	$54.4M	$4.25B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,742.6	+0.133%	$16.0M	$7.9M	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,739.7	+0.029%	$472K	$3.1M	50x
Nado ETH-PERP	+0.0100%	1h	2,739	+0.004%	$13.9M	$104.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,741.4	+0.090%	$3.11B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,739.5	+0.022%	$31.7M	$333.8M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,738.8	−0.003%	$2.45B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.1	−0.030%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.8	+0.032%	$2.8M	$16.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.6	+0.280%	$165.7M	$303.2M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,739.3	+0.015%	$3.39B	$8.79B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.8	−0.006%	$2.08B	$2.72B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,739.9	+0.035%	$15.0M	$39.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,739.1	+0.006%	$133.1M	$325.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,743.3	+0.159%	$182.3M	$665.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.7	+0.175%	$159.5M	$83.5M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,742.8	+0.142%	$21.2M	$68.8M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,740.7	+0.066%	—	$815K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,740.4	+0.054%	$10.9M	$8.8M	50x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,741.8	+0.104%	$41.5M	$29.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738.6	−0.010%	$961K	$11.4M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,739.4	+0.019%	$1.06B	$1.18B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,740.7	+0.065%	$266.4M	$65.0M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.7	−0.008%	$30.7M	$72.0M	50x	as long as short
Aftermath Perps ETHUSD	+0.0135%	1h	2,743.8	+0.177%	$30K	$20K	20x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,740.7	+0.065%	$7.7M	$670.8M	4.9x	as long as short
Deribit ETH-PERPETUAL	+0.0170%	1h	2,741.7	+0.103%	$260.0M	$195.3M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0195%	8h	2,742.1	+0.117%	$32.3M	$11.4M	100x	as long as short
BloFin ETH-USDT	+0.0214%	8h	2,741.6	+0.099%	$284.7M	$179.3M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,741.3	+0.088%	$86.4M	$310.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0227%	1h	2,738.8	−0.005%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,742.6	+0.134%	$252K	$1.4M	20x	as long as short
Bluefin ETH-PERP	+0.0318%	1h	2,740.4	+0.053%	$21K	$20K	25x	as long as short