Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.009%

Price spread now: BingX against Lighter RH−0.079%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$130.125% of the position

Long on Lighter RH Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.077%−$8 on $10k

Price spread, last 7 days+0.078%+$8 · spread now −0.079%, 7d avg −0.027%

Together, before fees+0.001%+ Points / potential airdropLighter RH: Points live · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and BingX is 0.052% cheaper against Lighter RH than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.027%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,748.4	0.0096	pay 0.0012% / 1h	0m 30s	$24.7M	$108.1M	50x
Short	BingX ETH-USDT	2,746.2	0.0042	get 0.0042% / 8h	6h 00m	—	$1.16B	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Lighter RH. 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 Lighter RHbpFee BingXbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$11.34
Price spread: −0.079% → −0.027%: −$5.16
Slippage, 4 orders: −$2.53
Fee Lighter RH: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$29.02
Costs to cover: 0.125%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 4 min ago; BingX: live order book, 9 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 RH live order book, 4 min ago	0.94 bp	1.1 bp −$1	2.2 bp −$22	9.1 bp −$913	67.6 bp −$33.8K
Sell BingX live order book, 9 min ago	0.04 bp	5.0 bp −$5	5.0 bp −$50	5.1 bp −$508	6.3 bp −$3,137

ETH on 54 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	−0.0112%	43m	2,747.8	−0.023%	$306K	$5.7M	8.3x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,746.8	−0.058%	$5K	$1K	50x	as long as short
RISEx ETH/USDC	−0.0071%	1h	2,746.8	−0.057%	$5.7M	$11.2M	25x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0010% / S +0.0043%	1h	2,747.3	−0.039%	$12.1M	—	200x	as long as short
Phoenix ETH	−0.0006%	1h	2,748.4	0.000%	$847K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,746.7	−0.060%	$10.8M	$42.0M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,747.5	−0.034%	$22.2M	—	200x	as long as short
01 Exchange ETHUSD	+0.0040%	1h	2,747.3	−0.040%	$181K	$979K	50x	as long as short
BingX ETH-USDTshort	+0.0042%	8h	2,746.2	−0.079%	—	$1.16B	—
OKX ETH-USDT-SWAP	+0.0053%	8h	2,746.1	−0.083%	$1.70B	$10.64B	100x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin ETHUSDTM	+0.0066%	8h	2,746.4	−0.071%	$369.7M	$604.1M	100x	as long as short
Aster ETHUSDT	+0.0074%	8h	2,746.8	−0.057%	$252.6M	$843.8M	200x	as long as short
Aevo ETH-PERP	+0.0080%	1h	2,745.8	−0.093%	$4.9M	$167K	20x	as long as short
HTX ETH-USDT	+0.0083%	8h	2,747	−0.052%	$1.06B	$1.18B	200x	as long as short
MEXC ETH_USDT	+0.0083%	8h	2,746.2	−0.080%	$1.58B	$2.60B	500x	as long as short
Binance ETHUSDT	+0.0084%	8h	2,746.1	−0.083%	$6.38B	$15.83B	150x	as long as short
Coinbase International ETH-PERP-INTX	+0.0088%	1h	2,748.1	−0.012%	$58.6M	$4.29B	50x	as long as short
ApeX Omni ETHUSDT	+0.0090%	1h	2,748.3	−0.004%	$8.8M	$31.2M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,746.6	−0.065%	$113.0M	$445.7M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,748.4	long leg	$24.7M	$108.1M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,747.5	−0.033%	—	$31.0M	500x	as long as short
Paradex ETH-USD-PERP	+0.0100%	8h	2,751.1	+0.097%	$16.2M	$8.0M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,746.7	−0.061%	$483K	$3.0M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,746.1	−0.084%	$13.9M	$107.8M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,748.6	+0.008%	$3.12B	$2.06B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.1	−0.047%	$31.7M	$334.3M	50x	as long as short
Bybit ETHUSDT	+0.0100%	8h	2,746.3	−0.076%	$2.47B	$4.19B	150x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,746.8	−0.058%	$2.7M	$16.8M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,746.9	−0.053%	$2.8M	$16.0M	25x	as long as short
Gate ETH_USDT	+0.0100%	8h	2,746.5	−0.070%	$3.39B	$8.95B	200x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.3	−0.077%	$2.08B	$2.74B	150x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,746.4	−0.073%	$15.0M	$41.3M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,746.6	−0.065%	$133.0M	$342.9M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,748.2	−0.008%	$182.1M	$701.0M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.5	+0.003%	$159.8M	$81.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,748.2	−0.007%	$21.3M	$69.1M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,747	−0.049%	—	$849K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,747.6	−0.029%	$10.7M	$8.5M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,747	−0.052%	$182K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,747.5	−0.033%	$21K	$21K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,749	+0.023%	$41.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.4	−0.071%	$962K	$12.0M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.9	−0.054%	$54.7M	$187.6M	40x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,747.5	−0.033%	$267.5M	$65.7M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,746.2	−0.079%	$164.3M	$302.6M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.5	−0.104%	$30.6M	$72.7M	50x	as long as short
Aftermath Perps ETHUSD	+0.0107%	1h	2,747.8	−0.023%	$30K	$20K	20x	as long as short
Deribit ETH-PERPETUAL	+0.0132%	1h	2,748.3	−0.004%	$258.9M	$197.0M	50x	as long as short
Kalshi KXETHPERP	+0.0149%	8h	2,748	−0.014%	$7.9M	$672.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0181%	8h	2,749.4	+0.036%	$32.3M	$11.0M	100x	as long as short
Injective ETH/USDC PERP	+0.0209%	1h	2,748.3	−0.003%	$118K	$22.5M	52x	as long as short
Reya ETHRUSDPERP	+0.0223%	1h	2,746.8	−0.059%	$7.3M	$1.1M	25x	as long as short
Hibachi ETH/USDT-P	+0.0232%	1h	2,750	+0.059%	$250K	$1.4M	20x	as long as short
Kraken Futures PF_ETHUSD	+0.0354%	1h	2,747.8	−0.020%	$88.1M	$313.6M	100x	as long as short