Funding arb · Price arb /

ETH

all ETH markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.002%

Price spread now: SunX against Lighter RH−0.173%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$140.136% of the position

Long on Lighter RH Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now −0.173%, 7d avg −0.073%

Together, before fees+0.015%+ Points / potential airdropLighter RH: Points live · farm board+$2 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: SunX is 0.100% cheaper against Lighter RH than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH ETH	2,774.9	0.0096	pay 0.0012% / 1h	6m 48s	$25.4M	$121.9M	50x
Short	SunX ETH-USDT	2,770.1	0.0100	get 0.0100% / 8h	1h 06m	$971K	$14.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.173%Rate

Funding earned: $0.84
Price spread: −0.173% → −0.073%: −$10
Slippage, 4 orders: −$5.63
Fee Lighter RH: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$22.79
Costs to cover: 0.136%
Break-even: 196.9 days

Slippage from Lighter RH: live order book, 2 min ago; SunX: live order book, 12 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, 2 min ago	0.97 bp	1.4 bp −$1	2.8 bp −$28	9.6 bp −$965	67.9 bp −$34.0K
Sell SunX live order book, 12 min ago	0.02 bp	4.0 bp −$4	4.3 bp −$43	6.7 bp −$668	8.9 bp −$4,427

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	2,770.6	−0.154%	$287K	$6.9M	8.3x	as long as short
RISEx ETH/USDC	−0.0085%	1h	2,770.7	−0.152%	$5.7M	$11.8M	25x	as long as short
Hotstuff ETH-PERP	−0.0080%	1h	2,770.8	−0.147%	$5K	$2K	50x	as long as short
Injective ETH/USDC PERP	−0.0041%	1h	2,779.6	+0.170%	$119K	$22.5M	52x	as long as short
01 Exchange ETHUSD	−0.0040%	1h	2,771.2	−0.133%	$169K	$1.2M	50x	as long as short
dYdX ETH-USD	0.0000%	1h	2,771.8	−0.112%	$12.7M	$45.7M	50x	as long as short
Phoenix ETH	0.0000%	1h	2,774.7	−0.006%	$885K	$3.7M	25x	as long as short
Aftermath Perps ETHUSD	+0.0001%	1h	2,773.6	−0.045%	$29K	$22K	20x	as long as short
gTrade (Gains Network) ETH/USD	L +0.0006% / S −0.0006%	1h	2,772.7	−0.077%	$22.4M	—	200x	as long as short
BingX ETH-USDT	+0.0014%	8h	2,773.8	−0.040%	—	$1.20B	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX ETH-USDT-SWAP	+0.0017%	8h	2,773.7	−0.043%	$1.70B	$11.85B	100x	as long as short
Phemex ETHUSDT	+0.0024%	8h	2,773.1	−0.063%	$270.0M	$68.8M	150x	as long as short
GMX ETH/USD [ETH-USDC]	L +0.0027% / S +0.0009%	1h	2,772.6	−0.082%	$12.9M	—	200x	as long as short
Bullet ETH-USD	+0.0027%	1h	2,771.8	−0.111%	$181K	$1.7M	20x	as long as short
Aster ETHUSDT	+0.0031%	8h	2,773.9	−0.036%	$255.7M	$995.0M	200x	as long as short
Deribit ETH-PERPETUAL	+0.0039%	1h	2,773.6	−0.047%	$258.6M	$222.4M	50x	as long as short
ApeX Omni ETHUSDT	+0.0052%	1h	2,772.6	−0.081%	$8.7M	$32.6M	100x	as long as short
Nado ETH-PERP	+0.0059%	1h	2,771.5	−0.120%	$14.2M	$118.1M	50x	as long as short
Binance ETHUSDT	+0.0060%	8h	2,773.9	−0.037%	$6.43B	$17.23B	150x	as long as short
