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Funding arb · Price arb /

ETH

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Alert: spread
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Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.018%
Price spread now: Hyperliquid against Lighter+0.086%7-day average +0.028% · you sell dearer than you buy
Net, funding: paid 7d − costs−$2as in the Funding arb table
Net, price: spread back to 7d avg − costs−$5as in the Price arb table
costs, in and out, $10k−$110.106% of the position
Long on LighterShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.090%+$9 on $10k
Price spread, last 7 days−0.067%−$7 · spread now +0.086%, 7d avg +0.028%
Together, before fees+0.022%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$2 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: Hyperliquid is 0.058% dearer against Lighter than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.028%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongLighter ETH2,775.90.0096pay 0.0012% / 1h3m 19s$115.2M$502.0M50x
ShortHyperliquid ETH2,778.30.0100get 0.0013% / 1h3m 19s$3.18B$2.36B25x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid 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: +0.086% → +0.028%
$5.83
Slippage, 4 orders
−$1.63
Fee Lighter: 0 bp × 2 orders
$0
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$3.96
Costs to cover
0.106%
Break-even
40.0 days
Slippage from Lighter: live order book, 6 min ago; Hyperliquid: live order book, 11 min ago.

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, 6 min ago0.16 bp1.1 bp −$11.4 bp −$141.6 bp −$1624.7 bp −$2,326
Sell Hyperliquid live order book, 11 min ago0.18 bp4.7 bp −$54.7 bp −$475.8 bp −$5828.0 bp −$3,987

