Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0012%/8h= +1.3% APRpaid last 24h +0.006%

Price spread now: Lighter against MEXC−0.004%7-day average +0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$30.031% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 7 days+0.002%$0 · spread now −0.004%, 7d avg +0.013%

Together, before fees+0.011%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.013%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC ETH_USDT	2,743.6	0.0084	pay 0.0084% / 8h	5h 53m	$1.56B	$2.51B	500x
Short	Lighter ETH	2,743.5	0.0096	get 0.0012% / 1h	53m 36s	$112.7M	$430.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now −0.004%Rate

Funding earned: $2.52
Price spread: −0.004% → +0.013%: −$1.74
Slippage, 4 orders: −$1.09
Fee MEXC: 1 bp × 2 orders: −$2
Fee Lighter: 0 bp × 2 orders: $0
Net: −$2.32
Costs to cover: 0.031%
Break-even: 13.4 days

Slippage from MEXC: live order book, 6 min ago; Lighter: live order book, 6 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 MEXC live order book, 6 min ago	0.02 bp	1.0 bp −$1	1.0 bp −$10	1.5 bp −$154	4.0 bp −$1,997
Sell Lighter live order book, 6 min ago	0.53 bp	0.5 bp −$1	0.6 bp −$6	1.3 bp −$129	3.8 bp −$1,903

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
ApeX Omni ETHUSDT	−0.0362%	1h	2,743	−0.021%	$8.7M	$31.1M	100x	as long as short
Perpl ETH	−0.0112%	43m	2,743.4	−0.006%	$306K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,743.6	0.000%	$5K	$1K	50x	as long as short
Injective ETH/USDC PERP	−0.0044%	1h	2,744.1	+0.019%	$118K	$22.5M	52x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,743.1	−0.019%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	+0.175%	$847K	$2.9M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,744.1	+0.018%	$10.8M	$41.8M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,743.2	−0.016%	$22.2M	—	200x	as long as short
BingX ETH-USDC	+0.0043%	8h	2,743.3	−0.012%	—	$18.4M	—	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,745.1	+0.055%	$183K	$916K	50x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0055%	8h	2,744.4	+0.028%	$1.70B	$10.55B	100x	as long as short
KuCoin ETHUSDTM	+0.0065%	8h	2,742.8	−0.027%	$378.7M	$595.8M	100x	as long as short
Aster ETHUSDT	+0.0075%	8h	2,744.3	+0.026%	$252.3M	$840.6M	200x	as long as short
RISEx ETH/USDC	+0.0077%	1h	2,744.8	+0.043%	$5.7M	$11.2M	25x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,741.6	−0.072%	$4.9M	$159K	20x	as long as short
MEXC ETH_USDTlong	+0.0084%	8h	2,743.6	long leg	$1.56B	$2.51B	500x
Binance ETHUSDT	+0.0084%	8h	2,744.2	+0.023%	$6.38B	$15.70B	150x	as long as short
HTX ETH-USDT	+0.0093%	8h	2,743.8	+0.006%	$1.06B	$1.18B	200x	as long as short
Lighter ETHshort	+0.0096%	1h	2,743.5	−0.004%	$112.7M	$430.4M	50x
Lighter RH ETH	+0.0096%	1h	2,744.7	+0.042%	$24.7M	$103.1M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,743.8	+0.007%	—	$30.9M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,744.7	+0.040%	$58.6M	$4.27B	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,747.9	+0.158%	$16.1M	$7.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,743.9	+0.011%	$485K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,743.3	−0.010%	$13.9M	$106.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,744.9	+0.048%	$3.12B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,744.2	+0.022%	$31.6M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,744.4	+0.029%	$2.46B	$4.17B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,742.9	−0.025%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,744.9	+0.048%	$2.7M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.3	−0.011%	$163.1M	$304.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,744.1	+0.018%	$3.39B	$8.64B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,744.5	+0.032%	$2.08B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,742.7	−0.034%	$15.0M	$41.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,748	+0.162%	$132.7M	$342.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,744.3	+0.024%	$181.8M	$689.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,743.2	−0.014%	$159.5M	$81.2M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,743.8	+0.008%	$21.2M	$69.2M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,744.3	+0.026%	—	$819K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,743.6	0.000%	$10.7M	$8.4M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,742.7	−0.032%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,744.2	+0.022%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,745.5	+0.071%	$41.6M	$29.6M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,742.2	−0.050%	$962K	$11.8M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,744	+0.015%	$54.6M	$187.5M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,743.4	−0.009%	$267.0M	$65.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,743.2	−0.016%	$30.6M	$72.5M	50x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,746	+0.087%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0147%	1h	2,745.5	+0.071%	$258.9M	$195.4M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,744.9	+0.048%	$7.7M	$669.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0184%	8h	2,746.7	+0.112%	$32.3M	$11.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0221%	1h	2,744.7	+0.041%	$88.0M	$309.0M	100x	as long as short
Reya ETHRUSDPERP	+0.0224%	1h	2,742.4	−0.043%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,749.7	+0.221%	$250K	$1.4M	20x	as long as short