Funding arb · Price arb /

ETHFI

all ETHFI markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0113%/8h= −12.3% APRpaid last 24h −0.014%

Price spread now: Binance against Lighter−0.063%7-day average −0.152% · you buy dearer than you sell

Net, funding: paid 7d − costs−$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$900.899% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.099%−$10 on $10k

Price spread, last 7 days+0.172%+$17 · spread now −0.063%, 7d avg −0.152%

Together, before fees+0.073%+ Points / potential airdropLighter: Season 3 · farm board+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Binance is 0.088% dearer against Lighter than usual: you sell high and buy low (spread −0.063% now, against its 7-day average of −0.152%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 7 days (−0.099% in total) that is about 6.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETHFI	0.6939	0.0096	pay 0.0012% / 1h	20m 03s	$1.1M	$828K	5x
Short	Binance ETHFIUSDT	0.6935	−0.0017	pay 0.0008% / 4h	20m 03s	$24.2M	$36.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.063%Rate

Funding earned: −$23.64
Price spread: −0.063% → −0.152%: $8.84
Slippage, 4 orders: −$79.95
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$104.74
Costs to cover: 0.899%
Break-even: never at this rate

Slippage from Lighter: live order book, 11 min ago; Binance: live order book, 7 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 live order book, 11 min ago	7.43 bp	28.5 bp −$28	103.7 bp −$1,037	doesn't fit	doesn't fit
Sell Binance live order book, 7 min ago	0.72 bp	12.9 bp −$13	25.8 bp −$258	122.8 bp −$12.3K	doesn't fit

ETHFI on 24 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
HTX ETHFI-USDT	−0.0414%	4h	0.6912	−0.395%	$82K	$150K	20x	as long as short
Deribit ETHFI_USDC-PERPETUAL	−0.0327%	1h	0.6934	−0.078%	$41K	$11K	10x	as long as short
Orderly PERP_ETHFI_USDC	−0.0292%	4h	0.6931	−0.121%	$16K	$1K	10x	as long as short
Variational Omni ETHFI	−0.0201%	4h	0.6915	−0.347%	$911K	$785K	—	as long as short
Paradex ETHFI-USD-PERP	−0.0095%	8h	0.6925	−0.201%	$6K	—	5x	as long as short
Bybit ETHFIUSDT	−0.0064%	4h	0.6938	−0.020%	$17.1M	$13.0M	25x	as long as short
MEXC ETHFI_USDT	−0.0020%	4h	0.6933	−0.092%	$15.7M	$4.2M	125x	as long as short
Binance ETHFIUSDTshort	−0.0017%	4h	0.6935	−0.063%	$24.2M	$36.2M	75x
Extended ETHFI-USD	−0.0016%	1h	0.6935	−0.062%	$94K	$503K	10x	as long as short
Injective ETHFI/USDC PERP	+0.0033%	1h	0.7240	+4.332%	$321	$51K	5.5x	as long as short

Show all 24 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aevo ETHFI-PERP	+0.0072%	1h	0.6930	−0.135%	$8K	—	3x	as long as short
Lighter ETHFIlong	+0.0096%	1h	0.6939	long leg	$1.1M	$828K	5x
Hyperliquid ETHFI	+0.0100%	1h	0.6940	+0.007%	$16.6M	$8.7M	5x	as long as short
Aster ETHFIUSDT	+0.0100%	4h	0.6933	−0.088%	$177K	$253K	10x	as long as short
OKX ETHFI-USDT-SWAP	+0.0100%	4h	0.6942	+0.037%	$5.1M	$12.6M	20x	as long as short
Gate ETHFI_USDT	+0.0100%	4h	0.6937	−0.035%	$1.7M	$2.0M	75x	as long as short
KuCoin ETHFIUSDTM	+0.0100%	4h	0.6930	−0.135%	$1.2M	$224K	50x	as long as short
Bitget ETHFIUSDT	+0.0100%	4h	0.6938	−0.020%	$6.1M	$4.8M	75x	as long as short
BingX ETHFI-USDT	+0.0100%	4h	0.6933	−0.092%	—	$10.8M	—	as long as short
Polymarket Perps ETHFI-USD	+0.0100%	1h	0.6936	−0.042%	$52K	$149K	5x	as long as short
SunX ETHFI-USDT	+0.0100%	4h	0.6923	−0.236%	$2K	$1.1M	20x	as long as short
BloFin ETHFI-USDT	+0.0220%	4h	0.6923	−0.236%	$1.2M	$240K	75x	as long as short
Coinbase International ETHFI-PERP-INTX	+0.0272%	1h	0.6990	+0.729%	$32K	$6K	50x	as long as short
Kraken Futures PF_ETHFIUSD	+0.0823%	1h	0.6943	+0.045%	$290K	$290K	20x	as long as short