Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: Bybit against Lighter RH−0.084%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 7 days+0.071%+$7 · spread now −0.084%, 7d avg −0.026%

Together, before fees−0.014%+ Points / potential airdropLighter RH: Points live · farm board−$1 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: Bybit is 0.058% cheaper against Lighter RH than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,771.6	0.0096	pay 0.0012% / 1h	6m 04s	$25.3M	$123.3M	50x
Short	Bybit ETHUSDT	2,769.2	0.0100	get 0.0100% / 8h	2h 06m	$2.51B	$4.64B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.084%Rate

Funding earned: $0.84
Price spread: −0.084% → −0.026%: −$5.81
Slippage, 4 orders: −$2.7
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$18.66
Costs to cover: 0.137%
Break-even: 162.5 days

Slippage from Lighter RH: live order book, 3 min ago; Bybit: 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 RH live order book, 3 min ago	1.10 bp	1.3 bp −$1	2.4 bp −$24	9.3 bp −$933	73.1 bp −$36.6K
Sell Bybit live order book, 3 min ago	0.02 bp	5.5 bp −$6	5.7 bp −$57	7.8 bp −$777	11.5 bp −$5,766

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
Perpl ETH	−0.0112%	43m	2,769.5	−0.073%	$289K	$6.9M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0107%	1h	2,776.2	+0.167%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770	−0.056%	$5K	$2K	50x	as long as short
01 Exchange ETHUSD	−0.0048%	1h	2,770.2	−0.049%	$171K	$1.2M	50x	as long as short
Phoenix ETH	−0.0023%	1h	2,772.2	+0.023%	$885K	$3.7M	25x	as long as short
RISEx ETH/USDC	−0.0011%	1h	2,769.7	−0.066%	$5.7M	$11.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,770.4	−0.044%	$12.7M	$45.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0003%	1h	2,773	+0.052%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,770.1	−0.053%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0018%	8h	2,769.4	−0.079%	—	$1.18B	—	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	+0.0022%	8h	2,768.9	−0.097%	$1.71B	$11.88B	100x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0028% / S +0.0009%	1h	2,769.9	−0.058%	$13.2M	—	200x	as long as short
Phemex ETHUSDT	+0.0030%	8h	2,769.9	−0.059%	$266.8M	$66.0M	150x	as long as short
ApeX Omni ETHUSDT	+0.0031%	1h	2,770.9	−0.026%	$8.7M	$32.6M	100x	as long as short
Aster ETHUSDT	+0.0034%	8h	2,769.1	−0.087%	$256.1M	$995.7M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0035%	1h	2,771.3	−0.010%	$258.5M	$225.1M	50x	as long as short
Aevo ETH-PERP	+0.0048%	1h	2,767.6	−0.144%	$5.0M	$636K	20x	as long as short
MEXC ETH_USDT	+0.0051%	8h	2,769.8	−0.065%	$1.59B	$2.69B	500x	as long as short
Binance ETHUSDT	+0.0051%	8h	2,769.3	−0.083%	$6.43B	$17.23B	150x	as long as short
Bitget ETHUSDT	+0.0075%	8h	2,769.3	−0.082%	$2.10B	$3.13B	150x	as long as short
Gate ETH_USDT	+0.0076%	8h	2,769.6	−0.072%	$3.28B	$9.70B	200x	as long as short
Bullet ETH-USD	+0.0078%	1h	2,769	−0.092%	$184K	$1.8M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,770.2	−0.049%	$114.6M	$515.7M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,771.6	long leg	$25.3M	$123.3M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771	−0.019%	—	$41.8M	500x	as long as short
Variational Omni ETH	+0.0097%	8h	2,770.2	−0.048%	$140.7M	$320.5M	—	as long as short
HTX ETH-USDT	+0.0098%	8h	2,769.4	−0.077%	$1.08B	$1.32B	200x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,769.2	−0.086%	$15.9M	$10.8M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,770.2	−0.049%	$485K	$2.7M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,769.2	−0.085%	$15.2M	$117.6M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,771.2	−0.013%	$3.19B	$2.39B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.2	−0.049%	$31.2M	$291.4M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,769.2	−0.084%	$2.51B	$4.64B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,769.4	−0.078%	$2.9M	$16.6M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,771.6	+0.001%	$2.8M	$17.4M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.6	−0.036%	$164.9M	$252.7M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,769.6	−0.071%	$421.9M	$742.3M	100x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,769.7	−0.066%	$15.4M	$42.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,770.8	−0.026%	$179.5M	$782.6M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,771.4	−0.004%	$161.2M	$97.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773	+0.052%	$21.4M	$57.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,770.7	−0.031%	$10.8M	$7.8M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,770.6	−0.036%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,772.1	+0.018%	$42.6M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,768.9	−0.097%	$971K	$14.1M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,769.7	−0.067%	$55.1M	$228.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,770.3	−0.045%	—	$1.1M	50x	as long as short
Extended ETH-USD	+0.0104%	1h	2,769.4	−0.078%	$31.4M	$75.4M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.3	−0.009%	$59.9M	$4.62B	50x	as long as short
Kalshi KXETHPERP	+0.0111%	8h	2,770.5	−0.038%	$8.5M	$674.2M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0135%	8h	2,772.5	+0.034%	$32.5M	$12.0M	100x	as long as short
BloFin ETH-USDT	+0.0171%	8h	2,770	−0.056%	$285.8M	$195.6M	150x	as long as short
Reya ETHRUSDPERP	+0.0185%	1h	2,769.1	−0.088%	$7.3M	$1.1M	25x	as long as short
Kraken Futures PF_ETHUSD	+0.0240%	1h	2,770.9	−0.025%	$86.1M	$331.7M	100x	as long as short
Hibachi ETH/USDT-P	+0.0464%	1h	2,772.8	+0.045%	$282K	$1.5M	20x	as long as short