Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.005%

Price spread now: Lighter RH against Binance+0.117%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$130.128% of the position

Long on Binance Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 7 days−0.115%−$12 · spread now +0.117%, 7d avg +0.029%

Together, before fees−0.046%+ Points / potential airdropLighter RH: Points live · farm board−$5 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: Lighter RH is 0.088% dearer against Binance than usual: you sell high and buy low, +$9 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	Binance ETHUSDT	2,738.8	0.0100	pay 0.0100% / 8h	4h 48m	$6.41B	$13.68B	150x
Short	Lighter RH ETH	2,742	0.0096	get 0.0012% / 1h	48m 37s	$23.5M	$93.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Binance. 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 BinancebpFee Lighter RHbpOrdersPrice spread, now +0.117%Rate

Funding earned: −$0.84
Price spread: +0.117% → +0.029%: $8.8
Slippage, 4 orders: −$2.81
Fee Binance: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$4.84
Costs to cover: 0.128%
Break-even: never at this rate

Slippage from Binance: live order book, 4 min ago; Lighter RH: live order book, 4 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 Binance live order book, 4 min ago	0.02 bp	5.0 bp −$5	5.0 bp −$50	5.9 bp −$594	8.3 bp −$4,171
Sell Lighter RH live order book, 4 min ago	0.88 bp	1.9 bp −$2	2.7 bp −$27	6.5 bp −$645	52.6 bp −$26.3K

ETH on 55 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
Hotstuff ETH-PERP	−0.0080%	1h	2,742.5	+0.137%	$5K	$1K	50x	as long as short
Hibachi ETH/USDT-P	−0.0056%	1h	2,742.2	+0.127%	$231K	$1.2M	20x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,735.5	−0.118%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,738.3	−0.017%	$816K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,737.5	−0.046%	$7.4M	$656.2M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,737.9	−0.032%	$264K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,734.3	−0.164%	$33.0M	—	200x	as long as short
Bybit ETHUSDT	+0.0047%	8h	2,738.3	−0.017%	$2.36B	$3.78B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,739.2	+0.016%	$183K	$910K	50x	as long as short
ApeX Omni ETHUSDT	+0.0062%	1h	2,739.1	+0.013%	$8.2M	$25.0M	100x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0068%	1h	2,736.4	−0.086%	$267.1M	$180.5M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0072%	8h	2,737.3	−0.052%	$1.67B	$9.01B	100x	as long as short
dYdX ETH-USD	+0.0076%	1h	2,740	+0.045%	$15.2M	$42.4M	50x	as long as short
KuCoin ETHUSDTM	+0.0091%	8h	2,740.4	+0.060%	$378.2M	$433.6M	100x	as long as short
SoDEX ETH-USD	+0.0095%	1h	2,737.4	−0.049%	$61.6M	$121.7M	40x	as long as short
Lighter ETH	+0.0096%	1h	2,740.7	+0.070%	$113.7M	$382.1M	50x	as long as short
Lighter RH ETHshort	+0.0096%	1h	2,742	+0.117%	$23.5M	$93.6M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,737.9	−0.031%	—	$23.3M	500x	as long as short
Aevo ETH-PERP	+0.0096%	1h	2,735	−0.137%	$4.9M	$250K	20x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.4	−0.013%	$515K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.7	−0.001%	$14.7M	$93.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,742	+0.119%	$3.15B	$1.67B	25x	as long as short
Aster ETHUSDT	+0.0100%	8h	2,738.7	−0.002%	$254.8M	$702.1M	200x	as long as short
Pacifica ETH	+0.0100%	1h	2,741.2	+0.089%	$32.1M	$322.3M	50x	as long as short
Binance ETHUSDTlong	+0.0100%	8h	2,738.8	long leg	$6.41B	$13.68B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,739.4	+0.024%	$2.8M	$14.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.9	+0.043%	$1.6M	$14.2M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,743.8	+0.184%	$163.0M	$315.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,739.8	+0.038%	$3.27B	$7.61B	200x	as long as short
MEXC ETH_USDT	+0.0100%	8h	2,740.4	+0.059%	$1.60B	$2.29B	500x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,737.7	−0.039%	$2.10B	$2.26B	150x	as long as short
BingX ETH-USDT	+0.0100%	8h	2,739.5	+0.028%	—	$936.4M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,735.9	−0.104%	$14.9M	$35.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.7	−0.001%	$133.6M	$273.6M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,739.1	+0.011%	$184.3M	$557.1M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.4	+0.023%	$159.2M	$69.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,741.8	+0.111%	$21.1M	$76.3M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.1	+0.012%	—	$316K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.3	+0.020%	$11.2M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,735.8	−0.108%	$176K	$1.6M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,734.3	−0.164%	$20K	$7K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,737.1	−0.062%	$40.8M	$25.7M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,735.1	−0.134%	$943K	$8.2M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,735.6	−0.117%	$1.05B	$992.6M	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,737.1	−0.062%	$262.6M	$56.2M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,738.2	−0.020%	$30.2M	$63.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,741	+0.081%	$30K	$8K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0112%	1h	2,737.2	−0.058%	$47.5M	$3.87B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0121%	1h	2,736.1	−0.099%	$82.4M	$265.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0145%	1h	2,736.9	−0.069%	$7.3M	$854K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0189%	8h	2,737.2	−0.057%	$32.3M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0342%	1h	2,740	+0.045%	$5.7M	$10.3M	25x	as long as short
BloFin ETH-USDT	+0.0400%	8h	2,735.7	−0.110%	$284.9M	$146.7M	150x	as long as short
Paradex ETH-USD-PERP	+0.0442%	8h	2,742.4	+0.132%	$15.7M	$6.1M	50x	as long as short
Injective ETH/USDC PERP	+0.0477%	1h	2,743.2	+0.162%	$118K	$25.2M	52x	as long as short