Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Lighter RH−0.071%7-day average −0.065% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.002%$0 on $10k

Price spread, last 7 days+0.025%+$2 · spread now −0.071%, 7d avg −0.065%

Together, before fees+0.027%+ Points / potential airdropLighter RH: Points live · farm board+$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,747.9	0.0096	pay 0.0012% / 1h	49m 54s	$23.7M	$94.1M	50x
Short	Katana Perps ETH-USD	2,746	0.0100	get 0.0100% / 8h	5h 49m	$509K	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.071%Rate

Funding earned: $0.8
Price spread: −0.071% → −0.065%: −$0.54
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$3.54
Costs to cover: 0.038%
Break-even: 38.2 days

Slippage unknown: Lighter RH: live order book, 2 min ago; Katana Perps: 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

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter RH live order book, 2 min ago	0.80 bp	0.8 bp −$1	1.2 bp −$12	6.2 bp −$617	60.1 bp −$30.0K
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: 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 54 exchanges

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
Hibachi ETH/USDT-P	−0.0112%	1h	2,746.8	−0.041%	$235K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,749.4	+0.053%	$5K	$1K	50x	as long as short
ApeX Omni ETHUSDT	−0.0050%	1h	2,748.1	+0.005%	$8.3M	$25.3M	100x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,747.3	−0.024%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,748.5	+0.020%	$808K	$2.8M	25x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,747.1	−0.031%	$7.2M	$660.7M	4.9x	as long as short
Perpl ETH	0.0000%	43m	2,747	−0.033%	$272K	$5.0M	8.3x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,747.4	−0.020%	$33.2M	—	200x	as long as short
Bybit ETHUSDT	+0.0008%	8h	2,746.5	−0.054%	$2.37B	$3.80B	150x	as long as short
01 Exchange ETHUSD	+0.0064%	1h	2,747.6	−0.012%	$182K	$915K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0068%	8h	2,746.2	−0.063%	$1.67B	$9.22B	100x	as long as short
Gate ETH_USDT	+0.0081%	8h	2,746.3	−0.061%	$3.26B	$7.69B	200x	as long as short
Aster ETHUSDT	+0.0083%	8h	2,746.3	−0.060%	$257.8M	$719.3M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,746	−0.070%	$1.60B	$2.34B	500x	as long as short
KuCoin ETHUSDTM	+0.0088%	8h	2,746.2	−0.063%	$365.3M	$440.4M	100x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,743.7	−0.153%	$4.9M	$215K	20x	as long as short
Binance ETHUSDT	+0.0088%	8h	2,746.4	−0.057%	$6.41B	$14.01B	150x	as long as short
Lighter ETH	+0.0096%	1h	2,746.7	−0.044%	$113.7M	$384.6M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,747.9	long leg	$23.7M	$94.1M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,746.4	−0.057%	—	$23.6M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,747.3	−0.022%	$46.2M	$3.89B	50x	as long as short
Katana Perps ETH-USDshort	+0.0100%	8h	2,746	−0.071%	$509K	$3.5M	50x
Nado ETH-PERP	+0.0100%	1h	2,746.9	−0.037%	$14.6M	$95.9M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,747.8	−0.006%	$32.4M	$325.1M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,747.8	−0.005%	$2.8M	$14.2M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,748.1	+0.005%	$1.5M	$14.3M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,749.3	+0.048%	$164.5M	$330.2M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,746.3	−0.059%	$2.11B	$2.30B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,745.4	−0.092%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,745.8	−0.079%	$14.9M	$36.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,745.8	−0.077%	$132.4M	$287.5M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,747	−0.034%	$185.1M	$607.8M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,748.2	+0.009%	$159.9M	$69.4M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,747.1	−0.031%	$21.1M	$75.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,748.3	+0.014%	—	$348K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,748.6	+0.024%	$11.3M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,746.6	−0.049%	$177K	$1.7M	20x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,746.4	−0.056%	$20K	$14K	25x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,746.8	−0.043%	$948K	$8.6M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,746.3	−0.060%	$61.8M	$121.6M	40x	as long as short
Deribit ETH-PERPETUAL	+0.0100%	1h	2,747.3	−0.024%	$266.9M	$184.6M	50x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,746.4	−0.057%	$1.05B	$1.04B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,746.3	−0.059%	$263.8M	$56.4M	150x	as long as short
Extended ETH-USD	+0.0104%	1h	2,745.4	−0.093%	$30.5M	$65.1M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0105%	1h	2,746.4	−0.056%	$82.5M	$272.9M	100x	as long as short
Aftermath Perps ETHUSD	+0.0108%	1h	2,747.9	−0.003%	$30K	$8K	20x	as long as short
Reya ETHRUSDPERP	+0.0156%	1h	2,745.5	−0.090%	$7.3M	$832K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0174%	8h	2,748.5	+0.021%	$32.4M	$9.9M	100x	as long as short
dYdX ETH-USD	+0.0175%	1h	2,746.3	−0.059%	$15.2M	$42.6M	50x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,747.8	−0.007%	$5.7M	$10.6M	25x	as long as short
Hyperliquid ETH	+0.0256%	1h	2,749.5	+0.057%	$3.16B	$1.73B	25x	as long as short
BloFin ETH-USDT	+0.0356%	8h	2,746.4	−0.056%	$283.2M	$149.8M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,751.5	+0.130%	$118K	$21.7M	52x	as long as short
Paradex ETH-USD-PERP	+0.0552%	8h	2,750.9	+0.106%	$16.0M	$6.2M	50x	as long as short