Funding arb · Price arb /

ETH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.010%

Price spread now: Phemex against Lighter RH−0.045%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$180.178% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.091%−$9 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now −0.045%, 7d avg −0.056%

Together, before fees−0.142%+ Points / potential airdropLighter RH: Points live · farm board−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.056%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,772.2	0.0096	pay 0.0012% / 1h	8m 08s	$25.3M	$121.8M	50x
Short	Phemex ETHUSDT	2,771	0.0024	get 0.0024% / 8h	1h 08m	$269.8M	$68.9M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.045%Rate

Funding earned: −$15.16
Price spread: −0.045% → −0.056%: $1.12
Slippage, 4 orders: −$5.79
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$31.83
Costs to cover: 0.178%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 6 min ago; Phemex: live order book, 6 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, 6 min ago	1.30 bp	1.3 bp −$1	2.7 bp −$27	11.0 bp −$1,098	69.6 bp −$34.8K
Sell Phemex live order book, 6 min ago	1.14 bp	7.1 bp −$7	7.8 bp −$78	10.6 bp −$1,059	doesn't fit

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	−0.0447%	43m	2,773.7	+0.052%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,771.8	−0.013%	$5.7M	$11.8M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,774.5	+0.083%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.267%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,772.4	+0.007%	$169K	$1.2M	50x	as long as short
Aftermath Perps ETHUSD	−0.0002%	1h	2,773.8	+0.058%	$29K	$22K	20x	as long as short
dYdX ETH-USD	0.0000%	1h	2,774	+0.063%	$12.7M	$45.7M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,773.5	+0.047%	$885K	$3.7M	25x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,771.7	−0.017%	$22.4M	—	200x	as long as short
OKX ETH-USDT-SWAP	+0.0017%	8h	2,770.1	−0.077%	$1.70B	$11.83B	100x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex ETHUSDTshort	+0.0024%	8h	2,771	−0.045%	$269.8M	$68.9M	150x
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,771.7	−0.019%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0027%	1h	2,770.9	−0.046%	$181K	$1.7M	20x	as long as short
Deribit ETH-PERPETUAL	+0.0031%	1h	2,772	−0.006%	$258.5M	$222.2M	50x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,771.1	−0.041%	$255.6M	$995.0M	200x	as long as short
Nado ETH-PERP	+0.0057%	1h	2,772	−0.008%	$14.2M	$118.1M	50x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,770.2	−0.073%	$1.61B	$2.68B	500x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,770.4	−0.067%	$6.43B	$17.22B	150x	as long as short
ApeX Omni ETHUSDT	+0.0062%	1h	2,772.2	−0.001%	$8.7M	$32.6M	100x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,768.3	−0.141%	$5.0M	$636K	20x	as long as short
SoDEX ETH-USD	+0.0065%	1h	2,770.5	−0.062%	$55.2M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,770.8	−0.052%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,770.6	−0.057%	$3.28B	$9.67B	200x	as long as short
HTX ETH-USDT	+0.0089%	8h	2,771.3	−0.034%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,770.3	−0.069%	$2.51B	$4.62B	150x	as long as short
BingX ETH-USDT	+0.0093%	8h	2,770.8	−0.052%	—	$1.20B	—	as long as short
KuCoin ETHUSDTM	+0.0095%	8h	2,770.7	−0.056%	$421.1M	$739.0M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,770.7	−0.056%	$114.9M	$503.0M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,772.2	long leg	$25.3M	$121.8M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,772.9	+0.024%	—	$41.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,773.6	+0.049%	$15.9M	$10.5M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,772.7	+0.018%	$477K	$2.7M	50x	as long as short
Vest ETH-PERP	+0.0100%	1h	2,772.1	−0.003%	—	$1.1M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,773.3	+0.039%	$3.18B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,774.4	+0.077%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,772.5	+0.010%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,774	+0.065%	$2.7M	$17.6M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.050%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,770.8	−0.052%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.9	−0.049%	$144.7M	$334.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.1	−0.040%	$181.4M	$779.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,772.5	+0.010%	$161.3M	$91.1M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.5	+0.047%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,772.4	+0.007%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,771.5	−0.027%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,773.1	+0.032%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDT	+0.0100%	8h	2,770.7	−0.053%	$970K	$14.0M	100x	as long as short
Extended ETH-USD	+0.0104%	1h	2,770.1	−0.077%	$32.6M	$77.6M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,771.6	−0.023%	$59.7M	$4.59B	50x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,774.6	+0.086%	$8.4M	$681.0M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,773.4	+0.041%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,771.3	−0.033%	$85.9M	$332.1M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,773.3	+0.040%	$284.7M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0194%	1h	2,770.6	−0.057%	$7.3M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0256%	1h	2,774.9	+0.096%	$270K	$1.5M	20x	as long as short