Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.002%

Price spread now: Lighter RH against HTX−0.074%7-day average +0.071% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$140.141% of the position

Long on HTX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.043%+$4 on $10k

Price spread, last 4 days (all we have)+0.167%+$17 · spread now −0.074%, 7d avg +0.071%

Together, before fees+0.210%+ Points / potential airdropLighter RH: Points live · farm board+$21 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter RH is 0.145% cheaper against HTX than usual: you would sell low and buy high (spread −0.074% now, against its 7-day average of +0.071%). If the spread goes back, that is −$15 on $10k: about 4.6 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.043% in total) that is about 23 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX ETH-USDT	2,724	−0.0010	get 0.0010% / 8h	2h 34m	$1.05B	$1.21B	200x
Short	Lighter RH ETH	2,721.9	0.0096	get 0.0012% / 1h	34m 26s	$23.4M	$103.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against HTX. 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 HTXbpFee Lighter RHbpOrdersPrice spread, now −0.074%Rate

Funding earned: $22.34
Price spread: −0.074% → +0.071%: −$14.52
Slippage, 4 orders: −$2.11
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$6.3
Costs to cover: 0.141%
Break-even: 9.0 days

Slippage from HTX: live order book, 5 min ago; Lighter RH: 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 HTX live order book, 5 min ago	0.02 bp	6.0 bp −$6	6.0 bp −$60	7.4 bp −$738	10.7 bp −$5,342
Sell Lighter RH live order book, 5 min ago	0.83 bp	1.3 bp −$1	3.0 bp −$30	10.6 bp −$1,058	doesn't fit

ETH on 55 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	−0.0447%	43m	2,720.4	−0.130%	$282K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,721	−0.109%	$5K	$1K	50x	as long as short
HTX ETH-USDTlong	−0.0010%	8h	2,724	long leg	$1.05B	$1.21B	200x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,718.8	−0.191%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,721.6	−0.087%	$814K	$3.0M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,719.1	−0.179%	$27.9M	—	200x	as long as short
Injective ETH/USDC PERP	+0.0009%	1h	2,721.2	−0.101%	$117K	$22.5M	52x	as long as short
dYdX ETH-USD	+0.0012%	1h	2,722.1	−0.069%	$10.8M	$41.9M	50x	as long as short
Deribit ETH-PERPETUAL	+0.0015%	1h	2,719.5	−0.166%	$258.7M	$206.0M	50x	as long as short
01 Exchange ETHUSD	+0.0032%	1h	2,721.1	−0.105%	$186K	$787K	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX ETH-USDC	+0.0033%	8h	2,718.4	−0.203%	—	$18.5M	—	as long as short
Bybit ETHUSDT	+0.0042%	8h	2,718.2	−0.212%	$2.35B	$4.42B	150x	as long as short
Aftermath Perps ETHUSD	+0.0066%	1h	2,723.4	−0.021%	$30K	$20K	20x	as long as short
Bullet ETH-USD	+0.0069%	1h	2,718.3	−0.207%	$179K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0070%	8h	2,724.6	+0.022%	$956K	$11.2M	100x	as long as short
KuCoin ETHUSDTM	+0.0075%	8h	2,719.4	−0.169%	$374.4M	$578.4M	100x	as long as short
Aster ETHUSDT	+0.0086%	8h	2,719.7	−0.157%	$251.7M	$845.0M	200x	as long as short
Phemex ETHUSDT	+0.0086%	8h	2,724.3	+0.014%	$263.4M	$64.3M	150x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,716	−0.291%	$4.9M	$155K	20x	as long as short
OKX ETH-USDT-SWAP	+0.0090%	8h	2,718.4	−0.205%	$1.66B	$10.79B	100x	as long as short
MEXC ETH_USDT	+0.0091%	8h	2,719.2	−0.176%	$1.55B	$2.57B	500x	as long as short
Binance ETHUSDT	+0.0091%	8h	2,718.7	−0.193%	$6.29B	$16.08B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,720.9	−0.113%	$111.3M	$432.5M	50x	as long as short
Lighter RH ETHshort	+0.0096%	1h	2,721.9	−0.074%	$23.4M	$103.1M	50x
Katana Perps ETH-USD	+0.0100%	8h	2,720.6	−0.123%	$498K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,722.8	−0.042%	$15.2M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,720	−0.145%	$13.8M	$105.0M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,721.7	−0.083%	$3.08B	$2.05B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,721.5	−0.092%	$31.9M	$334.4M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,720	−0.145%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,721	−0.108%	$1.5M	$16.1M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,723.8	−0.005%	$163.8M	$329.7M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,718.4	−0.204%	$3.29B	$8.93B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,718.4	−0.206%	$2.07B	$2.76B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,723.2	−0.029%	$14.9M	$43.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,723.2	−0.027%	$133.0M	$326.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,721.7	−0.083%	$184.3M	$675.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,723.6	−0.013%	$158.5M	$87.0M	50x	as long as short
ApeX Omni ETHUSDT	+0.0100%	1h	2,723.1	−0.032%	$8.6M	$31.3M	100x	as long as short
StandX ETH-USD	+0.0100%	1h	2,724.7	+0.027%	$21.0M	$71.5M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,721.9	−0.076%	—	$876K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,721.1	−0.105%	$11.1M	$9.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,719	−0.181%	$22K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,719.6	−0.159%	$40.8M	$30.1M	15x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,725.2	+0.046%	$54.3M	$187.9M	40x	as long as short
Extended ETH-USD	+0.0104%	1h	2,719.9	−0.150%	$30.5M	$74.3M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0104% / S +0.0048%	1h	2,720.7	−0.119%	—	$31.3M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,726.3	+0.085%	$49.9M	$4.29B	50x	as long as short
RISEx ETH/USDC	+0.0108%	1h	2,721.1	−0.104%	$5.6M	$11.7M	25x	as long as short
Kalshi KXETHPERP	+0.0159%	8h	2,725.3	+0.049%	$6.4M	$692.2M	4.9x	as long as short
Kraken Futures PF_ETHUSD	+0.0176%	1h	2,725.6	+0.062%	$82.9M	$316.2M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0188%	8h	2,720.6	−0.123%	$32.0M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0201%	1h	2,718.4	−0.203%	$7.3M	$1.2M	25x	as long as short
BloFin ETH-USDT	+0.0210%	8h	2,724.8	+0.030%	$282.9M	$174.7M	150x	as long as short
Hibachi ETH/USDT-P	+0.0248%	1h	2,726.2	+0.083%	$249K	$1.4M	20x	as long as short