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Funding arb · Price arb /

ETH

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.018%
Price spread now: Derive against Lighter+0.063%7-day average +0.028% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on LighterShort on Derive
What this pair did over the last
the charts below follow
Funding, last 7 days+0.153%+$15 on $10k
Price spread, last 4 days (all we have)−0.060%−$6 · spread now +0.063%, 7d avg +0.028%
Together, before fees+0.092%+ Points / potential airdropLighter: Season 3 · farm board+$9 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: Derive is 0.035% dearer against Lighter than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.028%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongLighter ETH2,727.10.0096pay 0.0012% / 1h1m 18s$112.0M$437.7M50x
ShortDerive ETH-PERP2,728.80.0100get 0.0013% / 1h1m 18s$40.9M$30.1M15x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Derive 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

Funding earned
$0.84
Price spread: +0.063% → +0.028%
$3.55
Slippage, 4 orders
no order book: not counted
Fee Lighter: 0 bp × 2 orders
$0
Fee Derive: 3 bp × 2 orders
−$6
Net
−$1.61
Costs to cover
0.060%
Break-even
20.4 days
Slippage unknown: Lighter: live order book, 8 min ago; Derive: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Lighter live order book, 8 min ago0.28 bp0.5 bp −$11.0 bp −$101.5 bp −$1484.1 bp −$2,073
Sell Derive no order-book sample—————
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

ETH on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Perpl ETH−0.0335%43m2,726.2−0.033%$290K$5.7M8.3xas long as short
Hotstuff ETH-PERP−0.0080%1h2,727−0.003%$5K$1K50xas long as short
HTX ETH-USDT−0.0021%8h2,725.8−0.048%$1.05B$1.20B200xas long as short
GMX ETH/USD [ETH-USDC]L −0.0010% / S +0.0043%1h2,727.10.000%$11.9M—200xas long as short
Phoenix ETH−0.0006%1h2,731.9+0.176%$816K$2.9M25xas long as short
dYdX ETH-USD+0.0006%1h2,727.7+0.021%$10.7M$42.1M50xas long as short
gTrade (Gains Network) ETH/USDL +0.0007% / S −0.0006%1h2,727.2+0.003%$28.0M—200xas long as short
BingX ETH-USDT+0.0031%8h2,726.9−0.006%—$1.14B—as long as short
Bybit ETHUSDT+0.0036%8h2,726.7−0.013%$2.36B$4.40B150xas long as short
Bullet ETH-USD+0.0041%1h2,726.9−0.008%$178K$1.7M20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange ETHUSD+0.0048%1h2,727.9+0.030%$186K$784K50xas long as short
SunX ETH-USDT+0.0057%8h2,725.4−0.062%$955K$11.2M100xas long as short
KuCoin ETHUSDTM+0.0063%8h2,727.1−0.001%$378.0M$575.1M100xas long as short
ApeX Omni ETHUSDT+0.0070%1h2,727.1−0.001%$8.7M$31.2M100xas long as short
Aster ETHUSDT+0.0076%8h2,726.8−0.012%$252.4M$842.8M200xas long as short
Aevo ETH-PERP+0.0080%1h2,724.7−0.088%$4.9M$155K20xas long as short
MEXC ETH_USDT+0.0082%8h2,727.3+0.009%$1.56B$2.59B500xas long as short
Binance ETHUSDT+0.0082%8h2,727.10.000%$6.32B$15.96B150xas long as short
OKX ETH-USDT-SWAP+0.0083%8h2,726.9−0.007%$1.67B$10.73B100xas long as short
Phemex ETHUSDT+0.0088%8h2,726.2−0.033%$264.1M$63.9M150xas long as short
Aftermath Perps ETHUSD+0.0091%1h2,728.5+0.053%$30K$20K20xas long as short
Lighter ETHlong+0.0096%1h2,727.1long leg$112.0M$437.7M50x
Lighter RH ETH+0.0096%1h2,728.1+0.036%$23.4M$105.0M50xas long as short
Jupiter Perps ETH-PERPL +0.0096% / S +0.0048%1h2,726.8−0.011%—$31.0M500xas long as short
Injective ETH/USDC PERP+0.0096%1h2,728.9+0.066%$117K$22.5M52xas long as short
Katana Perps ETH-USD+0.0100%8h2,726.7−0.014%$499K$3.4M50xas long as short
Paradex ETH-USD-PERP+0.0100%8h2,728.7+0.061%$15.4M$8.0M50xas long as short
Nado ETH-PERP+0.0100%1h2,726.3−0.030%$13.8M$104.8M50xas long as short
Hyperliquid ETH+0.0100%1h2,729.4+0.085%$3.09B$2.05B25xas long as short
Pacifica ETH+0.0100%1h2,727.6+0.019%$31.9M$334.0M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,725.8−0.047%$2.7M$16.7M25xas long as short
Arcus ETH-USD+0.0100%1h2,727.6+0.018%$1.5M$16.0M25xas long as short
Gate ETH_USDT+0.0100%8h2,727.1+0.001%$3.33B$8.98B200xas long as short
Bitget ETHUSDT+0.0100%8h2,727.6+0.019%$2.08B$2.73B150xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,726−0.039%$15.0M$42.4M50xas long as short
Variational Omni ETH+0.0100%8h2,730+0.105%$134.8M$322.6M—as long as short
edgeX ETHUSDC+0.0100%4h2,728.5+0.052%$183.5M$672.9M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,729.5+0.088%$158.8M$87.0M50xas long as short
StandX ETH-USD+0.0100%1h2,727−0.003%$21.0M$73.5M40xas long as short
Vest ETH-PERP+0.0100%1h2,728+0.035%—$846K50xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,728.6+0.055%$11.2M$9.5M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,726.8−0.010%$21K$20K25xas long as short
Derive ETH-PERPshort+0.0100%1h2,728.8+0.063%$40.9M$30.1M15x
SoDEX ETH-USD+0.0100%1h2,726.4−0.025%$54.3M$187.8M40xas long as short
Bulk ETH-USD+0.0100%1h2,726.9−0.005%$164.5M$309.8M25xas long as short
Extended ETH-USD+0.0104%1h2,726.2−0.033%$30.6M$73.7M50xas long as short
RISEx ETH/USDC+0.0107%1h2,727.5+0.016%$5.6M$11.7M25xas long as short
Kalshi KXETHPERP+0.0109%8h2,727.5+0.015%$6.4M$688.1M4.9xas long as short
Coinbase International ETH-PERP-INTX+0.0120%1h2,727−0.004%$50.4M$4.28B50xas long as short
Deribit ETH-PERPETUAL+0.0124%1h2,727.6+0.019%$258.4M$202.7M50xas long as short
Kraken Futures PF_ETHUSD+0.0153%1h2,726.9−0.007%$82.8M$316.8M100xas long as short
Orderly PERP_ETH_USDC+0.0190%8h2,729.1+0.074%$32.1M$11.6M100xas long as short
Reya ETHRUSDPERP+0.0206%1h2,726.7−0.016%$7.3M$1.2M25xas long as short
Hibachi ETH/USDT-P+0.0232%1h2,727.9+0.030%$249K$1.4M20xas long as short
BloFin ETH-USDT+0.0330%8h2,726.9−0.006%$281.7M$174.5M150xas long as short