Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.008%

Price spread now: BingX against Lighter RH−0.057%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$130.127% of the position

Long on Lighter RH Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.079%−$8 on $10k

Price spread, last 7 days+0.052%+$5 · spread now −0.057%, 7d avg −0.031%

Together, before fees−0.027%+ Points / potential airdropLighter RH: Points live · farm board−$3 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: BingX is 0.027% cheaper against Lighter RH than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,750.3	0.0096	pay 0.0012% / 1h	55m 24s	$23.7M	$93.9M	50x
Short	BingX ETH-USDT	2,748.7	0.0100	get 0.0100% / 8h	5h 55m	—	$946.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter RH. 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 Lighter RHbpFee BingXbpOrdersPrice spread, now −0.057%Rate

Funding earned: $0.84
Price spread: −0.057% → −0.031%: −$2.66
Slippage, 4 orders: −$2.7
Fee Lighter RH: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$14.52
Costs to cover: 0.127%
Break-even: 128.0 days

Slippage from Lighter RH: live order book, 2 min ago; BingX: live order book, 2 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 RH live order book, 2 min ago	1.07 bp	1.1 bp −$1	1.4 bp −$14	6.6 bp −$658	58.8 bp −$29.4K
Sell BingX live order book, 2 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.0 bp −$504	5.3 bp −$2,642

ETH on 54 exchanges

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
Hibachi ETH/USDT-P	−0.0120%	1h	2,748.6	−0.061%	$235K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	−0.031%	$5K	$1K	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,750	−0.009%	$809K	$2.8M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,748.5	−0.062%	$12.2M	—	200x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,749	−0.046%	$7.2M	$661.1M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,748.7	−0.056%	$269K	$5.0M	8.3x	as long as short
Bybit ETHUSDT	+0.0002%	8h	2,748.8	−0.055%	$2.37B	$3.82B	150x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,749.5	−0.027%	$33.2M	—	200x	as long as short
ApeX Omni ETHUSDT	+0.0024%	1h	2,748.5	−0.064%	$8.3M	$25.3M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0068%	8h	2,748.7	−0.059%	$1.67B	$9.25B	100x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange ETHUSD	+0.0072%	1h	2,749.4	−0.031%	$182K	$950K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0074%	1h	2,749.4	−0.030%	$266.7M	$185.6M	50x	as long as short
Gate ETH_USDT	+0.0081%	8h	2,748.8	−0.055%	$3.27B	$7.68B	200x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,748.9	−0.050%	$257.5M	$723.0M	200x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,748.6	−0.061%	$365.4M	$442.0M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,747.3	−0.108%	$4.9M	$214K	20x	as long as short
Binance ETHUSDT	+0.0090%	8h	2,748.8	−0.052%	$6.41B	$14.08B	150x	as long as short
MEXC ETH_USDT	+0.0090%	8h	2,748.6	−0.060%	$1.60B	$2.34B	500x	as long as short
Lighter ETH	+0.0096%	1h	2,749	−0.044%	$113.9M	$382.9M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,750.3	long leg	$23.7M	$93.9M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,748.8	−0.053%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,749.4	−0.031%	$46.2M	$3.91B	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,748.3	−0.071%	$507K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,748.4	−0.068%	$14.6M	$96.1M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,749.5	−0.028%	$32.4M	$325.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.6	−0.097%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,749.7	−0.020%	$1.5M	$14.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,749.3	−0.036%	$164.5M	$330.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,748.4	−0.067%	$2.11B	$2.31B	150x	as long as short
BingX ETH-USDTshort	+0.0100%	8h	2,748.7	−0.057%	—	$946.1M	—
Backpack ETH_USDC_PERP	+0.0100%	1h	2,748	−0.083%	$14.9M	$36.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,747.8	−0.088%	$132.6M	$290.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,748.3	−0.071%	$185.2M	$607.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,749.9	−0.013%	$159.9M	$69.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.6	−0.060%	$21.1M	$75.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,750.1	−0.006%	—	$352K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,750.2	−0.002%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,748.8	−0.053%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,748.6	−0.062%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,748.8	−0.052%	$948K	$8.7M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,748.5	−0.064%	$61.9M	$121.8M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,748.4	−0.069%	$1.05B	$1.05B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,748.2	−0.075%	$264.1M	$57.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,747.8	−0.090%	$30.5M	$65.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,748.7	−0.058%	$82.5M	$275.0M	100x	as long as short
Aftermath Perps ETHUSD	+0.0105%	1h	2,749.1	−0.041%	$30K	$8K	20x	as long as short
Reya ETHRUSDPERP	+0.0157%	1h	2,747.6	−0.095%	$7.3M	$832K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,751	+0.027%	$32.5M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,749.6	−0.025%	$5.7M	$10.6M	25x	as long as short
dYdX ETH-USD	+0.0227%	1h	2,749.3	−0.036%	$15.3M	$42.8M	50x	as long as short
Hyperliquid ETH	+0.0250%	1h	2,751.8	+0.056%	$3.16B	$1.75B	25x	as long as short
BloFin ETH-USDT	+0.0361%	8h	2,749.4	−0.030%	$283.3M	$149.9M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,751.5	+0.045%	$118K	$21.7M	52x	as long as short
Paradex ETH-USD-PERP	+0.0522%	8h	2,752.9	+0.094%	$16.0M	$6.2M	50x	as long as short