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 −0.031%

Price spread now: Gate against Lighter RH−0.086%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on Lighter RH Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 7 days+0.094%+$9 · spread now −0.086%, 7d avg −0.029%

Together, before fees−0.026%+ 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: Gate 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 −0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,749.5	0.0096	pay 0.0012% / 1h	59m 14s	$24.8M	$108.1M	50x
Short	Gate ETH_USDT	2,747.2	0.0100	get 0.0100% / 8h	5h 59m	$3.39B	$8.63B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.086%Rate

Funding earned: $0.84
Price spread: −0.086% → −0.029%: −$5.76
Slippage, 4 orders: −$2.39
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$22.31
Costs to cover: 0.174%
Break-even: 192.9 days

Slippage from Lighter RH: live order book, 5 min ago; Gate: live order book, 5 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, 5 min ago	0.94 bp	1.1 bp −$1	2.2 bp −$22	9.1 bp −$913	67.6 bp −$33.8K
Sell Gate live order book, 5 min ago	0.02 bp	7.5 bp −$8	7.5 bp −$75	10.9 bp −$1,085	19.8 bp −$9,889

ETH on 54 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	2,747.1	−0.089%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.8	−0.063%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,747.5	−0.074%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747.2	−0.084%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	−0.041%	$847K	$2.8M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,748.6	−0.036%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.3	−0.081%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,748	−0.056%	$183K	$981K	50x	as long as short
BingX ETH-USDT	+0.0042%	8h	2,746.9	−0.097%	—	$1.16B	—	as long as short
OKX ETH-USDT-SWAP	+0.0053%	8h	2,746.8	−0.098%	$1.70B	$10.62B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0066%	8h	2,746.9	−0.097%	$369.0M	$602.2M	100x	as long as short
Aster ETHUSDT	+0.0073%	8h	2,747.3	−0.082%	$252.6M	$842.8M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,747.8	−0.063%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,744.9	−0.170%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,746.9	−0.095%	$1.58B	$2.50B	500x	as long as short
Binance ETHUSDT	+0.0083%	8h	2,747	−0.092%	$6.39B	$15.80B	150x	as long as short
HTX ETH-USDT	+0.0085%	8h	2,746.8	−0.100%	$1.06B	$1.18B	200x	as long as short
ApeX Omni ETHUSDT	+0.0089%	1h	2,746.6	−0.109%	$8.7M	$31.2M	100x	as long as short
Bullet ETH-USD	+0.0094%	1h	2,746.8	−0.099%	$182K	$1.7M	20x	as long as short
Lighter ETH	+0.0096%	1h	2,747.4	−0.077%	$113.0M	$430.0M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,749.5	long leg	$24.8M	$108.1M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,745.9	−0.132%	—	$31.0M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,748.2	−0.051%	$58.6M	$4.28B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.3	+0.065%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,747.3	−0.081%	$483K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,747.1	−0.090%	$13.9M	$107.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,749	−0.020%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,748.7	−0.031%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,747	−0.091%	$2.47B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.3	−0.154%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748	−0.056%	$2.7M	$16.0M	25x	as long as short
Gate ETH_USDTshort	+0.0100%	8h	2,747.2	−0.086%	$3.39B	$8.63B	200x
Bitget ETHUSDT	+0.0100%	8h	2,747	−0.092%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.3	−0.155%	$15.0M	$41.2M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	−0.107%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,746.8	−0.098%	$181.9M	$701.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.5	−0.039%	$159.8M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.2	−0.085%	$21.2M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748	−0.056%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.8	−0.063%	$10.7M	$8.5M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747.7	−0.066%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,748.9	−0.022%	$41.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.5	−0.112%	$963K	$12.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,747	−0.092%	$54.7M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.3	−0.081%	$267.5M	$65.6M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.120%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,746.2	−0.120%	$30.6M	$72.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,747.7	−0.065%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0110%	1h	2,748.3	−0.044%	$258.9M	$195.8M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,746.8	−0.100%	$7.9M	$671.4M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0182%	8h	2,749.6	+0.003%	$32.3M	$11.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,747.9	−0.059%	$88.1M	$309.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,746.6	−0.105%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,746.9	−0.097%	$250K	$1.4M	20x	as long as short