MEXC ETH_USDT	+0.0060%	8h	2,773.9	−0.037%	$1.60B	$2.68B	500x	as long as short
Aevo ETH-PERP	+0.0064%	1h	2,769.4	−0.197%	$5.0M	$636K	20x	as long as short
SoDEX ETH-USD	+0.0064%	1h	2,772.4	−0.089%	$55.2M	$229.0M	40x	as long as short
Bitget ETHUSDT	+0.0067%	8h	2,774	−0.030%	$2.10B	$3.10B	150x	as long as short
Gate ETH_USDT	+0.0072%	8h	2,773.8	−0.037%	$3.29B	$9.68B	200x	as long as short
HTX ETH-USDT	+0.0089%	8h	2,771.3	−0.129%	$1.08B	$1.32B	200x	as long as short
Bybit ETHUSDT	+0.0092%	8h	2,774.1	−0.028%	$2.52B	$4.62B	150x	as long as short
KuCoin ETHUSDTM	+0.0095%	8h	2,773.4	−0.054%	$421.4M	$739.1M	100x	as long as short
Lighter ETH	+0.0096%	1h	2,773.4	−0.053%	$115.0M	$503.1M	50x	as long as short
Lighter RH ETHlong	+0.0096%	1h	2,774.9	long leg	$25.4M	$121.9M	50x
Jupiter Perps ETH-PERP	L +0.0096% / S +0.0048%	1h	2,771.9	−0.107%	—	$41.6M	500x	as long as short
Paradex ETH-USD-PERP	+0.0099%	8h	2,769.9	−0.178%	$15.9M	$10.5M	50x	as long as short
Vest ETH-PERP	+0.0099%	1h	2,772.2	−0.097%	—	$1.1M	50x	as long as short
Katana Perps ETH-USD	+0.0100%	8h	2,771.5	−0.122%	$476K	$2.7M	50x	as long as short
Hyperliquid ETH	+0.0100%	1h	2,776.1	+0.044%	$3.19B	$2.35B	25x	as long as short
Pacifica ETH	+0.0100%	1h	2,770.8	−0.147%	$31.2M	$303.9M	50x	as long as short
Ondo Perps ETH-USD.P	+0.0100%	1h	2,770.6	−0.154%	$2.8M	$17.0M	25x	as long as short
Arcus ETH-USD	+0.0100%	1h	2,772.5	−0.087%	$2.7M	$17.6M	25x	as long as short
Bulk ETH-USD	+0.0100%	1h	2,770.8	−0.146%	$166.1M	$253.0M	25x	as long as short
Backpack ETH_USDC_PERP	+0.0100%	1h	2,773.8	−0.041%	$15.1M	$44.1M	50x	as long as short
Variational Omni ETH	+0.0100%	8h	2,770.9	−0.145%	$144.7M	$334.7M	—	as long as short
edgeX ETHUSDC	+0.0100%	4h	2,771.1	−0.136%	$181.4M	$779.9M	100x	as long as short
GRVT ETH_USDT_Perp	+0.0100%	8h	2,773.3	−0.056%	$161.3M	$91.0M	50x	as long as short
StandX ETH-USD	+0.0100%	1h	2,773.1	−0.064%	$21.4M	$58.2M	40x	as long as short
Polymarket Perps ETH-USD	+0.0100%	1h	2,773.1	−0.064%	$10.8M	$7.6M	50x	as long as short
Bluefin ETH-PERP	+0.0100%	1h	2,772.4	−0.091%	$21K	$24K	25x	as long as short
Derive ETH-PERP	+0.0100%	1h	2,774.3	−0.021%	$42.7M	$29.4M	15x	as long as short
SunX ETH-USDTshort	+0.0100%	8h	2,770.1	−0.173%	$971K	$14.0M	100x
Extended ETH-USD	+0.0104%	1h	2,773.3	−0.058%	$32.6M	$77.5M	50x	as long as short
Coinbase International ETH-PERP-INTX	+0.0104%	1h	2,774	−0.031%	$59.9M	$4.60B	50x	as long as short
Kalshi KXETHPERP	+0.0125%	8h	2,772.1	−0.100%	$8.3M	$681.6M	4.9x	as long as short
Orderly PERP_ETH_USDC	+0.0136%	8h	2,774.8	−0.001%	$32.5M	$12.0M	100x	as long as short
Kraken Futures PF_ETHUSD	+0.0170%	1h	2,773.9	−0.034%	$86.1M	$332.2M	100x	as long as short
BloFin ETH-USDT	+0.0180%	8h	2,772.7	−0.079%	$284.7M	$194.4M	150x	as long as short
Reya ETHRUSDPERP	+0.0195%	1h	2,771.8	−0.111%	$7.4M	$1.2M	25x	as long as short
Hibachi ETH/USDT-P	+0.0264%	1h	2,772.7	−0.080%	$270K	$1.5M	20x	as long as short