Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0112%/8h= −12.2% APRpaid last 24h −0.002%

Price spread now: HTX against Lighter−0.013%7-day average −0.045% · 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−$9as in the Price arb table

costs, in and out, $10k−$120.124% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.068%−$7 · spread now −0.013%, 7d avg −0.045%

Together, before fees−0.039%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.032% dearer against Lighter than usual: you sell high and buy low (spread −0.013% now, against its 7-day average of −0.045%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 23 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter ETH	2,731	0.0096	pay 0.0012% / 1h	21m 02s	$112.4M	$434.7M	50x
Short	HTX ETH-USDT	2,730.6	−0.0016	pay 0.0016% / 8h	3h 21m	$1.06B	$1.20B	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.013%Rate

Funding earned: −$23.45
Price spread: −0.013% → −0.045%: $3.21
Slippage, 4 orders: −$0.43
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$32.67
Costs to cover: 0.124%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; HTX: live order book, 3 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, 8 min ago	0.04 bp	0.2 bp $0	0.6 bp −$6	1.3 bp −$126	4.4 bp −$2,207
Sell HTX live order book, 3 min ago	0.02 bp	6.0 bp −$6	6.2 bp −$62	9.3 bp −$934	12.1 bp −$6,047

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	−0.0335%	43m	2,730.8	−0.008%	$297K	$5.6M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,731.4	+0.015%	$5K	$1K	50x	as long as short
HTX ETH-USDTshort	−0.0016%	8h	2,730.6	−0.013%	$1.06B	$1.20B	200x
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,731.6	+0.024%	$11.9M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,731.7	+0.026%	$817K	$2.9M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,731.2	+0.008%	$6.4M	$684.8M	4.9x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,731.8	+0.030%	$28.1M	—	200x	as long as short
dYdX ETH-USD	+0.0008%	1h	2,731.1	+0.003%	$10.7M	$42.1M	50x	as long as short
Bullet ETH-USD	+0.0024%	1h	2,731.2	+0.009%	$178K	$1.7M	20x	as long as short
BingX ETH-USDC	+0.0033%	8h	2,729.2	−0.066%	—	$18.4M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit ETHUSDT	+0.0036%	8h	2,729.9	−0.040%	$2.36B	$4.38B	150x	as long as short
01 Exchange ETHUSD	+0.0048%	1h	2,731.6	+0.022%	$187K	$815K	50x	as long as short
Deribit ETH-PERPETUAL	+0.0054%	1h	2,732	+0.037%	$258.6M	$201.7M	50x	as long as short
SunX ETH-USDT	+0.0065%	8h	2,730.4	−0.021%	$957K	$11.2M	100x	as long as short
ApeX Omni ETHUSDT	+0.0066%	1h	2,728.1	−0.108%	$8.6M	$31.1M	100x	as long as short
KuCoin ETHUSDTM	+0.0066%	8h	2,730.3	−0.026%	$377.4M	$574.1M	100x	as long as short
OKX ETH-USDT-SWAP	+0.0076%	8h	2,730.2	−0.029%	$1.67B	$10.75B	100x	as long as short
Aster ETHUSDT	+0.0079%	8h	2,730.2	−0.028%	$250.7M	$841.2M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,729.3	−0.063%	$4.9M	$155K	20x	as long as short
SoDEX ETH-USD	+0.0081%	1h	2,730.8	−0.007%	$54.4M	$187.7M	40x	as long as short
Phemex ETHUSDT	+0.0082%	8h	2,730.2	−0.029%	$264.6M	$64.9M	150x	as long as short
Binance ETHUSDT	+0.0087%	8h	2,730.3	−0.024%	$6.33B	$15.94B	150x	as long as short
MEXC ETH_USDT	+0.0087%	8h	2,730.2	−0.029%	$1.55B	$2.57B	500x	as long as short
Lighter ETHlong	+0.0096%	1h	2,731	long leg	$112.4M	$434.7M	50x
Lighter RH ETH	+0.0096%	1h	2,731.9	+0.033%	$23.4M	$104.5M	50x	as long as short
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,730.5	−0.019%	—	$31.0M	500x	as long as short
Injective ETH/USDC PERP	+0.0096%	1h	2,733.1	+0.077%	$117K	$22.5M	52x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,730.4	−0.022%	$499K	$3.4M	50x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,731.8	+0.030%	$15.6M	$8.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,729.9	−0.041%	$13.7M	$104.5M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,732.4	+0.052%	$3.09B	$2.04B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,732	+0.037%	$31.8M	$333.7M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,729.5	−0.055%	$2.7M	$16.7M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,731.5	+0.020%	$1.5M	$16.0M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,728.2	−0.101%	$169.5M	$307.4M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,730.1	−0.033%	$3.33B	$8.92B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,730.2	−0.029%	$2.07B	$2.73B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,730.4	−0.020%	$14.9M	$40.6M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,730.3	−0.024%	$134.3M	$322.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,728.1	−0.107%	$183.5M	$671.7M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,729.6	−0.050%	$158.8M	$86.9M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,729.6	−0.051%	$21.0M	$69.7M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,731.2	+0.008%	—	$844K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,732.8	+0.066%	$11.2M	$9.3M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,731.9	+0.031%	$21K	$20K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,733.1	+0.076%	$41.0M	$29.9M	15x	as long as short
Extended ETH-USD	+0.0104%	1h	2,729.5	−0.056%	$30.6M	$73.4M	50x	as long as short
RISEx ETH/USDC	+0.0107%	1h	2,731.5	+0.018%	$5.6M	$11.8M	25x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,731.7	+0.027%	$30K	$20K	20x	as long as short
Coinbase International ETH-PERP-INTX	+0.0120%	1h	2,731.7	+0.025%	$50.6M	$4.28B	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0153%	1h	2,731.5	+0.019%	$83.6M	$315.9M	100x	as long as short
Orderly PERP_ETH_USDC	+0.0193%	8h	2,733.6	+0.095%	$32.1M	$11.6M	100x	as long as short
Reya ETHRUSDPERP	+0.0209%	1h	2,730.4	−0.023%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0240%	1h	2,728.7	−0.083%	$245K	$1.4M	20x	as long as short
BloFin ETH-USDT	+0.0346%	8h	2,730.1	−0.031%	$282.9M	$174.8M	150x	as long as short