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−0.0223%43m2,775.8−0.005%$286K$6.9M8.3xas long as short
RISEx ETH/USDC−0.0206%1h2,775.6−0.010%$5.6M$11.9M25xas long as short
Injective ETH/USDC PERP−0.0088%1h2,762.1−0.497%$119K$22.5M52xas long as short
Hotstuff ETH-PERP−0.0080%1h2,776+0.003%$5K$2K50xas long as short
ApeX Omni ETHUSDT−0.0026%1h2,769.6−0.228%$8.7M$32.9M100xas long as short
01 Exchange ETHUSD−0.0008%1h2,776.5+0.021%$168K$1.2M50xas long as short
dYdX ETH-USD0.0000%1h2,775.8−0.003%$12.7M$45.9M50xas long as short
Phoenix ETH+0.0003%1h2,774.3−0.058%$877K$3.7M25xas long as short
gTrade (Gains Network) ETH/USDL +0.0006% / S −0.0006%1h2,776.4+0.018%$22.4M—200xas long as short
OKX ETH-USDT-SWAP+0.0021%8h2,775−0.032%$1.71B$11.90B100xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Phemex ETHUSDT+0.0023%8h2,774.4−0.053%$270.3M$68.7M150xas long as short
GMX ETH/USD [ETH-USDC]L +0.0026% / S +0.0009%1h2,776.1+0.007%$12.9M—200xas long as short
SoDEX ETH-USD+0.0030%1h2,774.5−0.051%$55.2M$228.7M40xas long as short
Aster ETHUSDT+0.0032%8h2,775.6−0.012%$256.2M$1.00B200xas long as short
Aftermath Perps ETHUSD+0.0032%1h2,772.8−0.112%$29K$22K20xas long as short
Bullet ETH-USD+0.0034%1h2,775.5−0.015%$182K$1.7M20xas long as short
MEXC ETH_USDT+0.0054%8h2,775.7−0.006%$1.62B$2.67B500xas long as short
Binance ETHUSDT+0.0054%8h2,775.6−0.013%$6.47B$17.29B150xas long as short
Aevo ETH-PERP+0.0056%1h2,772.3−0.130%$5.0M$636K20xas long as short
Deribit ETH-PERPETUAL+0.0060%1h2,776.5+0.019%$259.1M$222.1M50xas long as short
Bitget ETHUSDT+0.0066%8h2,775−0.032%$2.11B$3.10B150xas long as short
Gate ETH_USDT+0.0067%8h2,775.8−0.004%$3.29B$9.70B200xas long as short
KuCoin ETHUSDTM+0.0080%8h2,776.1+0.006%$423.0M$738.7M100xas long as short
Bybit ETHUSDT+0.0087%8h2,775.8−0.005%$2.51B$4.62B150xas long as short
BingX ETH-USDT+0.0088%8h2,775.6−0.011%—$1.24B—as long as short
Coinbase International ETH-PERP-INTX+0.0088%1h2,776+0.005%$60.7M$4.60B50xas long as short
Nado ETH-PERP+0.0091%1h2,776+0.002%$14.3M$118.2M50xas long as short
HTX ETH-USDT+0.0093%8h2,775.1−0.029%$1.08B$1.32B200xas long as short
Lighter ETHlong+0.0096%1h2,775.9long leg$115.2M$502.0M50x
Lighter RH ETH+0.0096%1h2,777.5+0.055%$25.3M$122.1M50xas long as short
Vest ETH-PERP+0.0097%1h2,776.2+0.009%—$1.1M50xas long as short
Paradex ETH-USD-PERP+0.0099%8h2,775.6−0.010%$15.9M$10.0M50xas long as short
Katana Perps ETH-USD+0.0100%8h2,775.1−0.029%$483K$2.8M50xas long as short
Hyperliquid ETHshort+0.0100%1h2,778.3+0.086%$3.18B$2.36B25x
Pacifica ETH+0.0100%1h2,776+0.003%$31.3M$316.9M50xas long as short
Ondo Perps ETH-USD.P+0.0100%1h2,775.3−0.022%$2.8M$17.3M25xas long as short
Arcus ETH-USD+0.0100%1h2,776.4+0.019%$2.7M$17.4M25xas long as short
Bulk ETH-USD+0.0100%1h2,769.4−0.235%$169.4M$262.8M25xas long as short
Backpack ETH_USDC_PERP+0.0100%1h2,775.9−0.001%$15.1M$44.2M50xas long as short
Variational Omni ETH+0.0100%8h2,768.5−0.266%$148.3M$337.3M—as long as short
edgeX ETHUSDC+0.0100%4h2,769.8−0.221%$181.8M$784.6M100xas long as short
GRVT ETH_USDT_Perp+0.0100%8h2,770.2−0.204%$161.1M$89.4M50xas long as short
StandX ETH-USD+0.0100%1h2,774.3−0.058%$21.5M$58.7M40xas long as short
Polymarket Perps ETH-USD+0.0100%1h2,776.5+0.021%$10.6M$8.0M50xas long as short
Bluefin ETH-PERP+0.0100%1h2,776.2+0.011%$21K$24K25xas long as short
SunX ETH-USDT+0.0100%8h2,775−0.034%$974K$13.9M100xas long as short
Derive ETH-PERP+0.0100%1h2,777.4+0.054%$42.8M$29.4M15xas long as short
Kalshi KXETHPERP+0.0101%8h2,772.3−0.130%$8.4M$688.6M4.9xas long as short
Extended ETH-USD+0.0104%1h2,774.3−0.059%$32.5M$78.4M50xas long as short
Jupiter Perps ETH-PERPL +0.0104% / S +0.0048%1h2,776.6+0.027%—$43.8M500xas long as short
Kraken Futures PF_ETHUSD+0.0123%1h2,775.7−0.007%$90.8M$338.3M100xas long as short
Orderly PERP_ETH_USDC+0.0144%8h2,777.9+0.070%$32.6M$12.1M100xas long as short
BloFin ETH-USDT+0.0175%8h2,770−0.212%$286.6M$193.5M150xas long as short
Hibachi ETH/USDT-P+0.0200%1h2,776.1+0.006%$253K$1.6M20xas long as short
Reya ETHRUSDPERP+0.0206%1h2,775.6−0.013%$7.4M$1.2M25xas long as short