Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0004%/8hpaid last 24h −0.002%

Price spread now: Bybit against Lighter RH−0.113%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$140.143% of the position

Long on Lighter RH Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.086%−$9 on $10k

Price spread, last 7 days+0.093%+$9 · spread now −0.113%, 7d avg −0.025%

Together, before fees+0.007%+ Points / potential airdropLighter RH: Points live · farm board+$1 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: Bybit is 0.088% cheaper against Lighter RH than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,764.3	0.0096	pay 0.0012% / 1h	6m 50s	$25.5M	$122.4M	50x
Short	Bybit ETHUSDT	2,761.2	0.0100	get 0.0100% / 8h	4h 06m	$2.53B	$4.42B	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.113%Rate

Funding earned: $0.84
Price spread: −0.113% → −0.025%: −$8.75
Slippage, 4 orders: −$3.3
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$22.22
Costs to cover: 0.143%
Break-even: 192.1 days

Slippage from Lighter RH: live order book, 7 min ago; Bybit: live order book, 2 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, 7 min ago	1.25 bp	1.2 bp −$1	2.7 bp −$27	11.0 bp −$1,100	72.5 bp −$36.3K
Sell Bybit live order book, 2 min ago	0.02 bp	5.5 bp −$6	5.8 bp −$58	6.7 bp −$671	8.9 bp −$4,474

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	−0.0223%	43m	2,762.1	−0.078%	$269K	$6.6M	8.3x	as long as short
Injective ETH/USDC PERP	−0.0208%	1h	2,761.8	−0.090%	$119K	$22.5M	52x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,761.1	−0.115%	$5K	$2K	50x	as long as short
SoDEX ETH-USD	−0.0019%	1h	2,762.1	−0.079%	$55.7M	$184.4M	40x	as long as short
Phoenix ETH	−0.0003%	1h	2,762.9	−0.050%	$928K	$3.1M	25x	as long as short
dYdX ETH-USD	0.0000%	1h	2,763.2	−0.041%	$13.5M	$42.2M	50x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,763.6	−0.026%	$22.4M	—	200x	as long as short
Bulk ETH-USD	+0.0012%	1h	2,762.6	−0.062%	$165.0M	$265.6M	25x	as long as short
OKX ETH-USDT-SWAP	+0.0016%	8h	2,760.5	−0.137%	$1.73B	$11.31B	100x	as long as short
ApeX Omni ETHUSDT	+0.0018%	1h	2,761.7	−0.094%	$8.4M	$28.8M	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0018%	1h	2,764.2	−0.005%	$258.4M	$209.2M	50x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0020% / S +0.0013%	1h	2,763.6	−0.025%	$12.3M	—	200x	as long as short
Bullet ETH-USD	+0.0022%	1h	2,762.4	−0.069%	$194K	$1.8M	20x	as long as short
01 Exchange ETHUSD	+0.0024%	1h	2,763.8	−0.018%	$178K	$1.2M	50x	as long as short
Phemex ETHUSDT	+0.0029%	8h	2,762.6	−0.060%	$267.1M	$64.5M	150x	as long as short
MEXC ETH_USDT	+0.0038%	8h	2,762.1	−0.078%	$1.62B	$2.48B	500x	as long as short
Binance ETHUSDT	+0.0038%	8h	2,762.1	−0.080%	$6.57B	$16.31B	150x	as long as short
Aevo ETH-PERP	+0.0040%	1h	2,760.9	−0.123%	$5.0M	$651K	20x	as long as short
RISEx ETH/USDC	+0.0044%	1h	2,762.9	−0.049%	$5.8M	$12.2M	25x	as long as short
Gate ETH_USDT	+0.0051%	8h	2,762.3	−0.073%	$3.35B	$9.26B	200x	as long as short
Aster ETHUSDT	+0.0057%	8h	2,762.1	−0.080%	$268.4M	$947.4M	200x	as long as short
Bitget ETHUSDT	+0.0073%	8h	2,760.7	−0.131%	$2.09B	$3.00B	150x	as long as short
Aftermath Perps ETHUSD	+0.0075%	1h	2,763.6	−0.026%	$29K	$20K	20x	as long as short
Variational Omni ETH	+0.0092%	8h	2,760.4	−0.142%	$139.7M	$304.4M	—	as long as short
Lighter ETH	+0.0096%	1h	2,762.9	−0.049%	$115.2M	$498.5M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,764.3	long leg	$25.5M	$122.4M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,763.1	−0.045%	—	$44.1M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,766.9	+0.094%	$15.8M	$10.9M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,763	−0.047%	$481K	$2.6M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,761.4	−0.104%	$17.3M	$112.7M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,762.2	−0.076%	$31.2M	$265.1M	50x	as long as short
Bybit ETHUSDTshort	+0.0100%	8h	2,761.2	−0.113%	$2.53B	$4.42B	150x
Ondo Perps ETH-USD.P	+0.0100%	1h	2,761.9	−0.086%	$2.9M	$15.4M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,763.7	−0.021%	$2.9M	$16.8M	25x	as long as short
KuCoin ETHUSDTM	+0.0100%	8h	2,762.2	−0.076%	$413.5M	$711.2M	100x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,762.4	−0.068%	—	$16.9M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,762.7	−0.059%	$15.3M	$41.9M	50x	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,761.2	−0.111%	$179.7M	$749.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,761.6	−0.098%	$160.6M	$95.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,762.1	−0.079%	$21.3M	$56.8M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,764.7	+0.015%	$11.4M	$7.1M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,763.8	−0.017%	$21K	$25K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,765.7	+0.050%	$42.9M	$29.2M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,761.2	−0.110%	$968K	$14.2M	100x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,761.8	−0.091%	$1.08B	$1.24B	200x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,763	−0.047%	—	$1.1M	50x	as long as short
Hyperliquid ETH	+0.0101%	1h	2,763.6	−0.025%	$3.23B	$2.20B	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,762	−0.082%	$31.5M	$75.6M	50x	as long as short
Orderly PERP_ETH_USDC	+0.0113%	8h	2,765.4	+0.042%	$32.5M	$11.1M	100x	as long as short
Kalshi KXETHPERP	+0.0128%	8h	2,763.2	−0.039%	$8.6M	$642.9M	4.9x	as long as short
Coinbase International ETH-PERP-INTX	+0.0128%	1h	2,764.1	−0.008%	$59.6M	$4.57B	50x	as long as short
Hibachi ETH/USDT-P	+0.0152%	1h	2,763.6	−0.026%	$278K	$1.5M	20x	as long as short
BloFin ETH-USDT	+0.0154%	8h	2,762.2	−0.077%	$292.7M	$186.8M	150x	as long as short
Kraken Futures PF_ETHUSD	+0.0163%	1h	2,763.7	−0.020%	$85.4M	$322.1M	100x	as long as short
Reya ETHRUSDPERP	+0.0226%	1h	2,761.6	−0.097%	$7.5M	$936K	25x	as long as short