Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:16 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.086%

Price spread now: Perpl against Lighter RH−0.063%7-day average −0.011% · you buy dearer than you sell

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

Long on Lighter RH Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 7 days+0.072%+$7 · spread now −0.063%, 7d avg −0.011%

Together, before fees+0.102%+ Points / potential airdropLighter RH: Points live · Perpl: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Perpl 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 −0.011%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,740.6	0.0096	pay 0.0012% / 1h	28m 20s	$23.5M	$95.3M	50x
Short	Perpl ETH	2,738.9	0	get 0.0000% / 43m	9m 20s	$268K	$5.0M	8.3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$20.16
Price spread: −0.063% → −0.011%: −$5.25
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$39.21
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Lighter RH: live order book, 4 min ago; Perpl: 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, 4 min ago	0.88 bp	1.1 bp −$1	1.5 bp −$15	5.7 bp −$568	60.0 bp −$30.0K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.0088%	1h	2,740.1	−0.019%	$233K	$1.2M	20x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,747.7	+0.258%	$5K	$1K	50x	as long as short
GMX ETH/USD [ETH-USDC]	L −0.0009% / S +0.0043%	1h	2,740	−0.022%	$12.2M	—	200x	as long as short
Phoenix ETH	−0.0009%	1h	2,739.3	−0.049%	$819K	$2.8M	25x	as long as short
ApeX Omni ETHUSDT	−0.0005%	1h	2,738.7	−0.071%	$8.2M	$25.2M	100x	as long as short
Kalshi KXETHPERP	0.0000%	8h	2,740.4	−0.009%	$7.1M	$660.0M	4.9x	as long as short
Perpl ETHshort	0.0000%	43m	2,738.9	−0.063%	$268K	$5.0M	8.3x
gTrade (Gains Network) ETH/USD	L +0.0007% / S −0.0006%	1h	2,738.6	−0.076%	$33.1M	—	200x	as long as short
Bybit ETHUSDT	+0.0030%	8h	2,738.1	−0.092%	$2.36B	$3.80B	150x	as long as short
01 Exchange ETHUSD	+0.0056%	1h	2,739	−0.060%	$182K	$908K	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit ETH-PERPETUAL	+0.0057%	1h	2,739.4	−0.045%	$267.0M	$183.0M	50x	as long as short
OKX ETH-USDT-SWAP	+0.0067%	8h	2,738	−0.096%	$1.67B	$9.15B	100x	as long as short
Aster ETHUSDT	+0.0084%	8h	2,738.6	−0.074%	$257.5M	$714.8M	200x	as long as short
MEXC ETH_USDT	+0.0088%	8h	2,738.4	−0.082%	$1.59B	$2.36B	500x	as long as short
Aevo ETH-PERP	+0.0088%	1h	2,736.8	−0.140%	$4.9M	$228K	20x	as long as short
Binance ETHUSDT	+0.0089%	8h	2,738.2	−0.088%	$6.39B	$13.92B	150x	as long as short
KuCoin ETHUSDTM	+0.0090%	8h	2,738.5	−0.080%	$363.7M	$436.5M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,739.4	−0.044%	$113.6M	$388.0M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,740.6	long leg	$23.5M	$95.3M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0056%	1h	2,739.1	−0.055%	—	$23.5M	500x	as long as short
Coinbase International ETH-PERP-INTX	+0.0096%	1h	2,739.3	−0.048%	$46.0M	$3.87B	50x	as long as short
Gate ETH_USDT	+0.0098%	8h	2,738.5	−0.077%	$3.27B	$7.75B	200x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,738.1	−0.093%	$510K	$3.5M	50x	as long as short
Nado ETH-PERP	+0.0100%	1h	2,738.7	−0.072%	$15.1M	$94.1M	50x	as long as short
Pacifica ETH	+0.0100%	1h	2,740.2	−0.018%	$32.1M	$321.2M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,738.8	−0.067%	$2.8M	$14.1M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,739.8	−0.030%	$1.5M	$14.1M	25x	as long as short
Bitget ETHUSDT	+0.0100%	8h	2,738.2	−0.090%	$2.10B	$2.28B	150x	as long as short
BingX ETH-USDC	+0.0100%	8h	2,737.4	−0.118%	—	$18.5M	—	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,738.3	−0.085%	$14.9M	$35.5M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,738.4	−0.081%	$132.2M	$283.3M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,738.7	−0.072%	$184.3M	$579.4M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,739.5	−0.040%	$159.3M	$69.7M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,739.7	−0.034%	$21.0M	$75.6M	40x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,739.9	−0.027%	—	$337K	50x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,739.8	−0.031%	$11.2M	$8.6M	50x	as long as short
Bullet ETH-USD	+0.0100%	1h	2,738.4	−0.082%	$176K	$1.7M	20x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,738.3	−0.086%	$943K	$8.5M	100x	as long as short
SoDEX ETH-USD	+0.0100%	1h	2,738.2	−0.089%	$61.6M	$121.7M	40x	as long as short
HTX ETH-USDT	+0.0100%	8h	2,738.4	−0.082%	$1.05B	$1.02B	200x	as long as short
Phemex ETHUSDT	+0.0100%	8h	2,738.3	−0.086%	$262.7M	$56.1M	150x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,744.4	+0.139%	$164.0M	$319.7M	25x	as long as short
Extended ETH-USD	+0.0104%	1h	2,737.1	−0.128%	$30.2M	$64.4M	50x	as long as short
Kraken Futures PF_ETHUSD	+0.0106%	1h	2,738.5	−0.076%	$82.2M	$270.1M	100x	as long as short
Aftermath Perps ETHUSD	+0.0111%	1h	2,741.1	+0.018%	$30K	$8K	20x	as long as short
Bluefin ETH-PERP	+0.0118%	1h	2,739.1	−0.058%	$20K	$13K	25x	as long as short
dYdX ETH-USD	+0.0128%	1h	2,739.1	−0.056%	$15.2M	$42.5M	50x	as long as short
Reya ETHRUSDPERP	+0.0152%	1h	2,737.4	−0.119%	$7.3M	$835K	25x	as long as short
Orderly PERP_ETH_USDC	+0.0179%	8h	2,740.8	+0.005%	$32.3M	$9.9M	100x	as long as short
RISEx ETH/USDC	+0.0206%	1h	2,740	−0.024%	$5.7M	$10.5M	25x	as long as short
Hyperliquid ETH	+0.0217%	1h	2,741.2	+0.020%	$3.14B	$1.72B	25x	as long as short
BloFin ETH-USDT	+0.0354%	8h	2,739.4	−0.045%	$284.6M	$148.2M	150x	as long as short
Injective ETH/USDC PERP	+0.0461%	1h	2,742.8	+0.079%	$118K	$24.0M	52x	as long as short
Paradex ETH-USD-PERP	+0.0591%	8h	2,742.3	+0.060%	$15.9M	$6.1M	50x	as long as short