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: HTX against Lighter RH−0.050%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$150.146% of the position

Long on Lighter RH Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now −0.050%, 7d avg −0.072%

Together, before fees−0.116%+ Points / potential airdropLighter RH: Points live · farm board−$12 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: HTX is 0.022% dearer against Lighter RH than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,746.9	0.0096	pay 0.0012% / 1h	47m 11s	$23.6M	$94.2M	50x
Short	HTX ETH-USDT	2,745.5	0.0100	get 0.0100% / 8h	5h 47m	$1.05B	$1.04B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.050%Rate

Funding earned: $0.84
Price spread: −0.050% → −0.072%: $2.23
Slippage, 4 orders: −$2.59
Fee Lighter RH: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$11.52
Costs to cover: 0.146%
Break-even: 103.0 days

Slippage from Lighter RH: live order book, 5 min ago; HTX: 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	0.80 bp	0.8 bp −$1	1.2 bp −$12	6.2 bp −$617	60.1 bp −$30.0K
Sell HTX live order book, 5 min ago	0.02 bp	6.9 bp −$7	7.6 bp −$76	9.5 bp −$947	12.6 bp −$6,302

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
ApeX Omni ETHUSDT	−0.0107%	1h	2,746.5	−0.013%	$8.3M	$25.1M	100x	as long as short
Hibachi ETH/USDT-P	−0.0104%	1h	2,746.3	−0.022%	$235K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	+0.093%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,745.2	−0.060%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,747.6	+0.027%	$808K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,746.2	−0.024%	$7.2M	$660.8M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,745.2	−0.059%	$269K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,745.3	−0.058%	$33.1M	—	200x	as long as short
Bybit ETHUSDT	+0.0011%	8h	2,745.6	−0.047%	$2.37B	$3.80B	150x	as long as short
01 Exchange ETHUSD	+0.0064%	1h	2,746	−0.031%	$182K	$914K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0068%	8h	2,745.1	−0.063%	$1.67B	$9.21B	100x	as long as short
Deribit ETH-PERPETUAL	+0.0071%	1h	2,746.1	−0.027%	$266.9M	$184.2M	50x	as long as short
Gate ETH_USDT	+0.0081%	8h	2,745	−0.069%	$3.26B	$7.70B	200x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,745.2	−0.059%	$258.0M	$718.1M	200x	as long as short
KuCoin ETHUSDTM	+0.0087%	8h	2,745.2	−0.062%	$365.2M	$439.9M	100x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,745.1	−0.064%	$1.60B	$2.34B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,742.6	−0.155%	$4.9M	$218K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,745.3	−0.058%	$6.41B	$13.98B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,745.7	−0.044%	$113.7M	$385.3M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,746.9	long leg	$23.6M	$94.2M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.4	−0.017%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,746.1	−0.028%	$46.2M	$3.89B	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,744.5	−0.086%	$508K	$3.4M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.1	−0.026%	$14.6M	$94.6M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.3	+0.017%	$32.1M	$322.0M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,745.4	−0.053%	$2.8M	$14.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.6	−0.011%	$1.5M	$14.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,749.3	+0.088%	$164.5M	$330.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,744.9	−0.072%	$2.11B	$2.30B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,745.1	−0.066%	—	$943.3M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.9	−0.035%	$14.9M	$36.0M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.8	−0.037%	$132.4M	$287.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,745.8	−0.038%	$185.0M	$608.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,746.1	−0.029%	$159.8M	$69.3M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,746.7	−0.005%	$21.1M	$75.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,746.7	−0.007%	—	$348K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,746.6	−0.009%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,745.1	−0.064%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,745.6	−0.045%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.2	−0.025%	$947K	$8.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,745.1	−0.064%	$61.8M	$121.7M	40x	as long as short
HTX ETH-USDTshort	+0.0100%	8h	2,745.5	−0.050%	$1.05B	$1.04B	200x
Phemex ETHUSDT	+0.0100%	8h	2,745.1	−0.065%	$263.6M	$56.3M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,744.1	−0.101%	$30.3M	$65.2M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,745.5	−0.051%	$82.5M	$272.5M	100x	as long as short
Aftermath Perps ETHUSD	+0.0109%	1h	2,747.1	+0.008%	$30K	$8K	20x	as long as short
Reya ETHRUSDPERP	+0.0155%	1h	2,744	−0.103%	$7.3M	$832K	25x	as long as short
dYdX ETH-USD	+0.0167%	1h	2,746.3	−0.020%	$15.2M	$42.6M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,747.3	+0.016%	$32.4M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,746.3	−0.019%	$5.7M	$10.6M	25x	as long as short
Hyperliquid ETH	+0.0250%	1h	2,748.3	+0.053%	$3.15B	$1.73B	25x	as long as short
BloFin ETH-USDT	+0.0354%	8h	2,745	−0.067%	$284.3M	$149.4M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,749.7	+0.104%	$118K	$21.8M	52x	as long as short
Paradex ETH-USD-PERP	+0.0560%	8h	2,750.4	+0.128%	$16.0M	$6.2M	50x	as long as short